POST UTME FUTA 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦20,000 in the 'Cash' account. However, the bank statement shows a balance of ₦18,000. Prepare the necessary bank reconciliation statement.
A. ₦2,000 bank overdraft
B. ₦2,000 unrecorded deposit
C. ₦2,000 unrecorded withdrawal
D. ₦2,000 bank interest
Question 2
The following is a bank reconciliation statement for a company. Identify the reason for the difference between the cash book balance and the bank statement balance.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
A company's profit and loss account shows a net profit of ₦50,000. However, the balance sheet shows a decrease in equity of ₦20,000. Calculate the company's retained earnings.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 4
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of goods on hand: ₦1,200,000; Beginning inventory: ₦400,000; Purchases: ₦800,000. Calculate the cost of goods sold using the weighted average method.
A. ₦900,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,500,000
Question 5
The following is a trial balance for a partnership between John and Jane. Prepare a statement of profit or loss for the year ended 31st December 2018.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 6
A company uses the straight-line method to depreciate its assets. The following data is available for the year ended December 31, 2022: Cost of asset: ₦500,000; Useful life: 5 years; Residual value: ₦50,000. Calculate the annual depreciation.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 7
A company has the following transactions: Sale of goods on account 20,000, Purchase of inventory 15,000. What is the correct journal entry to record these transactions?
A. Debit Accounts Receivable 20,000, Credit Sales Revenue 20,000
B. Debit Inventory 15,000, Credit Purchases 15,000
C. Debit Sales Revenue 20,000, Credit Accounts Receivable 20,000
D. Debit Purchases 15,000, Credit Inventory 15,000
Question 8
A company issued 10,000, 5% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦1,100,000
B. ₦1,100,500
C. ₦1,100,000
D. ₦1,100,500
Question 9
A company's profit and loss account for the year ended 31st December 20X7 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Gross Profit: ₦300,000; Operating Expenses: ₦150,000; Net Profit: ₦150,000. Calculate the gross profit percentage.
A. 20%
B. 25%
C. 30%
D. 35%
Question 10
A company's trial balance shows a debit balance of ₦10,000 in the 'Salaries' account. Prepare the necessary journal entry to correct this error.
A. ₦10,000 debit to 'Salaries' and ₦10,000 credit to 'Cash'
B. ₦10,000 debit to 'Cash' and ₦10,000 credit to 'Salaries'
C. ₦10,000 debit to 'Salaries' and ₦10,000 credit to 'Rent Received'
D. ₦10,000 debit to 'Rent Received' and ₦10,000 credit to 'Salaries'
Question 11
A company's balance sheet shows a total asset value of ₦100,000 and a total liability value of ₦80,000. Calculate the company's equity.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company's trading account for the year ended 31st December 2019 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2018 showed a capital of ₦2,000,000 and a profit and loss account balance of ₦500,000. If the company's capital as at 31st December 2019 is ₦3,500,000, what is the amount of drawings made by the proprietor during the year?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 13
A company issued 10,000, 10% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the amount of premium received on the issue of preference shares.
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 14
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 15
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦3,500,000; Liabilities: ₦2,000,000. Calculate the equity of the company.
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000

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