POST UTME IGBINEDION UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦ 10,000
B. ₦ 50,000
C. ₦ 100,000
D. ₦ 150,000
Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | | 4th Jan | Bank | | 1,200 | Calculate the bank balance on 2nd January.
A. ₦ 500
B. ₦ 800
C. ₦ 1,200
D. ₦ 1,300
Question 3
A company has a cash book balance of ₦150,000 and a bank statement balance of ₦180,000. If the bank reconciliation statement shows a difference of ₦15,000, what is the amount of the difference that is due to an error in the cash book?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 4
A company's manufacturing account for the year ended 31st December shows the following: | Particulars | Cost | | --- | --- | | Opening stock | 10,000 | | Raw materials purchased | 50,000 | | Labour | 20,000 | | Factory overheads | 15,000 | | Closing stock | 8,000 | Calculate the cost of goods manufactured.
A. ₦ 53,000
B. ₦ 58,000
C. ₦ 63,000
D. ₦ 68,000
Question 5
The following is a trial balance for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 6
A company's bank statement showed a balance of ₦20,000. The company's cash book showed a balance of ₦25,000. The bank statement also showed a debit of ₦5,000 for a cheque returned unpaid. Calculate the correct balance of the company's cash book.
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 7
A government agency has the following transactions in its cash book: ₦100,000 received from a customer ₦50,000 paid to a supplier ₦20,000 received from a grant ₦30,000 paid to a contractor What is the net cash inflow?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
A company's bank statement showed a balance of ₦20,000. The company's cash book showed a balance of ₦25,000. The bank statement also showed a debit of ₦5,000 for a cheque returned unpaid. Calculate the correct balance of the company's cash book.
A. ₦25,000
B. ₦20,000
C. ₦15,000
D. ₦30,000
Question 9
A company has the following trial balance: Debit: ₦100,000, Credit: ₦120,000. What is the correct journal entry to rectify the discrepancy?
A. ₦20,000 Debit, ₦20,000 Credit
B. ₦20,000 Credit, ₦20,000 Debit
C. ₦20,000 Debit, ₦20,000 Debit
D. ₦20,000 Credit, ₦20,000 Credit
Question 10
The following is a balance sheet for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 11
The following is a balance sheet for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 12
A company has the following transactions in its manufacturing account: Opening inventory: ₦100,000 Purchases: ₦200,000 Direct labor: ₦150,000 Overheads: ₦120,000 Closing inventory: ₦180,000 What is the cost of goods manufactured?
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 13
The following is a statement of profit or loss for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 14
A company issued 10,000 shares of 5 par value. If the market value of each share is 15, what is the total market value of the shares?
A. ₦150,000
B. ₦150,000,000
C. ₦75,000,000
D. ₦150,000,000
Question 15
The following is a balance sheet for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

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