POST UTME ESUT 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a credit balance of ₦15,000. However, the bank statement shows a debit balance of ₦10,000. What is the correct balance of the company's bank account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company has the following incomplete records: Purchases ₦1,200,000, Sales ₦1,500,000, and Cash ₦300,000. What is the company's net income?
A. ₦300,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,100,000
Question 3
A company's trial balance shows an error of ₦5,000 in the debit side of the purchases account. The correct amount is ₦150,000. What is the correct amount of the purchases account?
A. ₦155,000
B. ₦145,000
C. ₦150,000
D. ₦145,000
Question 4
A company purchased a piece of equipment for ₦150,000. The equipment has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation.
A. ₦25,000
B. ₦28,000
C. ₦30,000
D. ₦32,000
Question 5
A company's trial balance shows the following accounts: Debitors ₦50,000, Creditors ₦30,000. What is the correct balance of the company's current assets?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 6
A company has the following transactions: Purchased goods for ₦1,200,000 on credit, sold goods for ₦1,500,000 on credit, and paid cash of ₦300,000. What is the company's net income?
A. ₦300,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,100,000
Question 7
A company's trading account for the year ended December 31, 2022 shows a profit of ₦150,000. The company's balance sheet at the beginning of the year shows a capital of ₦500,000. The company's balance sheet at the end of the year shows a capital of ₦550,000. What is the amount of the drawings of the proprietor?
A. ₦20,000
B. ₦30,000
C. ₦20,000
D. ₦30,000
Question 8
A company's assets are valued at ₦500,000. The company's depreciation policy is to depreciate assets by 10% per annum. What is the correct value of the company's assets after 2 years?
A. ₦450,000
B. ₦490,000
C. ₦490,000
D. ₦540,000
Question 9
A company issues 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on each debenture.
A. ₦5
B. ₦10
C. ₦15
D. ₦20
Question 10
A manufacturing company uses a job costing system. The following costs were incurred during the production of a particular job: direct materials ₦15,000, direct labor ₦20,000, and overheads ₦10,000. Calculate the total cost of the job.
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 11
A company's ledger showed a debit balance of ₦ 5,000. However, the trial balance showed a credit balance of ₦ 3,000. What is the correct balance of the company's ledger?
A. ₦ 2,000
B. ₦ 3,000
C. ₦ 5,000
D. ₦ 7,000
Question 12
A company has the following Financial Statements: Trading Account, Profit and Loss Account, and Balance Sheet. What is the primary purpose of the Trading Account?
A. To show the revenues and expenses of the company
B. To show the assets, liabilities, and equity of the company
C. To show the cash and bank transactions of the company
D. To show the profit or loss of the company
Question 13
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 14
A company's cash book showed a balance of ₦ 10,000. However, the bank statement showed a balance of ₦ 12,000. The bank statement included a credit of ₦ 2,000 for a dishonored cheque. What is the correct balance of the company's cash book?
A. ₦ 8,000
B. ₦ 10,000
C. ₦ 12,000
D. ₦ 14,000
Question 15
A public sector organization prepares its financial statements in accordance with the Cash Basis of Accounting. What is the primary purpose of this accounting method?
A. To match the expenses with the cash payments made during the period
B. To match the revenues with the cash received during the period
C. To match the expenses with the revenues earned during the period
D. To match the cash payments with the revenues earned during the period

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