POST UTME DELSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows a non-current asset of ₦150,000. The company's cash book shows a debit balance of ₦75,000 in the 'Bank' account. What is the correct bank reconciliation statement?
A. ₦75,000 debit to 'Bank' and ₦75,000 credit to 'Cash'
B. ₦75,000 credit to 'Bank' and ₦75,000 debit to 'Cash'
C. ₦150,000 debit to 'Bank' and ₦150,000 credit to 'Cash'
D. ₦225,000 debit to 'Bank' and ₦225,000 credit to 'Cash'
Question 2
A company's profit and loss account shows the following: | Revenue | £ 150,000 | | Cost of Goods Sold | £ 100,000 | | Gross Profit | £ 50,000 | Calculate the company's net profit.
A. £ 25,000
B. £ 50,000
C. £ 75,000
D. £ 100,000
Question 3
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the month of January:
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 4
In a partnership account, the capital introduced by a partner includes the initial investment and the share of profits or losses carried forward from previous years. Which of the following is NOT a component of a partner's capital?
A. Drawings
B. Initial Investment
C. Share of Profits
D. Share of Losses
Question 5
A company's trial balance shows a credit balance of ₦20,000 in the 'Dividends' account. However, the company's accounting records show that it has paid ₦10,000 in dividends. What is the correct journal entry to record the error?
A. ₦10,000 debit to 'Dividends' and ₦10,000 credit to 'Cash'
B. ₦10,000 credit to 'Dividends' and ₦10,000 debit to 'Cash'
C. ₦20,000 debit to 'Dividends' and ₦20,000 credit to 'Cash'
D. ₦30,000 credit to 'Dividends' and ₦30,000 debit to 'Cash'
Question 6
A company's balance sheet shows the following: | Assets | £ 100,000 | | Liabilities | £ 50,000 | | Capital | £ 50,000 | Calculate the company's net worth.
A. £ 0
B. £ 25,000
C. £ 50,000
D. £ 75,000
Question 7
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the ending inventory is ₦1,200,000. If the company uses a perpetual inventory system, what is the cost of goods sold?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 8
A company's partnership accounts as at 31st December, 2023 are as follows:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 9
A trader purchases goods for £ 10,000 and sells them for £ 15,000. Calculate the profit made by the trader.
A. £ 5,000
B. £ 10,000
C. £ 15,000
D. £ 20,000
Question 10
A company's trading account shows a profit of ₦200,000. The profit and loss account shows a net profit of ₦250,000. The balance sheet shows a net worth of ₦500,000. Calculate the amount of dividends to be paid to the shareholders.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 11
A company's balance sheet shows a current liability of ₦100,000. The company's cash book shows a debit balance of ₦50,000 in the 'Bank' account. What is the correct bank reconciliation statement?
A. ₦50,000 debit to 'Bank' and ₦50,000 credit to 'Cash'
B. ₦50,000 credit to 'Bank' and ₦50,000 debit to 'Cash'
C. ₦100,000 debit to 'Bank' and ₦100,000 credit to 'Cash'
D. ₦150,000 debit to 'Bank' and ₦150,000 credit to 'Cash'
Question 12
A company's balance sheet shows the following assets: | Asset | Value | | --- | --- | | Cash | ₦10,000 | | Goods | ₦15,000 | | Equipment | ₦20,000 | What is the total value of the assets?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 13
The partnership accounts of XYZ Ltd. show a profit of ₦120,000. The capital of the partners is divided in the ratio 3:5:7. If the total capital is ₦600,000, calculate the amount of profit to be divided among the partners.
A. ₦36,000
B. ₦60,000
C. ₦90,000
D. ₦120,000
Question 14
A company has the following ledger accounts: Cash ₦100,000, Accounts Payable ₦50,000, Common Stock ₦200,000, and Retained Earnings ₦150,000. What is the total equity of the company?
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 15
A company's trial balance shows the following accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Goods | | ₦15,000 | | Sales | ₦20,000 | | What is the total of the debit and credit balances?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000

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