POST UTME IGBINEDION UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's income statement shows the following information: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Gross Profit ₦200,000. What is the company's net income?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 2
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders and the amount of premium.
A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦120,000
Question 3
A trader purchases goods for ₦120,000 and sells them for ₦180,000. Calculate the gross profit percentage.
A. 20%
B. 25%
C. 30%
D. 35%
Question 4
A partnership is formed by three partners, A, B, and C, who contribute ₦200,000, ₦300,000, and ₦400,000 respectively. The profit is to be shared in the ratio 2:3:4. Calculate the share of profit of partner A.
A. ₦160,000
B. ₦240,000
C. ₦320,000
D. ₦400,000
Question 5
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 6
A company's bank statement showed the following transactions: a deposit of ₦10,000, a withdrawal of ₦5,000, a deposit of ₦8,000, a withdrawal of ₦3,000, a deposit of ₦12,000, and a withdrawal of ₦6,000. Prepare a bank reconciliation statement.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 7
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference of ₦30,000 is due to a dishonored cheque. What is the correct journal entry to record the dishonored cheque?
A. Debit Cash ₦30,000, Credit Bank Overdraft ₦30,000
B. Debit Bank Overdraft ₦30,000, Credit Cash ₦30,000
C. Debit Cash ₦30,000, Credit Bad Debts ₦30,000
D. Debit Bank Overdraft ₦30,000, Credit Bad Debts ₦30,000
Question 8
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦50,000. The general ledger shows a balance of ₦60,000. Calculate the difference between the two balances.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 9
A company purchases a machine for ₦500,000 and sells it after one year for ₦600,000. Calculate the gain or loss on the sale of the machine.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 10
A company's income statement for the year ended December 31, 2022, is as follows: Revenues ₦ 200,000 Sales Expenses ₦ 150,000 Cost of Goods Sold ₦ 30,000 Salaries ₦ 20,000 Rent What is the net income for the year?
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000
Question 11
A company's profit for the year ended 31st December 2021 was ₦1,500,000. The company's tax rate is 25%. Calculate the company's tax liability for the year.
A. ₦375,000
B. ₦375,000
C. ₦375,000
D. ₦375,000
Question 12
A company has the following departmental accounts: Department A has a credit balance of ₦5,000, Department B has a debit balance of ₦3,000, and Department C has a credit balance of ₦2,000. What is the total credit balance of the company?
A. ₦10,000
B. ₦12,000
C. ₦15,000
D. ₦18,000
Question 13
A company has the following transactions in its trial balance: Debit balance of ₦10,000 and Credit balance of ₦15,000. What is the correct treatment of this transaction in the accounting equation?
A. The transaction is treated as an asset.
B. The transaction is treated as a liability.
C. The transaction is treated as an equity.
D. The transaction is treated as a revenue.
Question 14
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge?
A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000
Question 15
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
B. ₦450,000
C. ₦475,000
D. ₦500,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: