POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions for the year: Debit: ₦1,000,000 (Sales), ₦500,000 (Purchases), ₦200,000 (Rent), ₦300,000 (Wages) Credit: ₦1,200,000 (Capital), ₦800,000 (Drawings), ₦400,000 (Interest) Prepare the Trial Balance for the company.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 2
A manufacturing company has two departments: A and B. Department A produces 80% of the company's total output, while Department B produces 20%. If the company's total sales revenue is ₦1,000,000, how much of the revenue comes from Department A?
A. ₦800,000
B. ₦600,000
C. ₦400,000
D. ₦200,000
Question 3
A company has the following transactions for the year: Debit: ₦1,000,000 (Sales), ₦500,000 (Purchases), ₦200,000 (Rent), ₦300,000 (Wages) Credit: ₦1,200,000 (Capital), ₦800,000 (Drawings), ₦400,000 (Interest) Prepare the Trading and Profit and Loss Account for the year.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 4
A government agency has a budget of ₦500,000 for a project. The agency spends ₦300,000 on personnel and ₦100,000 on equipment. What is the remaining balance in the budget?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 6
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦100,000. The general ledger shows a balance of ₦150,000. Calculate the bank reconciliation statement.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 7
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 8
A company purchases a machine for ₦1,200,000. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation using the straight-line method.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 9
A company's balance sheet as at 31st December 2021 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 50,000 | | Bank | 20,000 | Share Capital | 100,000 | | Stock | 30,000 | Profit & Loss | 20,000 | | Total | 60,000 | Total | 180,000 | What is the amount of share capital?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 10
A company uses the straight-line method of depreciation. If the cost of the asset is ₦1,500,000 and its residual value is ₦200,000, what is the annual depreciation charge?
A. ₦1,300,000
B. ₦1,500,000
C. ₦1,700,000
D. ₦2,000,000
Question 11
A company has the following balances in its ledger: Debit: ₦1,000,000 (Sales), ₦500,000 (Purchases), ₦200,000 (Rent), ₦300,000 (Wages) Credit: ₦1,200,000 (Capital), ₦800,000 (Drawings), ₦400,000 (Interest) Prepare the Balance Sheet for the company.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 12
A government agency has the following data for the year ended December 31, 2022:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 13
A company issued 10,000, 10% debentures of ₦100 each. Calculate the amount of interest payable on the debentures at the end of the first year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
A company's balance sheet as at December 31, 2022, is as follows:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 15
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

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