POST UTME EKSU 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a debit balance of ₦5,000 in the account 'Rent Received'. Prepare the journal entry to correct this error.
A. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
B. Debit Rent Received ₦5,000, Credit Rent Expense ₦5,000
C. Debit Rent Expense ₦5,000, Credit Rent Received ₦5,000
D. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
Question 2
A company's financial statements for the year ended December 31, 2022, show the following balances: Cash ₦500,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Property, Plant, and Equipment ₦1,000,000. What is the total amount of assets on the balance sheet?
A. ₦2,000,000
B. ₦2,100,000
C. ₦2,200,000
D. ₦2,300,000
Question 3
A partnership has two partners, A and B. Partner A's capital is ₦150,000 and Partner B's capital is ₦200,000. If the profit is ₦50,000, what is Partner A's share of the profit?
A. ₦20,000
B. ₦22,500
C. ₦25,000
D. ₦18,750
Question 4
A company's balance sheet shows a non-current asset of ₦100,000. However, the company's cash book shows a debit of ₦20,000 in the account 'Bank'. Prepare the journal entry to correct this error.
A. Debit Bank ₦20,000, Credit Non-Current Asset ₦20,000
B. Debit Non-Current Asset ₦20,000, Credit Bank ₦20,000
C. Debit Bank ₦20,000, Credit Cash ₦20,000
D. Debit Cash ₦20,000, Credit Bank ₦20,000
Question 5
A government agency has the following transactions: Cash received from taxes: ₦100,000; Cash paid for salaries: ₦50,000; Cash paid for rent: ₦20,000. What is the net cash inflow?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 6
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2.50 per share. Calculate the amount received from shareholders.
A. ₦250,000
B. ₦255,000
C. ₦260,000
D. ₦265,000
Question 7
A trader's cash book showed a balance of ₦15,000. The bank statement showed a balance of ₦18,000. The difference was due to a dishonored cheque of ₦2,000 and an unrecorded credit of ₦1,000. Calculate the corrected balance in the cash book.
A. ₦14,000
B. ₦15,000
C. ₦16,000
D. ₦17,000
Question 8
A company's trading account for the year ended 31st December 2022 is as follows: Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000. Prepare the trading account.
A. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,49,000
B. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,50,000
C. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,49,000
D. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,49,000
Question 9
A company has a capital of ₦15,00,000 divided into 15,000 shares of ₦100 each. If the company issues 3,000 shares at a premium of ₦20 per share, what is the amount received from the issue of shares?
A. ₦60,00,000
B. ₦70,00,000
C. ₦80,00,000
D. ₦90,00,000
Question 10
A company has the following ledger accounts: Cash (₦100,000), Accounts Payable (₦50,000), Sales Revenue (₦200,000), and Cost of Goods Sold (₦150,000). What is the company's net income?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the total amount of assets on the balance sheet?
A. ₦1,250,000
B. ₦1,300,000
C. ₦1,350,000
D. ₦1,400,000
Question 12
A company's cash book shows the following transactions: Cash received from customers: ₦200,000; Cash paid to suppliers: ₦150,000; Cash paid for rent: ₦20,000. What is the net cash inflow?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 13
A company issued 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 14
A company has two departments, A and B. Department A has a budget of ₦1,500,000 and Department B has a budget of ₦800,000. If the company's total budget is ₦2,500,000, what is the percentage of Department A's budget to the total budget?
A. 30%
B. 40%
C. 50%
D. 60%
Question 15
A company has a capital of ₦5,00,000 divided into 5,000 shares of ₦100 each. If the company issues 2,000 shares at a premium of ₦20 per share, what is the amount received from the issue of shares?
A. ₦40,00,000
B. ₦50,00,000
C. ₦60,00,000
D. ₦70,00,000

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