POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2017 Accounting | Objective

Are you preparing for POST UTME JOSEPH AYO BABALOLA UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
In a partnership with a 2:3:5 capital ratio, the total capital invested is ₦150,000. If the profit is shared in the ratio 3:5:7, what is the amount of profit shared by the partner with a 5:7 ratio?
A. ₦15,000
Correct B. ₦20,000
C. ₦25,000
D. ₦30,000

Correct Answer: B

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Question 2
A company uses the single entry system. The following transactions are recorded: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | | ₦10,000 | | 15 Jan | Cash paid to suppliers | ₦8,000 | | | 20 Jan | Cash received from customers | | ₦12,000 | | 25 Jan | Cash paid to employees | ₦6,000 | | What is the total amount of cash received from customers?
A. ₦10,000
B. ₦12,000
Correct C. ₦22,000
D. ₦24,000

Correct Answer: C

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Question 3
The following transactions are recorded in a company's journal: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | | ₦10,000 | | 15 Jan | Cash paid to suppliers | ₦8,000 | | | 20 Jan | Cash received from customers | | ₦12,000 | | 25 Jan | Cash paid to employees | ₦6,000 | | What is the total amount of cash received from customers?
A. ₦10,000
B. ₦12,000
Correct C. ₦22,000
D. ₦24,000

Correct Answer: C

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Question 4
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦8,000 | | Sales Revenue | | ₦12,000 | | Cost of Goods Sold | ₦6,000 | | What is the net income of the company?
A. ₦4,000
Correct B. ₦6,000
C. ₦8,000
D. ₦10,000

Correct Answer: B

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Question 5
A company's balance sheet shows the following balances: | Asset | Liability | Equity | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦8,000 | | Sales Revenue | | ₦12,000 | | Cost of Goods Sold | ₦6,000 | | What is the total amount of assets?
A. ₦16,000
B. ₦18,000
Correct C. ₦20,000
D. ₦22,000

Correct Answer: C

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Question 6
A company uses the double-entry system of accounting. The trial balance shows the following balances: Debitors ₦ 50,000, Creditors ₦ 30,000, Capital ₦ 100,000. What is the total amount of assets?
A. ₦80,000
Correct B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: B

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Question 7
A public sector organization has the following transactions: Purchase of goods ₦ 50,000, Sale of goods ₦ 70,000, Wages ₦ 30,000. What is the net cash inflow?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 8
A company has the following incomplete records: Opening balance of cash ₦ 50,000, Cash received from customers ₦ 70,000, Cash paid to suppliers ₦ 30,000. What is the closing balance of cash?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 9
A company uses the single-entry system of accounting. The journal entries show the following: Debitors ₦ 50,000, Creditors ₦ 30,000, Capital ₦ 100,000. What is the total amount of assets?
A. ₦80,000
Correct B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: B

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Question 10
A company has the following trial balance: Debitors ₦ 50,000, Creditors ₦ 30,000, Capital ₦ 100,000. What is the total amount of assets?
A. ₦80,000
Correct B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: B

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Question 11
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 12
A public sector organization has the following transactions during the year:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 13
A company uses the double-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 14
A company has the following transactions during the year:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 15
A company uses the cash book system of accounting. The following transactions were recorded during the year:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 16
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦150,000 and the Sales department has a balance of ₦200,000. The company's total assets are ₦500,000. What is the balance of the company's capital account?
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 17
A partnership has two partners, A and B. Partner A has a capital of ₦100,000 and a profit-sharing ratio of 3:2. Partner B has a capital of ₦80,000 and a profit-sharing ratio of 2:3. If the profit for the year is ₦120,000, how much will Partner A receive?
Correct A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000

Correct Answer: A

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Question 18
A company has the following transactions: Purchased goods for ₦100,000; Sold goods for ₦120,000; Purchased office equipment for ₦20,000. What is the total assets of the company?
A. ₦140,000
B. ₦160,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 19
A company has the following transactions: Purchased goods for ₦100,000; Sold goods for ₦120,000; Purchased office equipment for ₦20,000. What is the total liabilities of the company?
A. ₦20,000
B. ₦40,000
C. ₦60,000
Correct D. ₦80,000

Correct Answer: D

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Question 20
A company has the following transactions: Purchased goods for ₦100,000; Sold goods for ₦120,000; Purchased office equipment for ₦20,000. What is the total equity of the company?
A. ₦100,000
B. ₦120,000
Correct C. ₦140,000
D. ₦160,000

Correct Answer: C

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Question 21
A company issues 10,000, 9% debentures of ₦100 each. Calculate the amount of interest payable on the debentures for the first year.
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 22
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦150,000; Overheads: ₦180,000. Calculate the total cost of production for the month.
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 23
A company has the following transactions in its cash book: Cash received from customers: ₦200,000; Cash paid to suppliers: ₦150,000; Cash paid to employees: ₦100,000. Calculate the net increase in cash for the period.
A. ₦50,000
B. ₦75,000
C. ₦100,000
Correct D. ₦125,000

Correct Answer: D

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Question 24
A company issues 5,000, 10% preference shares of ₦10 each. Calculate the amount of dividend payable on the preference shares for the first year.
Correct A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000

Correct Answer: A

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Question 25
A company has the following transactions in its ledger: Purchases: ₦150,000; Sales: ₦200,000; Returns inwards: ₦20,000; Returns outwards: ₦10,000. Calculate the net profit for the period.
A. ₦40,000
B. ₦50,000
C. ₦60,000
Correct D. ₦70,000

Correct Answer: D

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