POST UTME FUTO 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has two partners, A and B. The capital of A is ₦500,000 and that of B is ₦300,000. The profit-sharing ratio is 3:2. If the company made a profit of ₦200,000, how much will A receive?
A. ₦150,000
B. ₦120,000
C. ₦180,000
D. ₦200,000
Question 2
A company has the following trial balance: Debtors: ₦150,000 Creditors: ₦80,000 Capital: ₦200,000 Profit: ₦50,000 What is the total amount of assets of the company?
A. ₦380,000
B. ₦400,000
C. ₦420,000
D. ₦440,000
Question 3
A company has the following journal entry: Debit: Raw Materials: ₦50,000 Credit: Purchases: ₦50,000 What is the effect of this journal entry on the company's financial statements?
A. Increases assets and decreases liabilities
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases assets
D. No effect on financial statements
Question 4
A company uses a trial balance. The trial balance shows the following balances: Debit Balance: ₦20,000, Credit Balance: ₦30,000. What is the correct procedure to prepare the financial statements?
A. Prepare the balance sheet and income statement from the trial balance.
B. Adjust the trial balance to match the financial statements.
C. Prepare a statement of changes in equity from the trial balance.
D. Prepare a cash flow statement from the trial balance.
Question 5
A company uses a bank reconciliation statement to reconcile its bank statement with its cash book. The bank statement shows a balance of ₦100,000, while the cash book shows a balance of ₦120,000. The bank reconciliation statement shows a difference of ₦20,000. What is the reason for the difference?
A. Bank charges
B. Interest earned
C. Deposits in transit
D. Cheques issued but not yet presented
Question 6
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦12,500, while the general ledger shows a balance of ₦10,000. The bank statement shows a balance of ₦15,000. What is the correct procedure to reconcile the cash book and bank statement?
A. Prepare a bank reconciliation statement to identify the differences between the cash book and bank statement balances.
B. Adjust the cash book balance to match the bank statement balance.
C. Reconcile the general ledger balance with the bank statement balance.
D. Prepare a cash flow statement to explain the differences between the cash book and bank statement balances.
Question 7
A government agency is responsible for collecting taxes. The agency's budget for the year is ₦500 million. The agency has collected ₦300 million in taxes so far. What is the percentage of the budget that has been collected?
A. 60%
B. 50%
C. 40%
D. 30%
Question 8
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect of this transaction on the accounting equation?
A. Increases assets and decreases liabilities.
B. Decreases assets and increases liabilities.
C. Increases liabilities and decreases equity.
D. Decreases liabilities and increases equity.
Question 9
A company's assets are depreciated using the straight-line method. The asset's original value is ₦100,000, and it is expected to last for 5 years. What is the annual depreciation charge?
A. ₦20,000
B. ₦15,000
C. ₦10,000
D. ₦5,000
Question 10
A partnership has two partners, A and B. The capital accounts of A and B are ₦80,000 and ₦60,000 respectively. The profit-sharing ratio is 3:2. What is the share of profit of partner A?
A. ₦36,000
B. ₦48,000
C. ₦60,000
D. ₦72,000
Question 11
A company's balance sheet shows an error of ₦10,000 in the 'Capital' account. The correct balance should be ₦50,000. What is the correct balance of the 'Capital' account?
A. ₦60,000
B. ₦50,000
C. ₦40,000
D. ₦30,000
Question 12
A partnership has the following capital accounts: Partner A: ₦100,000 Partner B: ₦120,000 Partner C: ₦80,000 What is the total amount of capital of the partnership?
A. ₦300,000
B. ₦320,000
C. ₦340,000
D. ₦360,000
Question 13
A company has the following ledger account: Raw Materials: Debit balance: ₦50,000 What is the normal balance of this account?
A. Debit
B. Credit
C. Both debit and credit
D. Neither debit nor credit
Question 14
A company uses the self-balancing ledger system. The ledger shows the following balances: Debtors ₦50,000, Creditors ₦30,000, and Capital ₦20,000. What is the total value of the company's assets?
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 15
A manufacturing company produces 10,000 units of a product per month. The company's selling price is ₦50 per unit, and the variable cost is ₦20 per unit. The company's fixed costs are ₦500,000 per month. What is the company's profit per unit?
A. ₦30
B. ₦20
C. ₦10
D. ₦5

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