POST UTME FUTA 2018 Accounting | Objective

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Question 1 View Details
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
A. The company has not recorded a deposit of ₦30,000.
Correct B. The company has not recorded a withdrawal of ₦30,000.
C. The company has not recorded a sale of ₦30,000.
D. The company has not recorded a purchase of ₦30,000.

Correct Answer: B

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Question 2 View Details
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 3 View Details
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦50,000. What is the reason for this discrepancy?
A. The company has not recorded a sale of ₦250,000.
B. The company has not recorded a purchase of ₦250,000.
C. The company has not recorded a depreciation charge of ₦250,000.
Correct D. The company has not recorded a provision for bad debts of ₦250,000.

Correct Answer: D

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Question 4 View Details
A company's balance sheet shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. What is the company's equity?
A. ₦500,000
Correct B. ₦750,000
C. ₦1,000,000
D. ₦1,500,000

Correct Answer: B

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Question 5 View Details
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
A. The company has not recorded a deposit of ₦30,000.
Correct B. The company has not recorded a withdrawal of ₦30,000.
C. The company has not recorded a sale of ₦30,000.
D. The company has not recorded a purchase of ₦30,000.

Correct Answer: B

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Question 6 View Details
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Correct A. ₦250,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: A

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Question 7 View Details
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦30,000 | | | 5 Jan | Cash | | ₦25,000 | What is the balance of the cash account?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 8 View Details
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Sales | ₦100,000 | | | Purchases | | ₦150,000 | | Wages | ₦20,000 | | | Rent | | ₦30,000 | What is the total of the trial balance?
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 9 View Details
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦30,000 | | | 5 Jan | Cash | | ₦25,000 | What is the balance of the bank account?
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 10 View Details
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Sales | ₦100,000 | | | Purchases | | ₦150,000 | | Wages | ₦20,000 | | | Rent | | ₦30,000 | What is the total of the trial balance?
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 11 View Details
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 24 hours and machine B operates for 18 hours, how many units of product X and Y should the company produce?
Correct A. (10, 8)
B. (8, 10)
C. (12, 6)
D. (6, 12)

Correct Answer: A

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Question 12 View Details
A firm has two departments, A and B, with the following profit and loss accounts for the year ended December 31, 2022:
Correct A. Department A: ₦ 100,000; Department B: ₦ 150,000
B. Department A: ₦ 150,000; Department B: ₦ 100,000
C. Department A: ₦ 200,000; Department B: ₦ 50,000
D. Department A: ₦ 50,000; Department B: ₦ 200,000

Correct Answer: A

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Question 13 View Details
A company has the following transactions in its cash book for the month of January 2023:
Correct A. ₦ 10,000
B. ₦ 20,000
C. ₦ 30,000
D. ₦ 40,000

Correct Answer: A

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Question 14 View Details
A partnership has two partners, A and B, with the following capital accounts:
Correct A. A: ₦ 50,000; B: ₦ 30,000
B. A: ₦ 30,000; B: ₦ 50,000
C. A: ₦ 40,000; B: ₦ 20,000
D. A: ₦ 20,000; B: ₦ 40,000

Correct Answer: A

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Question 15 View Details
A company has the following journal entries for the month of January 2023:
Correct A. ₦ 10,000
B. ₦ 20,000
C. ₦ 30,000
D. ₦ 40,000

Correct Answer: A

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Question 16 View Details
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦20,000
Correct B. ₦24,000
C. ₦28,000
D. ₦32,000

Correct Answer: B

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Question 17 View Details
A trader purchases goods on credit for ₦150,000. He sells the goods for ₦200,000 and incurs a commission of ₦5,000. What is his profit?
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 18 View Details
A partnership is formed between two individuals, A and B, with a capital of ₦200,000 and ₦300,000 respectively. If the profit is ₦50,000, what is A's share of the profit?
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 19 View Details
A company prepares its trial balance and discovers an error of ₦10,000. What is the correct journal entry to rectify the error?
A. Debit Sales and Credit Profit
Correct B. Debit Profit and Credit Sales
C. Debit Sales and Credit Purchases
D. Debit Purchases and Credit Sales

Correct Answer: B

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Question 20 View Details
A company's balance sheet shows an asset of ₦100,000 and a liability of ₦50,000. What is the company's equity?
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 21 View Details
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦300,000, Interest Expense ₦15,000, Interest Income ₦12,000, Net Income ₦100,000, Retained Earnings ₦250,000, Salaries Expense ₦80,000, Sales Revenue ₦600,000, and Utilities Expense ₦30,000. What is the correct order of the accounts in the general ledger?
A. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
B. Assets, Liabilities, Equity, Revenues, Dividends, Expenses
Correct C. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
D. Assets, Liabilities, Equity, Dividends, Revenues, Expenses

Correct Answer: C

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Question 22 View Details
A manufacturing company uses a job order costing system. The company has the following costs: direct materials ₦120,000, direct labor ₦150,000, and overhead ₦180,000. What is the total cost of production?
Correct A. ₦450,000
B. ₦450,000
C. ₦450,000
D. ₦450,000

Correct Answer: A

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Question 23 View Details
A company uses the straight-line method of depreciation. The company's asset has a cost of ₦300,000, a useful life of 5 years, and a residual value of ₦50,000. What is the annual depreciation expense?
Correct A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000

Correct Answer: A

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Question 24 View Details
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦300,000, Interest Expense ₦15,000, Interest Income ₦12,000, Net Income ₦100,000, Retained Earnings ₦250,000, Salaries Expense ₦80,000, Sales Revenue ₦600,000, and Utilities Expense ₦30,000. What is the correct order of the accounts in the general ledger?
A. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
B. Assets, Liabilities, Equity, Revenues, Dividends, Expenses
Correct C. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
D. Assets, Liabilities, Equity, Dividends, Revenues, Expenses

Correct Answer: C

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Question 25 View Details
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦300,000, Interest Expense ₦15,000, Interest Income ₦12,000, Net Income ₦100,000, Retained Earnings ₦250,000, Salaries Expense ₦80,000, Sales Revenue ₦600,000, and Utilities Expense ₦30,000. What is the correct order of the accounts in the general ledger?
A. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
B. Assets, Liabilities, Equity, Revenues, Dividends, Expenses
Correct C. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
D. Assets, Liabilities, Equity, Dividends, Revenues, Expenses

Correct Answer: C

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