POST UTME DELSU 2017 Accounting | Objective

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Question 1
A company's manufacturing overhead is allocated to products using the following formula: Manufacturing Overhead = (Direct Labor Hours x Factory Wage Rate) + (Machine Hours x Machine Rate) If the company has 1,000 direct labor hours, a factory wage rate of ₦50 per hour, 500 machine hours, and a machine rate of ₦75 per hour, what is the total manufacturing overhead?
A. ₦62,500
B. ₦75,000
C. ₦87,500
D. ₦100,000
Question 2
A company's cash book shows a balance of ₦20,000. However, the bank statement shows a balance of ₦25,000. What is the correct treatment of the difference?
A. Treat it as a discrepancy and show it as a current liability in the balance sheet.
B. Treat it as a discrepancy and show it as a current asset in the balance sheet.
C. Treat it as a bank overdraft and show it as a current liability in the balance sheet.
D. Treat it as a cash in transit and show it as a current asset in the balance sheet.
Question 3
A company's cash book shows a balance of ₦200,000. The company's bank statement shows a balance of ₦300,000. The company's cash book balance includes a bank overdraft of ₦50,000. Calculate the company's cash balance as at 31st December 2022.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 4
A company's manufacturing account shows a balance of ₦1,350. The direct materials account shows a balance of ₦1,350.50. What is the correct balance of the direct materials account?
A. ₦1,350.50
B. ₦1,350.00
C. ₦1,349.50
D. ₦1,349.00
Question 5
In a partnership with a 3-year life, the partners share profits and losses in the ratio 5:3:2. If the profit for the year ended December 31, 2022, is ₦1,500,000, and the capital of the partners is ₦3,000,000, ₦2,000,000, and ₦1,500,000 respectively, calculate the amount of profit to be distributed to each partner.
A. ₦375,000
B. ₦450,000
C. ₦525,000
D. ₦600,000
Question 6
A company's trial balance shows an error of £ 1,000 due to an incorrect posting of a credit entry. The correct amount of the credit entry is £ 8,000. Prepare a correction entry to rectify the error.
A. Credit Profit and Loss £ 1,000, Debit Cash £ 1,000
B. Credit Profit and Loss £ 8,000, Debit Cash £ 1,000
C. Credit Cash £ 8,000, Debit Profit and Loss £ 1,000
D. Debit Profit and Loss £ 1,000, Credit Cash £ 1,000
Question 7
A company's trading account shows a profit of ₦1,350. The profit and loss account shows a profit of ₦1,350.50. What is the correct balance of the profit and loss account?
A. ₦1,350.50
B. ₦1,350.00
C. ₦1,349.50
D. ₦1,349.00
Question 8
A company's bank statement balance on December 31, 2022, is ₦500,000. The cash book balance on the same date is ₦550,000. The bank statement shows a debit of ₦20,000 for a bank charge and a credit of ₦30,000 for a deposit. Calculate the bank reconciliation statement.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 9
The following trial balance was extracted from the books of XYZ Manufacturing Company at the end of the year. Prepare a balance sheet and a statement of profit or loss for the year ended 31st December 2017.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 10
A company issues 1,000 £ 1 shares at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. £ 1,000
B. £ 1,500
C. £ 2,000
D. £ 2,500
Question 11
A company has the following balances in its trial balance:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 12
A company's cash book shows the following transactions for the month of January 2018: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st | Cash | 1,000 | | | 2nd | Cash | | 500 | | 3rd | Cash | | 1,000 | | 4th | Cash | | 1,500 | | 5th | Cash | | 2,000 | | 6th | Cash | | 2,500 | | 7th | Cash | | 3,000 | | 8th | Cash | | 3,500 | | 9th | Cash | | 4,000 | | 10th | Cash | | 4,500 | | 11th | Cash | | 5,000 | | 12th | Cash | | 5,500 | | 13th | Cash | | 6,000 | | 14th | Cash | | 6,500 | | 15th | Cash | | 7,000 | | 16th | Cash | | 7,500 | | 17th | Cash | | 8,000 | | 18th | Cash | | 8,500 | | 19th | Cash | | 9,000 | | 20th | Cash | | 9,500 | | 21st | Cash | | 10,000 | | 22nd | Cash | | 10,500 | | 23rd | Cash | | 11,000 | | 24th | Cash | | 11,500 | | 25th | Cash | | 12,000 | | 26th | Cash | | 12,500 | | 27th | Cash | | 13,000 | | 28th | Cash | | 13,500 | | 29th | Cash | | 14,000 | | 30th | Cash | | 14,500 | | 31st | Cash | | 15,000 | What is the total amount of cash debited in the cash book for the month of January 2018?
A. ₦150,000
B. ₦175,000
C. ₦200,000
D. ₦225,000
Question 13
A company's control account for accounts receivable shows a balance of ₦1,350. The trial balance shows a balance of ₦1,350.50. What is the correct balance of the accounts receivable control account?
A. ₦1,350.50
B. ₦1,350.00
C. ₦1,349.50
D. ₦1,349.00
Question 14
A company's trial balance shows an error of £ 1,000 due to an incorrect posting of a debit entry. The correct amount of the debit entry is £ 8,000. Prepare a correction entry to rectify the error.
A. Debit Cash £ 1,000, Credit Profit and Loss £ 1,000
B. Debit Profit and Loss £ 1,000, Credit Cash £ 1,000
C. Debit Profit and Loss £ 8,000, Credit Cash £ 1,000
D. Debit Cash £ 8,000, Credit Profit and Loss £ 1,000
Question 15
A company issued 10,000 shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

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