POST UTME COVENANT UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance showed the following balances: Accounts Payable 25,000, Accounts Receivable 20,000, Common Stock 75,000, and Retained Earnings 40,000. Prepare a balance sheet for the company.
A. Assets: 105,000, Liabilities: 25,000, Equity: 80,000
B. Assets: 115,000, Liabilities: 25,000, Equity: 90,000
C. Assets: 125,000, Liabilities: 25,000, Equity: 100,000
D. Assets: 135,000, Liabilities: 25,000, Equity: 110,000
Question 2
A company's bank statement showed a balance of 10,000. The company's cash book showed a balance of 12,000. The bank statement included a credit of 2,000 for a deposited check that had not yet been cleared. Prepare a bank reconciliation statement.
A. Bank Statement Balance: 12,000, Cash Book Balance: 10,000, Difference: 2,000
B. Bank Statement Balance: 10,000, Cash Book Balance: 12,000, Difference: 2,000
C. Bank Statement Balance: 12,000, Cash Book Balance: 10,000, Difference: 2,000
D. Bank Statement Balance: 10,000, Cash Book Balance: 12,000, Difference: 2,000
Question 3
A company purchases a machine for ₦300,000 and depreciates it using the reducing balance method. The rate of depreciation is 20% per annum. What is the value of the machine after 2 years?
A. ₦144,000
B. ₦180,000
C. ₦216,000
D. ₦240,000
Question 4
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: 1. Purchased office supplies for ₦10,000 cash. 2. Sold goods for ₦50,000 credit. 3. Purchased a new vehicle for ₦200,000 cash. 4. Collected ₦30,000 cash from customers. Determine the total amount of assets acquired during the month of January.
A. ₦250,000
B. ₦240,000
C. ₦230,000
D. ₦220,000
Question 5
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: 1. Purchased office supplies for ₦10,000 cash. 2. Sold goods for ₦50,000 credit. 3. Purchased a new vehicle for ₦200,000 cash. 4. Collected ₦30,000 cash from customers. Determine the total amount of assets acquired during the month of January.
A. ₦250,000
B. ₦240,000
C. ₦230,000
D. ₦220,000
Question 6
A company has the following trial balance as at December 31, 2022:
A. Debit: ₦100,000, Credit: ₦120,000
B. Debit: ₦120,000, Credit: ₦100,000
C. Debit: ₦150,000, Credit: ₦180,000
D. Debit: ₦180,000, Credit: ₦150,000
Question 7
A company has two partners, A and B, who share profits in the ratio 3:2. The capital of the company is divided in the ratio 5:3. If the total profit for the year is ₦120,000, and the total capital is ₦300,000, calculate the amount of profit that partner A will receive.
A. ₦36,000
B. ₦24,000
C. ₦48,000
D. ₦60,000
Question 8
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a period of 5 years. What is the annual depreciation charge?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦150,000
Question 9
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Sales | | 2,000 | | 3 Jan | Purchases | 1,500 | | | 4 Jan | Cash | | 1,200 | What is the balance in the cash account?
A. ₦800
B. ₦1,200
C. ₦1,500
D. ₦2,000
Question 10
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare the company's balance sheet.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 11
A partnership is formed between three individuals, A, B, and C, with initial capital contributions of ₦100,000, ₦80,000, and ₦120,000, respectively. After one year, the partnership earns a profit of ₦240,000. The profit is divided in the ratio of 3:5:7. What is the share of profit allocated to partner B?
A. ₦96,000
B. ₦120,000
C. ₦144,000
D. ₦168,000
Question 12
A company has the following balance sheet as at December 31, 2022:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 13
A company issued 2,000 shares of 20 par value at a premium of 10 per share. The total amount received from the issue of shares is 60,000. Calculate the amount of premium received.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 12 hours and machine B operates for 15 hours, what is the total number of units of product X produced?
A. 30
B. 40
C. 50
D. 60
Question 15
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦100,000
C. ₦200,000
D. ₦250,000

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