POST UTME FUTO 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's statement of financial position as at December 31, 2022, is as follows:
A. ₦400,000
B. ₦425,000
C. ₦450,000
D. ₦475,000
Question 2
A company's income statement for the year ended December 31, 2022, is as follows:
A. ₦750,000
B. ₦775,000
C. ₦800,000
D. ₦825,000
Question 3
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the reason for the difference?
A. The company has not yet received a payment from a customer.
B. The company has not yet paid a supplier.
C. The bank has charged a fee for the month.
D. The company has deposited cash into the bank.
Question 4
A company's cash flow statement for the year ended December 31, 2022, is as follows:
A. ₦100,000
B. ₦125,000
C. ₦150,000
D. ₦175,000
Question 5
A government ministry has the following transactions for the year ended December 31, 2022: - Received ₦1,200,000 from the federal government for a project. - Paid ₦800,000 to a contractor for work done. - Paid ₦300,000 to a supplier for materials purchased. - Received ₦200,000 from a donor for a charity event. Prepare the ministry's cash flow statement for the year ended December 31, 2022.
A. ₦1,200,000 (₦800,000) (₦300,000) (₦200,000)
B. ₦1,200,000 (₦800,000) (₦300,000)
C. ₦1,200,000 (₦800,000)
D. ₦1,200,000
Question 6
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The company's cash book also shows a credit balance of ₦10,000 in the bank column. The bank statement shows a debit balance of ₦5,000 in the bank column. What is the correct balance of the company's cash book?
A. ₦55,000
B. ₦60,000
C. ₦65,000
D. ₦70,000
Question 7
A company issued 1,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the annual depreciation on the discount.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 8
A company's statement of income for the year ended December 31, 2022, is as follows:
A. ₦500,000
B. ₦525,000
C. ₦550,000
D. ₦575,000
Question 9
A company's statement of cash flows for the year ended December 31, 2022, is as follows:
A. ₦300,000
B. ₦325,000
C. ₦350,000
D. ₦375,000
Question 10
A company's balance sheet shows the following information: Total assets ₦5,000,000; Total liabilities ₦2,500,000; and Total equity ₦2,500,000. If the company's debt-to-equity ratio is 1:1, what is the amount of debt that should be reported as a current liability?
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000
Question 11
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | ₦10,000 | | | 2 | Accounts Payable | | ₦15,000 | | 3 | Sales | | ₦20,000 | | 4 | Cash | | ₦25,000 | What is the net effect of these transactions on the company's cash balance?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 12
A company uses the single entry system. The following transactions occurred during the year: Purchased goods for ₦120,000, sold goods for ₦180,000, and paid salaries of ₦60,000. Prepare the ledger accounts for purchases, sales, and salaries.
A. Purchases: Debit: ₦120,000, Credit: ₦0; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦60,000, Credit: ₦0
B. Purchases: Debit: ₦0, Credit: ₦120,000; Sales: Debit: ₦180,000, Credit: ₦0; Salaries: Debit: ₦60,000, Credit: ₦0
C. Purchases: Debit: ₦120,000, Credit: ₦0; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦0, Credit: ₦60,000
D. Purchases: Debit: ₦0, Credit: ₦120,000; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦60,000, Credit: ₦0
Question 13
A company's balance sheet shows a net worth of ₦100,000. The company's profit and loss account shows a profit of ₦80,000. The company's trading account shows a profit of ₦60,000. What is the correct net worth of the company?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 14
A company's trial balance shows an error of ₦1,500 in the debit side of the purchases account. The error is due to the omission of a purchase return of ₦3,000. Prepare the necessary journal entry to correct the error.
A. ₦1,500 debit to purchases account
B. ₦3,000 credit to purchases account
C. ₦1,500 debit to purchases account and ₦3,000 credit to purchases account
D. ₦1,500 credit to purchases account
Question 15
A government agency prepares a budget for the year. The budget includes the following items: Salaries ₦1,200,000; Office expenses ₦400,000; and Capital expenditure ₦800,000. If the total budget is ₦2,500,000, what is the percentage of the budget allocated to salaries?
A. 48%
B. 50%
C. 52%
D. 54%

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