POST UTME DELSU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet showed the following balances: Share Capital ₦200,000, Retained Earnings ₦150,000, Dividends ₦20,000. Prepare the company's statement of changes in equity.
A. ₦370,000
B. ₦380,000
C. ₦390,000
D. ₦400,000
Question 2
A company has the following transactions: Purchased goods for ₦1,000,000; Sold goods for ₦1,500,000. Prepare the journal entries for these transactions.
A. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000
B. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Purchases = ₦1,500,000
C. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Sales = ₦1,500,000
D. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000
Question 3
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦120 each. During the year, 300 units were sold at ₦250 each. On December 31, 2022, 200 units were on hand at a cost of ₦150 each. Calculate the cost of goods sold for the year.
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 4
A company's assets are valued as follows: Building: ₦500,000 Machinery: ₦300,000 Vehicles: ₦200,000 Furniture: ₦100,000 What is the total value of the company's assets?
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 5
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000, 10-year, 8% debentures at 95. Calculate the total amount received from the issue of shares and debentures.
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000
Question 6
A company's balance sheet as at 31st December 2022 showed a total assets of ₦5,000,000 and a total liabilities of ₦2,500,000. Calculate its equity.
A. ₦2,500,000
B. ₦2,750,000
C. ₦3,000,000
D. ₦3,250,000
Question 7
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. What is the correct journal entry to record this transaction?
A. ₦15,000 debit to Rent Received
B. ₦15,000 credit to Rent Received
C. ₦15,000 debit to Rent Paid
D. ₦15,000 credit to Rent Paid
Question 8
The following is a trial balance for a manufacturing company. Prepare a balance sheet and an income statement for the company.
A. Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000
B. Balance Sheet: Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000; Income Statement: Revenue = ₦2,000,000, Cost of Goods Sold = ₦1,500,000, Gross Profit = ₦500,000
C. Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦1,500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000
D. Balance Sheet: Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000; Income Statement: Revenue = ₦2,000,000, Cost of Goods Sold = ₦1,500,000, Gross Profit = ₦500,000
Question 9
A company's control account for the year ended 31st December 2022 is as follows: Debit: Sundry debtors £ 10,000 Credit: Sundry creditors £ 20,000 What is the net effect of the above transactions on the company's profit?
A. £ 10,000
B. £ 20,000
C. £ 30,000
D. £ 40,000
Question 10
A company's profit and loss account for the year ended 31st December 2022 showed a net profit of ₦1,200,000. Its balance sheet as at that date showed a capital of ₦1,500,000 and a profit and loss account balance of ₦250,000. Calculate the company's retained earnings.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,200,000
D. ₦1,350,000
Question 11
A company's balance sheet as at 31st December 2022 is as follows: Assets: Cash £ 10,000 Debtors £ 20,000 Stock £ 30,000 Total assets £ 60,000 Liabilities: Creditors £ 15,000 Capital £ 45,000 Total liabilities £ 60,000 What is the company's net worth?
A. £ 30,000
B. £ 45,000
C. £ 60,000
D. £ 75,000
Question 12
A partnership consisting of A, B, and C shared profits and losses in the ratio 5:3:2. The capital contributed by A, B, and C were ₦50,000, ₦30,000, and ₦20,000 respectively. Calculate the total profit of ₦1,50,000.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 13
A company has the following transactions: Issued 10,000 shares at ₦10 per share; Purchased equipment for ₦50,000 in cash. What is the total amount of cash received from shareholders?
A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000
Question 14
A company's trial balance showed the following balances: Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000. Prepare the company's income statement.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 15
A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦120,000 on credit; Purchased equipment for ₦50,000 in cash. What is the total amount of cash received from customers?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000

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