POST UTME EKSU 2018 Accounting | Objective

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Question 1
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each at a discount of ₦5 per debenture. What is the total amount received from the issue of shares and debentures?
A. ₦15,500
B. ₦16,000
C. ₦16,500
D. ₦17,000
Question 2
A company's trading account shows a profit of ₦100,000. The profit and loss account shows a net profit of ₦120,000. The balance sheet shows a net worth of ₦180,000. What is the correct balance in the profit and loss account?
A. ₦100,000
B. ₦120,000
C. ₦180,000
D. ₦200,000
Question 3
A company has the following data: Depreciable Asset 100,000; Useful Life 5 years; Residual Value 20,000. What is the annual depreciation expense?
A. 16,000
B. 18,000
C. 20,000
D. 22,000
Question 4
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000 Cost of Goods Sold: ₦1,000,000 Gross Profit: ₦500,000 Operating Expenses: ₦200,000 Profit Before Tax: ₦300,000 Tax: ₦100,000 Profit After Tax: ₦200,000 What is the company's net profit for the year?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 5
A partnership account shows a loss of ₦20,000. The partners' capital accounts are as follows: A ₦80,000, B ₦60,000, and C ₦40,000. Prepare a statement of partners' capital accounts.
A. ₦80,000
B. ₦60,000
C. ₦40,000
D. ₦180,000
Question 6
A partnership account shows a profit of ₦50,000. The partners' capital accounts are as follows: A ₦80,000, B ₦60,000, and C ₦40,000. Prepare a statement of partners' capital accounts.
A. ₦80,000
B. ₦60,000
C. ₦40,000
D. ₦180,000
Question 7
A company has the following transactions in its bank reconciliation statement: Debit: ₦1,000,000 (cash received from customers) ₦500,000 (cash received from government grant) Credit: ₦1,500,000 (cash paid to creditors) What is the balance in the bank account?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 8
A manufacturing company uses the process costing method to value its inventory. The company has the following data: Direct Materials 10,000; Direct Labor 15,000; Factory Overhead 20,000. What is the total cost of production?
A. 45,000
B. 50,000
C. 55,000
D. 60,000
Question 9
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦1,500,000 (Cash) ₦800,000 (Debtors) ₦300,000 (Stock) ₦200,000 (Prepaid Rent) Liabilities: ₦1,000,000 (Creditors) ₦500,000 (Loans) What is the total value of the company's assets?
A. ₦2,300,000
B. ₦2,500,000
C. ₦2,700,000
D. ₦3,000,000
Question 10
A company's trading account for the year ended 31st December 2022 is as follows: Debtors: ₦120,000 Credit Sales: ₦500,000 Cash Sales: ₦200,000 Discount Allowed: ₦15,000 Returns Inwards: ₦10,000 What is the total value of sales for the year?
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 11
A company has the following transactions in its ledger: Debit: ₦1,000,000 (sales) ₦500,000 (cost of goods sold) Credit: ₦1,500,000 (expenses) What is the net profit?
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,500,000
Question 12
A company's trading account shows a profit of ₦100,000. The profit and loss account shows a net profit of ₦120,000. The balance sheet shows a capital of ₦200,000. Prepare a statement of changes in capital.
A. ₦20,000
B. ₦120,000
C. ₦100,000
D. ₦180,000
Question 13
A company's cash book shows the following transactions: Date Particulars Debit Credit 31st December 2022 Bank ₦ 10,000 ₦ 0 31st December 2022 Cash ₦ 0 ₦ 20,000 Prepare the bank reconciliation statement as at 31st December 2022.
A. Bank Balance ₦ 10,000, Cash Balance ₦ 20,000
B. Bank Balance ₦ 20,000, Cash Balance ₦ 10,000
C. Bank Balance ₦ 10,000, Cash Balance ₦ 10,000
D. Bank Balance ₦ 20,000, Cash Balance ₦ 20,000
Question 14
A company's trading account for the year ended 31st December 2022 is as follows: Sales ₦ 100,000 Purchases ₦ 80,000 Cost of Goods Sold ₦ 60,000 Gross Profit ₦ 40,000 Prepare the profit and loss account for the year ended 31st December 2022.
A. Trading Profit ₦ 40,000, Net Profit ₦ 20,000
B. Trading Profit ₦ 20,000, Net Profit ₦ 40,000
C. Trading Profit ₦ 40,000, Net Profit ₦ 60,000
D. Trading Profit ₦ 20,000, Net Profit ₦ 60,000
Question 15
A company's trading account shows a profit of ₦200,000. The profit and loss account shows a net profit of ₦250,000. What is the amount of the company's dividend?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

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