POST UTME IMS U 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦300,000
B. ₦250,000
C. ₦350,000
D. ₦400,000
Question 2
A company's trading account showed a profit of ₦500,000. However, the profit and loss account showed a loss of ₦200,000. What is the correct net profit of the company?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 3
A company issues 5,000 9% debentures of ₦100 each. If the company pays an annual interest of ₦45,000, what is the total amount paid as interest?
A. ₦225,000
B. ₦225,000
C. ₦225,000
D. ₦225,000
Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Prepare the journal entry to record the issue of debentures.
A. Debit Cash ₦495,000, Credit Debentures ₦500,000
B. Debit Debentures ₦495,000, Credit Cash ₦500,000
C. Debit Cash ₦495,000, Credit Discount on Debentures ₦5,000
D. Debit Discount on Debentures ₦5,000, Credit Cash ₦495,000
Question 5
A company's assets are valued as follows: | Asset | Cost | Accumulated Depreciation | Net Book Value | | --- | --- | --- | --- | | Plant | 10,000 | 2,000 | 8,000 | | Furniture | 5,000 | 1,000 | 4,000 | | Motor Vehicle | 8,000 | 1,500 | 6,500 | What is the total value of the company's assets?
A. ₦18,500
B. ₦19,500
C. ₦20,500
D. ₦21,500
Question 6
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 7
A company's trial balance as at 31st December, 2022, showed the following balances:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 8
A company uses a job costing system to account for its manufacturing costs. The company has two production 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. The company's overhead costs are allocated to the departments based on the number of units produced. The Cutting department produced 500 units, and the Assembly department produced 600 units. If the company's overhead rate is ₦20 per unit, what is the total overhead cost allocated to the Assembly department?
A. ₦12,000
B. ₦14,000
C. ₦16,000
D. ₦18,000
Question 9
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. The company's total overhead cost for the period is ₦200,000. What is the total cost of production for Job No. 123?
A. ₦550,000
B. ₦600,000
C. ₦650,000
D. ₦700,000
Question 10
A company has the following manufacturing costs: | Cost | Amount | | --- | --- | | Direct Materials | ₦100,000 | | Direct Labor | ₦150,000 | | Overhead | ₦200,000 | What is the total manufacturing cost?
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 11
A company uses a job costing system to account for its manufacturing costs. The company has two production 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. The company's overhead costs are allocated to the departments based on the number of units produced. The Cutting department produced 500 units, and the Assembly department produced 600 units. If the company's overhead rate is ₦20 per unit, what is the total overhead cost allocated to the Cutting department?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 12
A company's cash book showed a credit balance of ₦150,000. However, the bank statement showed a debit balance of ₦50,000. What is the correct balance of the company's bank account?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 13
A partnership is formed between two individuals, John and Mary, who contribute ₦100,000 and ₦150,000 respectively. The partnership agreement states that John and Mary will share profits and losses in the ratio 3:2. During the year, the partnership incurs a loss of ₦20,000. What is John's share of the loss?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 14
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 | | 300 | What is the balance of the cash book?
A. ₦1,200
B. ₦1,300
C. ₦1,400
D. ₦1,500
Question 15
A company's public sector accounting records show the following transactions for the year: Debit Cash: ₦100,000 Accounts Payable: ₦50,000 Salaries Payable: ₦20,000 Equipment: ₦150,000 Accumulated Depreciation: ₦30,000 Credit Accounts Receivable: ₦80,000 Sales: ₦200,000 Salaries Expense: ₦40,000 Rent Expense: ₦30,000 If the company's net income for the year is ₦120,000, what is the total amount of depreciation expense for the year?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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