POST UTME FUTO 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the perpetual inventory system. If the cost of goods sold is ₦150,000 and the beginning inventory is ₦80,000, what is the cost of goods available for sale?
A. ₦230,000
B. ₦220,000
C. ₦240,000
D. ₦250,000
Question 2
A trial balance is prepared by a company at the end of the year. The debit balance in the trial balance is ₦150,000 and the credit balance is ₦200,000. What is the correct balance in the general ledger?
A. ₦50,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 3
A company's trial balance shows the following accounts: Debitors ₦150,000, Creditors ₦100,000, Capital ₦200,000, Drawings ₦50,000. What is the company's net worth?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 4
A company's balance sheet shows the following: Assets ₦1,000,000, Liabilities ₥30,000, and Stockholders' Equity ₦10,000. What is the company's net income?
A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000
Question 5
A company's balance sheet shows the following: Assets ₦1,000,000, Liabilities ₥30,000, and Stockholders' Equity ₦10,000. What is the company's net income?
A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000
Question 6
A government agency has the following transactions for the year: - Received ₦500,000 from the treasury - Issued ₦200,000 worth of goods to a charity - Paid ₦150,000 for rent - Collected ₦300,000 in fines - Paid ₦100,000 in salaries What is the total amount of revenue for the year?
A. ₦550,000
B. ₦600,000
C. ₦650,000
D. ₦700,000
Question 7
A company has two partners, A and B. Partner A has a 60% interest in the company and Partner B has a 40% interest. If the company makes a profit of ₦100,000, how much will Partner A receive?
A. ₦60,000
B. ₦40,000
C. ₦80,000
D. ₦120,000
Question 8
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 9
A sole proprietorship has the following transactions: Purchased goods for ₦10,000,000, sold goods for ₦12,000,000, and received cash of ₦8,000,000. What is the net income of the business?
A. ₦2,000,000
B. ₦3,000,000
C. ₦4,000,000
D. ₦5,000,000
Question 10
A company uses the single-entry system to record its transactions. The company's ledger shows the following: Cash ₦10,000, Accounts Receivable ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000
Question 11
A company's balance sheet shows the following accounts: Assets ₦500,000, Liabilities ₦200,000, Equity ₦300,000. What is the company's net worth?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 12
A company's trial balance shows the following: Accounts Payable ₦5,000, Accounts Receivable ₦10,000, Common Stock ₦10,000, Dividends ₥0,000, Retained Earnings ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000
Question 13
A company's trial balance shows an error of \pm 500 in the accounts payable account. If the company's total assets are \1,500,000 and total liabilities are \800,000, what is the correct amount of the company's net worth?
A. \700,000
B. \600,000
C. \800,000
D. \900,000
Question 14
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and partner B has a 40% interest. If the partnership's net income is ₦1,200,000, what is partner A's share of the net income?
A. ₦720,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 15
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000

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