POST UTME FUTA 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a credit balance of ₡0 million in the sales account. The company's capital structure consists of ₢0 million ordinary shares and ₣0 million 10% preference shares. Calculate the amount of retained earnings.
A. ₢0 million
B. ₣0 million
C. ₤0 million
D. ₥0 million
Question 2
A company has the following transactions for the year: Purchases: ₦100,000 (Raw materials), ₦50,000 (Work-in-progress), ₦20,000 (Finished goods) Sales: ₦150,000 (Goods sold), ₦40,000 (Services rendered) Prepare the trading account.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 3
A company has the following trial balance: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000. What is the total amount of assets?
A. 15,000
B. 20,000
C. 25,000
D. 30,000
Question 4
A company has the following transactions for the year: Purchases: ₦100,000 (Raw materials), ₦50,000 (Work-in-progress), ₦20,000 (Finished goods) Sales: ₦150,000 (Goods sold), ₦40,000 (Services rendered) Prepare the statement of changes in equity.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 5
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ₦100,000; Accounts Payable ₦50,000; and Common Stock ₦200,000. What is the total equity of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 6
A government agency prepares its financial statements in accordance with the Public Sector Accounting Standards (PSAS). The agency's financial statements show a net loss of ₦500,000. What is the correct treatment of this loss?
A. The loss is transferred to the retained earnings account.
B. The loss is transferred to the general reserve account.
C. The loss is transferred to the capital reserve account.
D. The loss is transferred to the appropriations account.
Question 7
A company issues 5,000, 10% debentures of ₡00 each at a discount of ₥ per debenture. Calculate the total amount received from the issue of these debentures.
A. ₤5,000
B. ₥0,000
C. ₥5,000
D. ₦0,000
Question 8
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦180,000. The difference of ₦30,000 is due to a dishonored cheque of ₦10,000, an NSF cheque of ₦5,000, and an error in the cash book of ₦15,000. What is the correct balance in the cash book?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the correct distribution of profit?
A. ₦60,000 to A and ₦40,000 to B
B. ₦45,000 to A and ₦30,000 to B
C. ₦60,000 to A and ₦20,000 to B
D. ₦45,000 to A and ₦25,000 to B
Question 10
A company has a capital structure consisting of ₦0.5 million ordinary shares of ₡0 each and ₡0 million 10% preference shares of ₥0 each. Calculate the ratio of ordinary shares to preference shares.
A. 1:10
B. 1:100
C. 1:50
D. 1:500
Question 11
A company's trial balance shows a debit balance of ₦25,000 in the account 'Rent Paid' and a credit balance of ₦30,000 in the account 'Rent Received'. What is the correct journal entry to correct this discrepancy?
A. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
B. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
C. ₦25,000 debit to Rent Paid and ₦30,000 credit to Rent Received
D. ₦30,000 debit to Rent Paid and ₦25,000 credit to Rent Received
Question 12
A company's cash book shows the following transactions: Cash received from customers ₦100,000; Cash paid to suppliers ₦50,000; and Cash received from bank ₦20,000. What is the total cash balance of the company?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 13
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦150,000. What is the correct profit or loss?
A. Profit of ₦50,000
B. Loss of ₦50,000
C. Profit of ₦150,000
D. Loss of ₦200,000
Question 14
A company has a capital of ₦300,000 and a profit of ₦150,000. If the company's capital is to be increased by 15%, calculate the new capital.
A. ₦345,000
B. ₦345,000
C. ₦345,000
D. ₦345,000
Question 15
A company's trial balance shows an error of ₦5,000 due to an incorrect posting in the ledger. The error is discovered during the preparation of the balance sheet. What is the correct procedure to rectify this error?
A. Correct the error by making an adjusting entry in the ledger.
B. Correct the error by making an adjusting entry in the journal.
C. Correct the error by making an adjusting entry in the trial balance.
D. Correct the error by making an adjusting entry in the financial statements.

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