POST UTME FUTO 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Bank | | 15,000 | | Sales | | 20,000 | | Purchases | 8,000 | | Prepare the Trial Balance.
A. ₦28,000
B. ₦30,000
C. ₦32,000
D. ₦34,000
Question 2
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, how much will A receive?
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 3
A company's bank statement shows a balance of ₦150,000, but the company's cash book shows a balance of ₦120,000. The difference is due to an outstanding cheque of ₦20,000 and an unrecorded deposit of ₦10,000. Prepare the necessary journal entry to reconcile the bank statement and cash book.
A. Debit Bank Overdraft ₦30,000, Credit Cash ₦30,000
B. Debit Cash ₦30,000, Credit Bank Overdraft ₦30,000
C. Debit Bank Overdraft ₦20,000, Credit Cash ₦20,000
D. Debit Cash ₦20,000, Credit Bank Overdraft ₦20,000
Question 4
A company has the following cash transactions for the month of January: ₦100,000 (Cash) and ₦50,000 (Office Supplies) ₦150,000 (Office Supplies) and ₦200,000 (Cash) What is the net effect on the company's cash balance?
A. ₦50,000 decrease
B. ₦50,000 increase
C. ₦100,000 decrease
D. ₦100,000 increase
Question 5
A company uses the double-entry system to record transactions. If a customer pays ₦12,000 for goods sold, and the company has a 5% discount policy, what is the amount recorded in the cash book?
A. ₦11,400
B. ₦12,000
C. ₦12,600
D. ₦13,200
Question 6
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge using the straight-line method?
A. ₦90,000
B. ₦100,000
C. ₦80,000
D. ₦110,000
Question 7
A company uses the double-entry system of accounting. If the company's assets increase by ₦50,000 and its liabilities decrease by ₦30,000, what is the effect on the company's equity?
A. ₦20,000 increase
B. ₦20,000 decrease
C. ₦50,000 increase
D. ₦30,000 increase
Question 8
A trader buys goods worth ₦120,000 and sells them at a profit of 25%. Calculate the selling price.
A. ₦150,000
B. ₦152,000
C. ₦155,000
D. ₦157,500
Question 9
A company uses the double-entry system of accounting. The following transactions were recorded in the company's ledger for the year ended December 31, 2023: 1. Purchased office equipment for ₦120,000. 2. Sold goods for ₦150,000. 3. Purchased raw materials for ₦80,000. 4. Paid salaries of ₦60,000. 5. Collected cash from customers for ₦100,000. 6. Paid rent for ₦40,000. 7. Purchased a new vehicle for ₦250,000. 8. Sold a vehicle for ₦180,000. 9. Paid electricity bills for ₦20,000. 10. Purchased a new computer for ₦30,000. Prepare a trial balance as at December 31, 2023.
A. ₦120,000
B. ₦150,000
C. ₦80,000
D. ₦60,000
Question 10
A company's trial balance shows an error of ₦5,000 in the accounts payable account. The error is due to an omission of a transaction. Prepare the necessary journal entry to rectify the error.
A. Debit Accounts Payable ₦5,000, Credit Purchases ₦5,000
B. Debit Purchases ₦5,000, Credit Accounts Payable ₦5,000
C. Debit Accounts Payable ₦5,000, Credit Sales ₦5,000
D. Debit Sales ₦5,000, Credit Accounts Payable ₦5,000
Question 11
A company's assets are depreciated using the straight-line method. What is the formula for calculating depreciation?
A. Depreciation = (Cost - Residual Value) / Useful Life
B. Depreciation = (Cost - Residual Value) / (Useful Life - Residual Value)
C. Depreciation = (Cost - Residual Value) / (Useful Life + Residual Value)
D. Depreciation = (Cost + Residual Value) / Useful Life
Question 12
A company uses the double-entry system of accounting. The following transactions were recorded in the company's ledger for the year ended December 31, 2023: 1. Purchased office equipment for ₦120,000. 2. Sold goods for ₦150,000. 3. Purchased raw materials for ₦80,000. 4. Paid salaries of ₦60,000. 5. Collected cash from customers for ₦100,000. 6. Paid rent for ₦40,000. 7. Purchased a new vehicle for ₦250,000. 8. Sold a vehicle for ₦180,000. 9. Paid electricity bills for ₦20,000. 10. Purchased a new computer for ₦30,000. Prepare a trial balance as at December 31, 2023.
A. ₦120,000
B. ₦150,000
C. ₦80,000
D. ₦60,000
Question 13
A company's financial statements are prepared using the accrual accounting method. What is the primary advantage of this method?
A. It matches revenues and expenses with the period in which they are earned
B. It matches revenues and expenses with the period in which they are paid
C. It matches revenues and expenses with the period in which they are received
D. It matches revenues and expenses with the period in which they are incurred
Question 14
In a public sector accounting system, what is the primary purpose of the 'General Ledger'?
A. To record and report financial transactions of the government
B. To prepare and present financial statements of the government
C. To control and monitor government expenditures
D. To audit and verify government financial transactions
Question 15
A company's trading account shows a profit of ₦20,000. If the company's cost of goods sold is ₦80,000 and its sales revenue is ₦100,000, what is the gross profit percentage?
A. 20%
B. 25%
C. 30%
D. 35%

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