POST UTME FUTA 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B. The capital accounts of A and B are ₦250,000 and ₦350,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio in percentage.
A. 30%
B. 40%
C. 50%
D. 60%
Question 2
In a partnership account, if the capital of A and B is ₦120,000 and ₦150,000 respectively, and the profit-sharing ratio is 3:2, what is the total profit-sharing ratio?
A. 5:3
B. 3:2
C. 5:2
D. 3:5
Question 3
A company's cash book shows the following transactions:
A. ₦1,500
B. ₦2,000
C. ₦1,800
D. ₦2,500
Question 4
A company's trial balance as at 31st December 2022 is shown below:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 5
In a self-balancing ledger, the control account is used to record the total of all subsidiary accounts. What is the primary purpose of the control account in a self-balancing ledger?
A. To provide a summary of the total of all subsidiary accounts
B. To record the total of all transactions
C. To provide a detailed breakdown of all transactions
D. To record the total of all assets
Question 6
A company has the following transactions: Purchase of equipment for ₦100,000, sale of goods for ₦150,000, and purchase of goods for ₦80,000. What is the total value of assets?
A. ₦230,000
B. ₦250,000
C. ₦220,000
D. ₦200,000
Question 7
The following is a statement of cash flows for a company:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
Determine the amount of depreciation for a machine that cost ₦250,000 and has a useful life of 5 years, with a residual value of ₦50,000. The machine is depreciated using the straight-line method.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 9
A company's final accounts as at 31st December 2022 are shown below:
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 10
A company's bank reconciliation statement as at 31st December 2022 is shown below:
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 11
A company uses the FIFO method to value its inventory. If the inventory consists of 100 units of Item A at ₦10 each and 50 units of Item B at ₦20 each, and the company sells 150 units, what is the cost of goods sold?
A. ₦1,500
B. ₦1,800
C. ₦2,000
D. ₦2,500
Question 12
A company's bank reconciliation statement as at 31st December 2022 is shown below:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company's cash book as at 31st December 2022 is shown below:
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦200,000 and ₦300,000 respectively. The profit-sharing ratio is 2:3. Calculate the profit-sharing ratio in percentage.
A. 20%
B. 30%
C. 40%
D. 50%
Question 15
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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