POST UTME ESUT 2019 Accounting | Objective

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Question 1 View Details
The accounting equation is a fundamental concept in accounting that represents the relationship between a company's assets, liabilities, and equity. Which of the following is a correct representation of the accounting equation?
Correct A. Assets = Liabilities + Equity
B. Assets - Liabilities = Equity
C. Liabilities - Assets = Equity
D. Equity - Liabilities = Assets

Correct Answer: A

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Question 2 View Details
A company has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Collected cash from customers for ₦30,000. What is the total amount of cash transactions?
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 3 View Details
A company uses the cash basis of accounting and has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Collected cash from customers for ₦30,000. What is the total amount of cash transactions?
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 4 View Details
A company has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Collected cash from customers for ₦30,000. What is the total amount of cash transactions?
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 5 View Details
A company uses the accrual basis of accounting and has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Collected cash from customers for ₦30,000. What is the total amount of cash transactions?
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 6 View Details
A company issues 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000
B. ₦40,000
C. ₦50,000
Correct D. ₦60,000

Correct Answer: D

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Question 7 View Details
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | | 200 | | 4 Jan | Bank | | 300 | | 5 Jan | Cash | | 400 | Calculate the balance in the cash book.
A. ₦1,200
Correct B. ₦1,500
C. ₦1,800
D. ₦2,000

Correct Answer: B

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Question 8 View Details
A company's assets are valued as follows: | Asset | Value | | --- | --- | | Buildings | ₦1,000,000 | | Machinery | ₦500,000 | | Vehicles | ₦200,000 | | Furniture | ₦150,000 | Calculate the total value of the company's assets.
A. ₦1,850,000
B. ₦2,000,000
Correct C. ₦2,150,000
D. ₦2,200,000

Correct Answer: C

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Question 9 View Details
A company's liabilities are as follows: | Liability | Amount | | --- | --- | | Debentures | ₦500,000 | | Loans | ₦300,000 | | Creditors | ₦200,000 | Calculate the total amount of the company's liabilities.
A. ₦1,000,000
B. ₦1,100,000
Correct C. ₦1,200,000
D. ₦1,300,000

Correct Answer: C

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Question 10 View Details
A company's equity is as follows: | Equity | Amount | | --- | --- | | Share Capital | ₦1,000,000 | | Retained Earnings | ₦500,000 | | Dividends | ₦200,000 | Calculate the total amount of the company's equity.
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
Correct D. ₦2,000,000

Correct Answer: D

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Question 11 View Details
In a self-balancing ledger, what is the purpose of the 'Trial Balance'?
Correct A. To verify the accuracy of the ledger accounts
B. To identify any errors or discrepancies in the ledger accounts
C. To prepare the final accounts of the business
D. To determine the net profit or loss of the business

Correct Answer: A

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Question 12 View Details
A business has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will A receive?
Correct A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 13 View Details
A company uses the double-entry system of accounting. What is the purpose of the 'Debit' and 'Credit' columns in the ledger?
A. To record the increase or decrease in assets
Correct B. To record the increase or decrease in liabilities
C. To record the increase or decrease in equity
D. To record the increase or decrease in revenue

Correct Answer: B

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Question 14 View Details
A business has incomplete records and uses the single-entry system of accounting. What is the purpose of the 'Journal' in this system?
Correct A. To record all transactions in a chronological order
B. To record all transactions in a classified order
C. To record all transactions in a summarized order
D. To record all transactions in a detailed order

Correct Answer: A

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Question 15 View Details
A company has a control account for its cash. What is the purpose of the 'Cash at Bank' account in this control account?
Correct A. To record the cash balance at the bank
B. To record the cash balance in the company's cash box
C. To record the cash balance in the company's safe
D. To record the cash balance in the company's vault

Correct Answer: A

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Question 16 View Details
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the interest payable annually.
Correct A. ₦475,000
B. ₦475,000
C. ₦475,000
D. ₦475,000

Correct Answer: A

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Question 17 View Details
A company purchased a machine for ₦1,500,000 and sold it for ₦1,800,000. Calculate the gain or loss on the sale of the machine.
Correct A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000

Correct Answer: A

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Question 18 View Details
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2. The company also issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from share and debenture holders.
Correct A. ₦1,200,000
B. ₦1,200,000
C. ₦1,200,000
D. ₦1,200,000

Correct Answer: A

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Question 19 View Details
A company's cash book showed a balance of ₦50,000. The bank statement showed a balance of ₦75,000. The difference was due to a bank overdraft of ₦25,000. Calculate the correct balance in the cash book.
Correct A. ₦75,000
B. ₦75,000
C. ₦75,000
D. ₦75,000

Correct Answer: A

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Question 20 View Details
A company's trial balance showed a balance of ₦100,000. The company's accountant discovered that the balance was incorrect due to an error in the journal entry. The correct balance was ₦120,000. Calculate the error.
Correct A. ₦20,000
B. ₦20,000
C. ₦20,000
D. ₦20,000

Correct Answer: A

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Question 21 View Details
A company's cash book showed a balance of ₦50,000. The bank statement showed a balance of ₦75,000. The difference was due to a bank overdraft of ₦25,000. Calculate the correct balance in the cash book.
Correct A. ₦75,000
B. ₦75,000
C. ₦75,000
D. ₦75,000

Correct Answer: A

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Question 22 View Details
A company's trial balance showed a balance of ₦100,000. The company's accountant discovered that the balance was incorrect due to an error in the journal entry. The correct balance was ₦120,000. Calculate the error.
Correct A. ₦20,000
B. ₦20,000
C. ₦20,000
D. ₦20,000

Correct Answer: A

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Question 23 View Details
A company's cash book showed a balance of ₦50,000. The bank statement showed a balance of ₦75,000. The difference was due to a bank overdraft of ₦25,000. Calculate the correct balance in the cash book.
Correct A. ₦75,000
B. ₦75,000
C. ₦75,000
D. ₦75,000

Correct Answer: A

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Question 24 View Details
A company's trial balance showed a balance of ₦100,000. The company's accountant discovered that the balance was incorrect due to an error in the journal entry. The correct balance was ₦120,000. Calculate the error.
Correct A. ₦20,000
B. ₦20,000
C. ₦20,000
D. ₦20,000

Correct Answer: A

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Question 25 View Details
A company issued 5,000, 10% debentures of ₦100 each. Calculate the amount of interest payable annually.
Correct A. ₦50,000
B. ₦25,000
C. ₦10,000
D. ₦5,000

Correct Answer: A

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