POST UTME ESUT 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a debit balance of ₦120,000. The company's cash account in the ledger shows a credit balance of ₦150,000. What is the correct explanation for the discrepancy?
A. The company has a bank overdraft.
B. The company has a cash credit balance.
C. The company has a cash debit balance.
D. The company has a bank overdraft and a cash credit balance.
Question 2
A company's balance sheet as at 31st December 2018 showed a capital of ₦1,500,000 and a reserve of ₦800,000. The company's profit and loss account for the year ended 31st December 2018 showed a net loss of ₦200,000. What is the amount of the company's capital after the loss?
A. ₦1,300,000
B. ₦1,400,000
C. ₦1,500,000
D. ₦1,600,000
Question 3
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.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 4
A company's trial balance showed the following balances: Machinery ₦50,000, Accrued Expenses ₦20,000, and Drawings ₦15,000. Prepare a corrected trial balance.
A. ₦85,000
B. ₦90,000
C. ₦95,000
D. ₦100,000
Question 5
A company's income statement showed the following: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Operating Expenses ₦100,000. Calculate the company's net income.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 6
A company's profit and loss account for the year ended 31st December 2018 showed a net profit of ₦1,200,000. The company's balance sheet as at 31st December 2018 showed a capital of ₦1,500,000 and a reserve of ₦800,000. What is the amount of dividend declared per share if the company has 20,000 shares outstanding?
A. ₦60
B. ₦80
C. ₦100
D. ₦120
Question 7
A manufacturing company produces two products, X and Y. The selling price of X is ₦500 per unit, and the selling price of Y is ₦600 per unit. The company sells 200 units of X and 300 units of Y. What is the total revenue from the sale of these products?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 8
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
C. ₦1,200,000
D. ₦1,300,000
Question 9
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
C. ₦60,000
D. ₦70,000
Question 10
A company's balance sheet showed the following: Share Capital ₦200,000, Retained Earnings ₦150,000, and Accumulated Depreciation ₦30,000. Calculate the company's net worth.
A. ₦320,000
B. ₦330,000
C. ₦340,000
D. ₦350,000
Question 11
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.
A. ₦75,000
B. ₦75,000
C. ₦75,000
D. ₦75,000
Question 12
A company's balance sheet showed the following: Share Capital ₦200,000, Retained Earnings ₦150,000, and Accumulated Depreciation ₦30,000. Calculate the company's net worth.
A. ₦320,000
B. ₦330,000
C. ₦340,000
D. ₦350,000
Question 13
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.
A. ₦75,000
B. ₦75,000
C. ₦75,000
D. ₦75,000
Question 14
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
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
Question 15
A company issued 5,000, 10% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦50,000
B. ₦25,000
C. ₦10,000
D. ₦5,000

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