POST UTME ELIZADE UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account for the year ended 31st December 2021 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2021 shows a current liability of ₦800,000. What is the company's net worth as at 31st December 2021?
A. ₦1,700,000
B. ₦1,600,000
C. ₦1,300,000
D. ₦1,200,000
Question 2
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦200,000. The company's bank statement shows a balance of ₦250,000. What is the amount of the company's outstanding checks?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 3
A company has the following transactions in its control account for the year ended 31st December 2021.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 4
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a beginning work-in-process inventory of 100 units with a cost of 10 per unit. During the period, the department started 500 units and added 15 per unit to the work-in-process inventory. The Assembly department has a beginning work-in-process inventory of 200 units with a cost of 20 per unit. During the period, the department started 600 units and added 25 per unit to the work-in-process inventory. What is the total cost of goods available for sale?
A. 15,500
B. 16,500
C. 17,500
D. 18,500
Question 5
A company has the following trial balance: Debit: Cash £ 10,000 Bank £ 5,000 Sales £ 20,000 Credit: Bank £ 15,000 Purchases £ 10,000 What is the balance on the cash account?
A. £ 10,000
B. £ 5,000
C. £ 15,000
D. £ 20,000
Question 6
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2020 is as follows: Debit Cash: ₦120,000 Accounts Payable: ₦50,000 Sales Revenue: ₦150,000 Credit Accounts Receivable: ₦30,000 Cost of Goods Sold: ₦80,000 What is the net income of the company for the year ended 31st December 2020?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company's cash book shows the following transactions: Cash received from customers: ₦100,000; Cash paid to suppliers: ₦80,000; Cash paid to employees: ₦20,000. What is the net increase in cash?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 8
A company uses the double-entry system of accounting. The company's trial balance shows a debit balance of ₦100,000 in the accounts payable account. The company's balance sheet shows a credit balance of ₦150,000 in the accounts payable account. What is the amount of the company's outstanding accounts payable?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 9
A partnership account shows the following balances: Capital: ₦200,000; Drawing: ₦50,000; Profit: ₦30,000. What is the correct order of the accounts in the partnership ledger?
A. Capital, Drawing, Profit
B. Profit, Drawing, Capital
C. Drawing, Capital, Profit
D. Profit, Capital, Drawing
Question 10
A company's trial balance showed a debit balance in the account 'Dividends Received' of ₦50,000. The company's accounting records showed that it received a dividend of ₦60,000 from its investment in another company. However, the company also paid a dividend of ₦10,000 to its shareholders. What is the correct journal entry to rectify the error in the trial balance?
A. ₦50,000 debit to Dividends Received and ₦50,000 credit to Cash
B. ₦60,000 debit to Dividends Received and ₦60,000 credit to Cash
C. ₦10,000 debit to Dividends Paid and ₦10,000 credit to Cash
D. ₦50,000 debit to Dividends Received and ₦10,000 credit to Dividends Paid
Question 11
A company has the following transactions in its manufacturing account for the year ended 31st December 2021.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 12
A company's trial balance as at 31st December 2021 shows the following balances: Debtors ₦1,200,000, Creditors ₦800,000, and Capital ₦2,000,000. What is the company's net current asset position as at 31st December 2021?
A. ₦400,000
B. ₦1,200,000
C. ₦1,600,000
D. ₦2,000,000
Question 13
A company has the following incomplete records: Cash £ 10,000 Bank £ 5,000 What is the total cash of the company?
A. £ 15,000
B. £ 10,000
C. £ 5,000
D. £ 20,000
Question 14
A company uses the double-entry system of accounting. The company's ledger accounts are as follows: Debit Cash: ₦120,000 Accounts Payable: ₦50,000 Sales Revenue: ₦150,000 Credit Accounts Receivable: ₦30,000 Cost of Goods Sold: ₦80,000 What is the net income of the company for the year ended 31st December 2020?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A company's trial balance as at 31st December 2021 shows the following balances: Debtors ₦1,200,000, Creditors ₦800,000, and Capital ₦2,000,000. What is the company's net current asset position as at 31st December 2021?
A. ₦400,000
B. ₦1,200,000
C. ₦1,600,000
D. ₦2,000,000

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