POST UTME FUTA 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company produces two products, X and Y. The selling price of X is ₦500 per unit, and the selling price of Y is ₦300 per unit. The company sells 200 units of X and 300 units of Y. The total cost of producing X is ₦120,000, and the total cost of producing Y is ₦180,000. Calculate the gross profit.
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 2
A company uses the accruals basis of accounting. If the company's sales revenue for the year is ₦1,500,000 and the cost of goods sold is ₦1,200,000, what is the gross profit?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 3
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | | | | | 45,000 | | 50,000 | Calculate the amount of stock.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 4
A company purchased a machine for ₦ 80,000. The machine has a useful life of 5 years and a residual value of ₦ 10,000. Calculate the annual depreciation using the straight-line method.
A. ₦ 15,000
B. ₦ 16,000
C. ₦ 17,000
D. ₦ 18,000
Question 5
A company has two departments, A and B. Department A has a budget of ₦500,000, and department B has a budget of ₦300,000. The company spends ₦200,000 on department A and ₦150,000 on department B. What is the remaining budget for department B?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 6
A company uses the weighted average method to value its inventory. The company's inventory consists of three types of goods: A, B, and C. The cost of goods A is ₦120,000, and the quantity is 100 units. The cost of goods B is ₦80,000, and the quantity is 150 units. The cost of goods C is ₦60,000, and the quantity is 200 units. The total cost of goods A and B is ₦180,000, and the total quantity is 250 units. What is the weighted average cost per unit of goods A and B?
A. ₦72
B. ₦80
C. ₦90
D. ₦100
Question 7
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | 10,000 | | | 1/2 | Sales | | 12,000 | | 1/3 | Purchase | 8,000 | | | 1/4 | Rent | | 2,000 | What is the net income of the company?
A. ₦4,000
B. ₦6,000
C. ₦8,000
D. ₦10,000
Question 8
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦10,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 9
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦8,000 | | 3rd Jan | Cash | | ₦2,000 | What is the correct balance of the cash account?
A. ₦12,000
B. ₦10,000
C. ₦8,000
D. ₦6,000
Question 10
A company has a cash book that shows a balance of ₦100,000. The company's bank statement shows a balance of ₦120,000. The company's cash book has a debit balance of ₦10,000. What is the correct balance of the company's cash book?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 11
A firm's trial balance showed the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000, and Common Stock ₦ 100,000. Prepare a balance sheet.
A. ₦ 50,000
B. ₦ 100,000
C. ₦ 150,000
D. ₦ 200,000
Question 12
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 | | 800 | | 4 Jan | Bank | | 200 | Calculate the balance of the cash book.
A. ₦1,200
B. ₦1,400
C. ₦1,600
D. ₦1,800
Question 13
A manufacturing company produces 10,000 units of a product at a cost of ₠ 50 per unit. The selling price is ₠ 80 per unit. What is the profit per unit?
A. ₠ 30
B. ₠ 40
C. ₠ 50
D. ₠ 60
Question 14
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 | | 800 | | 4 Jan | Bank | | 200 | Calculate the balance of the cash book.
A. ₦1,200
B. ₦1,400
C. ₦1,600
D. ₦1,800
Question 15
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | 10,000 | | | 1/2 | Sales | | 12,000 | | 1/3 | Purchase | 8,000 | | | 1/4 | Rent | | 2,000 | What is the net income of the company?
A. ₦4,000
B. ₦6,000
C. ₦8,000
D. ₦10,000

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