POST UTME IGBINEDION UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders.
A. ₦150,000
B. ₦100,000
C. ₦150,000
D. ₦100,000
Question 2
A company has the following bank reconciliation statement: Bank Balance ₦50,000, Cash Balance ₦20,000, Outstanding Checks ₦15,000, Deposits in Transit ₦10,000. What is the correct bank balance?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 3
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 4
A company has two partners, A and B, who share profits in the ratio 2:3. If the total profit for the year is ₦1,200,000, calculate the share of profit of partner B.
A. ₦600,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,200,000
Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 6
A partnership is formed by A, B, and C who contribute ₦50,000, ₦30,000, and ₦20,000 respectively. Their profit-sharing ratio is 3:2:1. Calculate the amount of profit to be shared by A.
A. ₦60,000
B. ₦40,000
C. ₦30,000
D. ₦20,000
Question 7
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the book value of the machine after 3 years.
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 8
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 9
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 10
A company uses the double entry system of accounting. The following transactions are recorded: Debit Purchase of Assets ₦50,000, Credit Purchase of Assets ₦50,000. What is the effect of this transaction on the company's assets?
A. The company's assets increase by ₦50,000.
B. The company's assets decrease by ₦50,000.
C. The company's assets remain unchanged.
D. The company's assets increase by ₦100,000.
Question 11
A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦70,000, and returned goods worth ₦10,000 to the supplier. Prepare the journal entry for the above transactions.
A. Debit Purchases ₦50,000, Credit Sales ₦70,000, Debit Returns Outward ₦10,000
B. Debit Purchases ₦60,000, Credit Sales ₦80,000, Debit Returns Outward ₦20,000
C. Debit Purchases ₦40,000, Credit Sales ₦60,000, Debit Returns Outward ₦10,000
D. Debit Purchases ₦60,000, Credit Sales ₦80,000, Debit Returns Outward ₦20,000
Question 12
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the asset cost ₦100,000 and has a useful life of 5 years, calculate the annual depreciation.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company's cash book showed a balance of ₦150,000. The company's bank statement showed a balance of ₦170,000. What is the correct accounting treatment for the difference?
A. Debit the bank account by ₦20,000.
B. Credit the bank account by ₦20,000.
C. Debit the cash account by ₦20,000.
D. Credit the cash account by ₦20,000.
Question 14
A company's trading account shows a profit of ₦150,000. Its profit and loss account shows a net profit of ₦200,000. Its balance sheet shows a net worth of ₦500,000. Calculate the company's capital.
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 15
A company's financial statements show the following balances: Accounts Receivable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000. What is the net income of the company?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000

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