POST UTME DELSU 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account for the year ended 31st December 2022 is as follows:
A. ₦1,500
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 2
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 3
What is the effect of issuing 10,000 shares of ₦ 1 each at a premium of ₦ 0.50 per share on the share capital of a company?
A. Increase in share capital by ₦ 5,000
B. Increase in share capital by ₦ 10,000
C. Increase in share capital by ₦ 15,000
D. Decrease in share capital by ₦ 5,000
Question 4
A manufacturing company produces 1,000 units of a product at a cost of ₦50 per unit. If the selling price is ₦75 per unit, what is the profit per unit?
A. ₦25
B. ₦30
C. ₦35
D. ₦40
Question 5
A company issued 5,000 debentures of £ 100 each at a premium of £ 10 per debenture. Calculate the total amount received from the issue of debentures.
A. £ 500,000
B. £ 550,000
C. £ 600,000
D. £ 650,000
Question 6
A company's bank reconciliation statement showed a difference of £ 1,000 between the cash book balance and the bank statement balance. The company's cash book balance was £ 10,000. Prepare a bank reconciliation statement.
A. Bank Statement Balance £ 11,000 Cash Book Balance £ 10,000 Difference £ 1,000
B. Bank Statement Balance £ 9,000 Cash Book Balance £ 10,000 Difference £ 1,000
C. Bank Statement Balance £ 10,000 Cash Book Balance £ 10,000 Difference £ 0
D. Bank Statement Balance £ 11,000 Cash Book Balance £ 9,000 Difference £ 2,000
Question 7
A public sector organization has the following transactions: ¡ 10,000 received from the government, ¡ 5,000 paid to suppliers, ¡ 3,000 paid to employees. What is the net effect on the organization's cash balance?
A. ¡ 2,000 increase
B. ¡ 2,000 decrease
C. ¡ 8,000 increase
D. ¡ 8,000 decrease
Question 8
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and a NSF fee of ₦2,000. The company's cash book also shows a deposit of ₦30,000. What is the correct balance according to the bank statement?
A. ₦117,000
B. ₦122,000
C. ₦127,000
D. ₦132,000
Question 9
A company uses the single entry system of accounting. The following transactions were recorded in the year ended 31st December 2022:
A. ₦1,500
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 10
A company has the following transactions: Purchased goods on credit for ₦150,000; sold goods on credit for ₦180,000; and returned goods worth ₦15,000 to the supplier. What is the net effect on the company's cash account?
A. ₦15,000
B. ₦30,000
C. ₦45,000
D. ₦60,000
Question 11
A company uses the double entry system of accounting. The company's journal entries for the month of January are as follows: Debit Cash ₦50,000, Credit Accounts Payable ₦50,000. If the company's ledger balances are: Cash ₦100,000, Accounts Payable ₦50,000, what is the company's net income for the month?
A. ₦0
B. ₦50,000
C. ₦100,000
D. ₦150,000
Question 12
A company has two partners: A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. The company makes a profit of ₦150,000. If the profit is divided in the ratio 2:3, how much will Partner A receive?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 13
A government agency is responsible for collecting taxes. The agency has a budget of ₦1,000,000 to be allocated among three departments: A, B, and C. The budget for department A is 30% of the total budget, department B is 25%, and department C is 45%. What is the budget for department C?
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 14
A company's balance sheet as at 31st December 2022 is as follows:
A. ₦1,500
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 15
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales £ 50,000, Cost of Goods Sold £ 30,000. Prepare a corrected trial balance.
A. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 60,000 Cost of Goods Sold £ 30,000
B. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 30,000
C. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 20,000
D. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 40,000

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