POST UTME IGBINEDION UNIVERSITY 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions related to its control accounts: 1. Purchased raw materials for ₦100,000 2. Consumed raw materials in production: ₦80,000 3. Sold goods for ₦120,000 4. Paid wages to employees: ₦60,000 5. Deposited cash into the bank: ₦50,000 What is the total amount of cash deposited?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 2
A government agency has the following transactions related to its public sector accounting: 1. Received revenue from taxes: ₦500,000 2. Paid salaries to employees: ₦300,000 3. Purchased office supplies: ₦20,000 4. Transferred funds to another government agency: ₦100,000 What is the total amount of revenue received?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 3
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting Department incurred costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly Department incurred costs of ₦150,000 for direct materials and ₦100,000 for direct labor. If the total cost of production is ₦400,000, what is the cost of the Cutting Department?
A. ₦160,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 4
A company produces three products: A, B, and C. The selling price of each product is ₦500, ₦600, and ₦700 respectively. The total cost of production for the three products is ₦150,000. If the company sells 200 units of product A, 150 units of product B, and 100 units of product C, calculate the profit made by the company.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 5
A company has the following transactions related to its manufacturing department: 1. Purchased raw materials for ₦100,000 2. Consumed raw materials in production: ₦80,000 3. Sold goods for ₦120,000 4. Paid wages to employees: ₦60,000 5. Depreciated factory equipment: ₦20,000 What is the total cost of goods manufactured?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 6
A company has the following transactions related to its partnership accounts: 1. A and B invested ₦200,000 and ₦150,000 respectively 2. C invested ₦100,000 3. The profit-sharing ratio is 3:2:1 What is the total profit-sharing ratio?
A. 5:3:2
B. 3:2:1
C. 6:4:2
D. 4:3:2
Question 7
A partnership is formed between two individuals, A and B, with a capital contribution of ₦200,000 and ₦300,000 respectively. After one year, the profit is divided in the ratio 2:3. What is the total profit for the year?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 8
A company uses the self-balancing ledger system. The following data is available for the year ended December 31, 2022: Debit balance: ₦500,000 Credit balance: ₦300,000 What is the net balance?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 9
A company issued 20,000 shares of ₦20 par value at a premium of ₦10 per share. The total amount received from the issue of shares is:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 10
A company's trial balance shows a discrepancy of ₦10,000 between the debit and credit balances. What is the correct procedure to investigate the discrepancy?
A. Compare the trial balance with the general ledger to identify any discrepancies
B. Reconcile the bank statement with the cash book to identify any errors
C. Verify the accuracy of the journal entries to identify any errors
D. Reconcile the accounts payable with the accounts receivable to identify any errors
Question 11
A company's balance sheet shows a current ratio of 2:1. What does this indicate about the company's liquidity?
A. The company has sufficient liquidity to meet its short-term obligations
B. The company has insufficient liquidity to meet its short-term obligations
C. The company's liquidity position is uncertain
D. The company's liquidity position is not relevant to its financial health
Question 12
A company's manufacturing account showed a balance of ₦200,000. The company's trading account showed a balance of ₦300,000. Calculate the company's profit for the year.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 13
A company's trial balance showed the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000. The net income for the period is:
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 14
A company maintains a self-balancing ledger for its accounts receivable. The ledger shows a debit balance of ₦150,000 and a credit balance of ₦200,000. What is the correct journal entry to record the adjustment to the ledger?
A. ₦50,000 debit to accounts receivable and ₦50,000 credit to revenue
B. ₦50,000 debit to revenue and ₦50,000 credit to accounts receivable
C. ₦50,000 debit to accounts receivable and ₦50,000 credit to cost of goods sold
D. ₦50,000 debit to revenue and ₦50,000 credit to cost of goods sold
Question 15
A company's bank reconciliation statement shows the following: Bank balance: ₦200,000 Cash in hand: ₦50,000 What is the total cash available to the company?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000

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