POST UTME IMS U 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's trial balance shows a credit balance of ₦10,000 in the 'Drawings' account. What is the amount of profit to be distributed to each partner?
A. ₦6,000 to A and ₦4,000 to B
B. ₦8,000 to A and ₦2,000 to B
C. ₦10,000 to A and ₦0 to B
D. ₦0 to A and ₦10,000 to B
Question 2
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and each machine operates for a total of 16 hours, how many units of product A and product B should the company produce to maximize profit?
A. 10 units of A and 10 units of B
B. 15 units of A and 9 units of B
C. 20 units of A and 8 units of B
D. 25 units of A and 7 units of B
Question 3
A company uses the perpetual inventory system. The company's inventory account shows a balance of ₦150,000. The company's cost of goods sold is ₦200,000. What is the company's gross profit?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 4
A company uses the straight-line method of depreciation. If the asset has a useful life of 5 years and a residual value of ₦50,000, calculate the annual depreciation charge for an asset costing ₦250,000.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 5
The following transactions were recorded by a company in a given period:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 6
A company has the following ledger balances:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 7
The following transactions were recorded by a public sector organization in a given period:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 8
A company's trial balance contains the following accounts: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000, Cost of Goods Sold 15,000, and Common Stock 10,000. What is the total amount of assets?
A. 35,000
B. 40,000
C. 45,000
D. 50,000
Question 9
A government agency has a budget of ₦100,000 for the year. The agency has spent ₦80,000 so far. What is the percentage of the budget that has been spent?
A. 80%
B. 60%
C. 40%
D. 20%
Question 10
A manufacturing company uses the weighted average method to value its inventory. The company has the following data for the year ended December 31, 2022:
A. ₦250,000
B. ₦275,000
C. ₦300,000
D. ₦325,000
Question 11
A company uses the straight-line method to depreciate its assets. The cost of the asset is ₦100,000, and it has a useful life of 10 years. If the asset is sold after 5 years, what is the amount of depreciation that should be recorded?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company uses the double-declaration method to value its assets. The company's accountant has prepared the following trial balance as of December 31, 2022:
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 13
A manufacturing company uses the process cost method to account for its production costs. The company has the following costs: direct materials of ₦1,500, direct labor of ₦2,000, and manufacturing overhead of ₦1,800. What is the total cost of production?
A. ₦5,300
B. ₦5,400
C. ₦5,500
D. ₦5,600
Question 14
A company's trial balance shows a credit balance of ₦10,000 in the 'Accrued Expenses' account. What is the effect of this account on the company's financial position?
A. The company has a current asset
B. The company has a current liability
C. The company has a non-current asset
D. The company has a non-current liability
Question 15
A company's balance sheet shows a current ratio of 2:1 and a quick ratio of 1:1. What is the company's acid-test ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1

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