POST UTME FUTO 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 2
A company's trading account for the year ended 31st December 2020 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦20,000; Returns Inwards: ₦15,000. Calculate the gross profit for the year.
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 3
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦30,000
D. ₦18,000
Question 4
A company uses a perpetual inventory system. The company's beginning inventory balance is ₦80,000, and the company purchases goods for ₦120,000 during the period. The company also sells goods for ₦200,000 during the period. What is the company's ending inventory balance?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 5
A company's control account for the year ended 31st December 2020 is as follows: Purchases: ₦1,200,000; Returns Inwards: ₦15,000. Calculate the total purchases for the year.
A. ₦1,215,000
B. ₦1,220,000
C. ₦1,225,000
D. ₦1,230,000
Question 6
A public sector organization has the following transactions: Revenue ₦100,000, Expenditure ₦120,000, Capital ₦80,000. What is the net result?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 7
A company's single entry system shows the following transactions: Cash ₦20,000, Creditors ₦30,000, Capital ₦40,000. What is the total amount of transactions?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 8
A company uses the double-declining balance method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦30,000
C. ₦20,000
D. ₦18,000
Question 9
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 10
A government agency has the following transactions: Revenue ₦100,000, Expenditure ₦80,000, and Capital Expenditure ₦20,000. What is the net result?
A. ₦20,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 11
A company has a manufacturing overhead of ₦200,000, which is allocated to the production department using the direct labor hours method. If the production department has 10,000 direct labor hours, what is the overhead rate?
A. ₦20 per hour
B. ₦25 per hour
C. ₦30 per hour
D. ₦35 per hour
Question 12
A company has the following departmental accounts: Production, Marketing, and Administration. The production department has a cost of ₦150,000, the marketing department has a cost of ₦50,000, and the administration department has a cost of ₦20,000. Calculate the total departmental cost for the company.
A. ₦220,000
B. ₦250,000
C. ₦220,000
D. ₦250,000
Question 13
A company issued 10,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦9,000,000
B. ₦9,500,000
C. ₦10,000,000
D. ₦10,500,000
Question 14
A company issued 10,000 shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦100,000
C. ₦120,000
D. ₦150,000
Question 15
A company uses the following accounts: Cash, Accounts Payable, Accounts Receivable, Sales Revenue, Cost of Goods Sold, and Common Stock. Prepare a trial balance for the company, given the following balances: Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦500,000.
A. Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Common Stock ₦500,000
B. Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Common Stock ₦500,000
C. Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Common Stock ₦500,000
D. Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Common Stock ₦500,000

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