POST UTME FUTA 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following accounts: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the company's net income?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 2
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 3
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 4
A company's balance sheet shows the following accounts: Cash ₦500,000, Accounts Receivable ₦200,000, and Inventory ₦300,000. What is the company's total current assets?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 5
A company's trading account for the year ended 31st December 2021 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 6
A company's profit and loss account for the year ended 31st December 2021 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 7
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 8
A company's balance sheet as at 31st December 2021 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 9
A company has a control account for the year ended 31st December 2022. The control account shows a balance of ₦50,000 in the beginning of the year and a balance of ₦60,000 at the end of the year. If the control account has a credit balance of ₦10,000, what is the amount of the control account that has been transferred to the general ledger?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 10
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦300,000. The difference is due to a discrepancy of ₦50,000. What is the reason for this discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has not yet credited the company's account for the cash deposited.
C. The company has not yet paid a cheque that has been presented to the bank.
D. The bank has charged a fee for the cash deposited.
Question 11
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company uses the following accounts in its general ledger: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the company's total assets?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 13
A company has a departmental account for the year ended 31st December 2022. The departmental account shows a balance of ₦20,000 in the beginning of the year and a balance of ₦15,000 at the end of the year. If the departmental account has a credit balance of ₦5,000, what is the amount of the departmental account that has been transferred to the general ledger?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 14
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 15
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

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