POST UTME IMS U 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a trial balance that includes the following accounts: Sales (₦100,000), Purchases (₦80,000), and Cost of Goods Sold (₦60,000). Calculate the gross profit.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 2
A company has the following trial balance: Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000, and Net Income ₦20,000. What is the ratio of cost of goods sold to net income?
A. 2:1
B. 4:1
C. 1:2
D. 1:4
Question 3
A partnership has the following capital balances: Partner A ₦100,000, Partner B ₦120,000, and Partner C ₦80,000. If the net income is ₦20,000, what is Partner A's share of net income?
A. ₦6,667
B. ₦8,000
C. ₦10,000
D. ₦12,000
Question 4
A company uses the straight-line method of depreciation. If the cost of the asset is ₦100,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦40,000
Question 5
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 6
A company's balance sheet as at December 31, 2022, shows the following: - Assets: ₦5,000,000 - Liabilities: ₦2,000,000 - Equity: ₦3,000,000 What is the company's current ratio?
A. 2:1
B. 3:1
C. 4:1
D. 5:1
Question 7
A company's trial balance shows a debit balance of ₦100,000 in the account 'Rent Received' and a credit balance of ₦80,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?
A. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
B. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
C. ₦80,000 debit to Rent Received and ₦80,000 credit to Rent Paid
D. ₦100,000 debit to Rent Paid and ₦100,000 credit to Rent Received
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A.
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 9
A company has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Sold goods for ₦30,000. What is the total amount of cash outflows for the company?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 10
A company has the following transactions: Purchased a machine for ₦50,000, Sold goods for ₦30,000, and Paid rent for ₦20,000. What is the net income of the company?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
A partnership has two partners, A and B. The capital accounts of A and B are ₦200,000 and ₦300,000 respectively. If the profit for the year is ₦100,000, what is the share of profit for partner A?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company has the following transactions: Purchased ₦ 15,000 worth of goods on credit. Sold ₦ 12,000 worth of goods for cash. Paid ₦ 3,000 to a creditor. Calculate the net effect on the company's cash balance.
A. ₦ 9,000
B. ₦ 11,000
C. ₦ 13,000
D. ₦ 15,000
Question 13
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦100,000. What is the total amount of liabilities and equity?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 14
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦50,000, what is the annual depreciation charge for an asset costing ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 15
A company has the following departmental expenses: Manufacturing Department ₦150,000, Selling Department ₦75,000, and Administrative Department ₦50,000. What is the total departmental expense?
A. ₦275,000
B. ₦275,500
C. ₦276,000
D. ₦277,000

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