POST UTME LEAD CITY UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency's budget shows a revenue of ₦10,000,000. The agency's expenditure is ₦8,000,000. What is the agency's surplus?
A. ₦2,000,000
B. ₦1,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 2
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. The company's accountant has identified the following transactions as possible causes of the discrepancy:
A. Sold assets for ₦100,000
B. Purchased assets for ₦100,000
C. Issued shares for ₦100,000
D. Paid dividends of ₦100,000
Question 3
A company uses the double entry system of accounting. The following transactions were recorded in the ledger for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company issued 10,000 shares of ₥ 1 each at a premium of ₥ 0.50 per share. The issue expenses were ₥ 10,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital ₥ 100,000, Credit Share Premium ₥ 50,000, Credit Issue Expenses ₥ 10,000
B. Debit Share Capital ₥ 100,000, Credit Share Premium ₥ 50,000
C. Debit Share Capital ₥ 100,000, Credit Issue Expenses ₥ 10,000
D. Debit Share Premium ₥ 50,000, Credit Issue Expenses ₥ 10,000
Question 5
The following is the balance sheet of a company as at 31st December 2018.
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 6
A company has the following transactions during the year:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 7
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The bank reconciliation statement shows a difference of ₦20,000 due to outstanding checks. What is the correct balance in the company's cash book?
A. ₦140,000
B. ₦130,000
C. ₦120,000
D. ₦110,000
Question 8
A company has the following ledger balances: Debtors: ₦80,000; Creditors: ₦40,000; Capital: ₦120,000. Prepare the balance sheet.
A. ₦80,000; ₦40,000; ₦120,000
B. ₦40,000; ₦80,000; ₦120,000
C. ₦120,000; ₦80,000; ₦40,000
D. ₦40,000; ₦120,000; ₦80,000
Question 9
A company's trial balance shows a discrepancy of ₦25,000 between the debit and credit sides. The accountant suspects that the error occurred in the journal entry for the purchase of office equipment. The accountant has identified the following transactions as possible causes of the error:
A. Purchase of office equipment for ₦30,000
B. Purchase of office equipment for ₦20,000
C. Purchase of office equipment for ₦25,000
D. Purchase of office equipment for ₦15,000
Question 10
In a public sector accounting system, what is the primary purpose of the 'Budgetary Control' module?
A. To ensure compliance with financial regulations
B. To facilitate the preparation of financial statements
C. To enable the management to make informed decisions
D. To monitor and control the use of public funds
Question 11
A company has the following ledger balances at the end of the year:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 12
The following is the balance sheet of a company as at 31st December 2018.
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 13
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000. The beginning inventory is ₦300,000, and the cost of purchases is ₦1,200,000. The company uses a perpetual inventory system. What is the cost of ending inventory using the weighted average method?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 14
A company uses the single entry system of accounting. The following transactions were recorded in the cash book for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 15
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. The company's accountant has identified the following transactions as possible causes of the discrepancy:
A. Sold assets for ₦100,000
B. Purchased assets for ₦100,000
C. Issued shares for ₦100,000
D. Paid dividends of ₦100,000

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