POST UTME EKSU 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method of depreciation for its assets. If the asset's cost is \pm 10,000 and its useful life is 5 years, what is the annual depreciation expense?
A. \pm 2,000
B. \pm 2,500
C. \pm 3,000
D. \pm 3,500
Question 2
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After 6 months, A withdraws ₦100,000 from the partnership, while B invests an additional ₦50,000. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio after the adjustments.
A. 2:1
B. 3:1
C. 2:2
D. 3:2
Question 3
A company has the following transactions: Purchased office supplies for 1,000 cash, Sold office supplies for 500 cash, and Purchased office equipment for 2,000 cash. What is the net effect on cash?
A. \1,000
B. \500
C. \-1,500
D. \2,000
Question 4
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 5
A company uses the weighted average method of inventory valuation. If the cost of goods available for sale is ₦500,000, the beginning inventory is ₦100,000, and the ending inventory is ₦150,000, calculate the cost of goods sold.
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 6
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, and Common Stock. The company's trial balance shows a debit balance of ₦100,000 in the Cash account and a credit balance of ₦50,000 in the Accounts Payable account. What is the balance in the Common Stock account?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Accounts Receivable ₦50,000, and Common Stock ₦200,000. Prepare a balance sheet.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 8
A company has the following transactions: Purchased office supplies for 2,000 cash, Sold office supplies for 1,000 cash, and Purchased office equipment for 3,000 cash. What is the net effect on cash?
A. \2,000
B. \1,000
C. \-2,000
D. \3,000
Question 9
A company's cash book shows the following transactions: A deposit of ₦10,000, a withdrawal of ₦5,000, and a payment of ₦8,000 to a creditor. What is the correct bank reconciliation statement?
A. ₦3,000
B. ₦5,000
C. ₦10,000
D. ₦15,000
Question 10
A company's balance sheet shows an asset of \pm 20,000 with a book value of \pm 15,000. If the company uses the net realizable value method of asset valuation, what is the asset's net realizable value?
A. \pm 15,000
B. \pm 18,000
C. \pm 20,000
D. \pm 22,000
Question 11
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurred costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The total cost of production for the company is ₦500,000. What is the cost of the Cutting department?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 12
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. The issue expenses were ₦10,000. Calculate the amount received from the issue of shares.
A. ₦52,000
B. ₦55,000
C. ₦58,000
D. ₦61,000
Question 13
A company's trial balance showed the following balances: Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦20,000, Cost of Goods Sold ₦15,000. Prepare a corrected trial balance.
A. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦20,000, Cost of Goods Sold ₦15,000
B. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦25,000, Cost of Goods Sold ₦20,000
C. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦20,000, Cost of Goods Sold ₦15,000
D. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦25,000, Cost of Goods Sold ₦20,000
Question 14
A company uses the straight-line method of depreciation. If the cost of a machine is ₦200,000 and its useful life is 5 years, calculate the annual depreciation.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦80,000
Question 15
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000. Prepare a corrected trial balance.
A. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000
B. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 25,000, Cost of Goods Sold £ 20,000
C. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000
D. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 25,000, Cost of Goods Sold £ 20,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: