POST UTME EKSU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet as at 31 December 20X8 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 50,000 | | Debtors | 20,000 | Share Capital | 100,000 | | Stock | 30,000 | Profit & Loss | 20,000 | | Total | 60,000 | Total | 180,000 | If the company issues 10% debentures of ₦100 each at a discount of 5%, calculate the amount received from debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000
Question 2
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 3 hours of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 40 hours a week and the direct labor rate is ₦50 per hour, what is the total cost of producing 100 units of product A?
A. ₦10,000
B. ₦12,000
C. ₦15,000
D. ₦18,000
Question 3
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 4
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦25,000 | | | 5 Jan | Cash | | ₦30,000 | Calculate the balance in the cash book.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 8,000, Common Stock £ 50,000, Dividends £ 5,000. Prepare a balance sheet.
A. £ 63,000
B. £ 68,000
C. £ 73,000
D. £ 78,000
Question 6
A company has the following transactions during the month of February:
A. Debit Sales ₦30,000, Credit Cost of Goods Sold ₦30,000.
B. Debit Cost of Goods Sold ₦30,000, Credit Sales ₦30,000.
C. Debit Sales ₦40,000, Credit Cost of Goods Sold ₦40,000.
D. Debit Cost of Goods Sold ₦40,000, Credit Sales ₦40,000.
Question 7
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 10,000. Calculate the amount received from the issue of shares.
A. £ 55,000
B. £ 60,000
C. £ 65,000
D. £ 70,000
Question 8
A company uses the perpetual inventory system and has the following transactions during the month of January:
A. Debit Purchases ₦10,000, Credit Inventory ₦10,000.
B. Debit Inventory ₦10,000, Credit Purchases ₦10,000.
C. Debit Purchases ₦20,000, Credit Inventory ₦20,000.
D. Debit Inventory ₦20,000, Credit Purchases ₦20,000.
Question 9
A government ministry has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦1,000 | | | 1/2 | Accounts Payable | | ₦500 | | 1/3 | Salaries Expense | ₦200 | | | 1/4 | Rent Expense | | ₦300 | What is the correct balance of the Cash account?
A. ₦1,000
B. ₦1,200
C. ₦800
D. ₦500
Question 10
A government agency is required to prepare a cash flow statement in accordance with the cash basis of accounting. The agency's cash inflows and outflows for the year are as follows: Cash Inflows: ₦10,000,000 from sales of goods and services ₦5,000,000 from interest on investments ₦2,000,000 from sale of assets Cash Outflows: ₦8,000,000 for purchase of goods and services ₦3,000,000 for payment of salaries ₦1,500,000 for payment of interest on loans Determine the net cash inflow for the year.
A. ₦1,500,000
B. ₦2,500,000
C. ₦3,500,000
D. ₦4,500,000
Question 11
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C, with quantities of 100, 200, and 300 units, respectively. The costs of these inventories are ₦50, ₦60, and ₦70 per unit, respectively. If the total cost of the inventory is ₦24,000, what is the total value of the inventory?
A. ₦20,000
B. ₦24,000
C. ₦28,000
D. ₦32,000
Question 12
A company's balance sheet as at 31 December 20X8 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 50,000 | | Debtors | 20,000 | Share Capital | 100,000 | | Stock | 30,000 | Profit & Loss | 20,000 | | Total | 60,000 | Total | 180,000 | If the company issues 10% debentures of ₦100 each at a discount of 5%, calculate the amount received from debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000
Question 13
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account shows a balance of ₦200,000 on January 1, 2018. During the year, partner A withdrew ₦50,000 and partner B invested an additional ₦20,000. What is the correct journal entry to record the withdrawal and investment?
A. Debit Partner's Capital ₦50,000, Credit Cash ₦50,000.
B. Debit Partner's Capital ₦20,000, Credit Cash ₦20,000.
C. Debit Partner's Capital ₦50,000, Credit Cash ₦20,000.
D. Debit Cash ₦50,000, Credit Partner's Capital ₦50,000.
Question 14
The following is a trial balance for a government ministry: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦1,000 | | | Accounts Payable | | ₦500 | | Salaries Expense | ₦200 | | | Rent Expense | | ₦300 | | Total | ₦1,200 | ₦800 | What is the correct balance of the Cash account?
A. ₦1,000
B. ₦1,200
C. ₦800
D. ₦500
Question 15
A company uses the cash basis of accounting. During the year, it received ₦10,000 in cash and paid ₦8,000 in cash. What is the net increase in cash?
A. ₦2,000
B. ₦8,000
C. ₦10,000
D. ₦12,000

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