POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, and the cost of work-in-progress is ₦150,000. The finished goods inventory has a cost of ₦180,000. If the company uses a 40% weight for raw materials, a 30% weight for work-in-progress, and a 30% weight for finished goods, what is the total value of the inventory?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 2
A company's trial balance shows an error of \pm 500 in the accounts payable account. If the company's total assets are \1,500,000 and its total liabilities are \800,000, what is the correct amount of the company's equity?
A. \700,000
B. \800,000
C. \900,000
D. \1,000,000
Question 3
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₠ 500,000 and the Sales department has a budget of ₠ 300,000. If the company's total budget is ₠ 1,000,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
A. 1:1
B. 2:3
C. 3:2
D. 1:2
Question 4
A company has two partners: A and B. Partner A has a capital of ₦200,000, and partner B has a capital of ₦300,000. If the company makes a profit of ₦50,000, what is the share of the profit for partner A?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 5
A company uses the self-balancing ledger system of accounting. The following transactions occurred during the year: Purchase of a machine for ₦500,000 Purchase of office supplies for ₦30,000 Salaries paid: ₦150,000 Rent paid: ₦60,000 What is the total amount of assets recorded in the self-balancing ledger system?
A. ₦680,000
B. ₦690,000
C. ₦680,000
D. ₦690,000
Question 6
A company's balance sheet showed a decrease in inventory of ₦20,000 and an increase in accounts payable of ₦15,000. What is the effect on the company's net working capital?
A. ₦5,000 increase
B. ₦5,000 decrease
C. ₦5,000 increase
D. ₦5,000 decrease
Question 7
A company has the following transactions during the year: Debit: Raw Materials ₦50,000, Work-in-Progress ₦100,000, Finished Goods ₦150,000 Credit: Raw Materials ₦20,000, Work-in-Progress ₦80,000, Finished Goods ₦120,000 What is the total value of the Finished Goods at the end of the year?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 8
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 2 Jan | Bank | | 10,000 | | 3 Jan | Cash | 5,000 | | | 4 Jan | Bank | | 5,000 | | 5 Jan | Cash | | 8,000 | What is the balance in the cash book?
A. ₦3,000
B. ₦5,000
C. ₦8,000
D. ₦10,000
Question 9
A company purchases a machine for ₦120,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 10
A company issued 5,000 shares of its common stock at ₦20 per share. The company also issued 2,000 shares of its 8% preferred stock at ₦50 per share. What is the total amount of cash received from the issuance of these shares?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦210,000
Question 11
A company issued 5,000, 10% 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. ₦475,000
Question 12
A company issued 10,000 shares of its common stock at ₦10 per share. The company also issued 5,000 shares of its 8% preferred stock at ₦50 per share. What is the total amount of cash received from the issuance of these shares?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 13
A company has two departments: manufacturing and sales. The manufacturing department has a balance of ₦100,000 in the control account, and the sales department has a balance of ₦150,000 in the control account. If the company has a total of ₦250,000 in the control account, what is the balance in the manufacturing department?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 14
A company issued 10,000 shares of ₠ 1 each at a premium of ₠ 2 per share. The issue expenses were ₠ 10,000. Calculate the amount received from the issue of shares.
A. ₠ 120,000
B. ₠ 130,000
C. ₠ 140,000
D. ₠ 150,000
Question 15
A company has the following transactions during the year: Debit: Raw Materials ₦50,000, Work-in-Progress ₦100,000, Finished Goods ₦150,000 Credit: Raw Materials ₦20,000, Work-in-Progress ₦80,000, Finished Goods ₦120,000 What is the total value of the Work-in-Progress at the end of the year?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦150,000

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