POST UTME DELSU 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account shows a profit of ₦50,000. The company's balance sheet shows a capital of ₦120,000 and a drawing of ₦20,000. What is the correct balance in the company's balance sheet?
A. ₦140,000
B. ₦150,000
C. ₦160,000
D. ₦170,000
Question 2
A manufacturing company produces two products, A and B. Product A has a selling price of ₦100 per unit, a variable cost of ₦60 per unit, and a fixed cost of ₦10,000. Product B has a selling price of ₦120 per unit, a variable cost of ₦80 per unit, and a fixed cost of ₦15,000. If the company produces 100 units of Product A and 50 units of Product B, what is the total profit?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 3
A company uses a job order costing system. The following transactions occurred during the period:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 4
A company uses a job order costing system. The following transactions occurred during the period:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A partnership has two partners, A and B. The partnership agreement states that profits and losses are to be shared in the ratio 3:2. If the total profit for the year is ₦120,000, how much will each partner receive?
A. ₦60,000 to A and ₦40,000 to B
B. ₦72,000 to A and ₦48,000 to B
C. ₦90,000 to A and ₦30,000 to B
D. ₦80,000 to A and ₦40,000 to B
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's accounting records show that it has paid ₦20,000 in rent for the year. What is the correct journal entry to correct this error?
A. Debit Rent Expense ₦5,000, Credit Cash ₦5,000
B. Debit Rent Expense ₦15,000, Credit Cash ₦15,000
C. Debit Rent Expense ₦20,000, Credit Cash ₦20,000
D. Debit Rent Expense ₦5,000, Credit Cash ₦20,000
Question 7
A company's manufacturing account for the year ended 31st December 2022 is as follows: Opening Work-in-Progress (WIP) ₹50,000 Materials Consumed ₹1,50,000 Labour Cost ₹80,000 Closing WIP ₹70,000 Calculate the cost of goods manufactured.
A. ₹2,30,000
B. ₹2,40,000
C. ₹2,50,000
D. ₹2,60,000
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦4,500,000
B. ₦4,750,000
C. ₦5,000,000
D. ₦5,250,000
Question 9
A partnership has two partners, A and B. The partnership agreement states that profits and losses are to be shared in the ratio 3:2. If the partnership has a profit of ₦120,000, how much will each partner receive?
A. Partner A: ₦90,000, Partner B: ₦30,000
B. Partner A: ₦60,000, Partner B: ₦60,000
C. Partner A: ₦120,000, Partner B: ₦0
D. Partner A: ₦0, Partner B: ₦120,000
Question 10
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 11
A company uses the cash book to record its transactions. The cash book shows a balance of ₦50,000 in the 'Cash' account. However, the company's bank statement shows a balance of ₦60,000. What is the correct bank reconciliation statement?
A. ₦10,000 deposited but not recorded
B. ₦10,000 recorded but not deposited
C. ₦10,000 dishonored cheque
D. ₦10,000 bank error
Question 12
A company has the following ledger balances: Debtors: ₦150,000 Creditors: ₦100,000 Capital: ₦250,000 What is the total amount of assets?
A. ₦400,000
B. ₦450,000
C. ₦500,000
D. ₦550,000
Question 13
A company's balance sheet shows a capital of ₦120,000 and a drawing of ₦20,000. The company's profit and loss account shows a profit of ₦50,000. What is the correct balance in the company's balance sheet?
A. ₦140,000
B. ₦150,000
C. ₦160,000
D. ₦170,000
Question 14
A company has the following transactions: Purchased raw materials worth ₦100,000 on credit. Sold goods worth ₦200,000 for cash. Purchased machinery worth ₦50,000 on credit. Sold goods worth ₦150,000 on credit. Paid cash to suppliers ₦25,000. What is the total amount of cash paid to suppliers?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 15
A company's trial balance shows the following balances: Debitors ₦150,000, Creditors ₦80,000, and Capital ₦120,000. What is the correct balance in the company's balance sheet?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000

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