POST UTME LEAD CITY UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger balances: Debtors: ₦50,000 Creditors: ₦30,000 Capital: ₦100,000 What is the total amount of assets owned by the company?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 2
A company issues 1,000 shares of ₦10 each at a premium of ₦2 per share. What is the total amount of cash received from the issue of shares?
A. ₦12,000
B. ₦14,000
C. ₦16,000
D. ₦18,000
Question 3
A company uses the control account system to prepare its financial statements. The company has a cash account balance of ₦200,000 and a bank overdraft of ₦50,000. What is the total amount of assets?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 4
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦1,200,000. Calculate the company's net worth.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 5
A partnership is dissolved when one partner dies. What is the accounting treatment for the deceased partner's share of the partnership's assets and liabilities?
A. The deceased partner's share is distributed to the remaining partners.
B. The deceased partner's share is transferred to the partnership's capital account.
C. The deceased partner's share is written off as a loss.
D. The deceased partner's share is distributed to the deceased partner's estate.
Question 6
A company has a self-balancing ledger with a balance of ₦1,000,000. If the company purchases goods worth ₦500,000 and sells goods worth ₦700,000, what is the new balance of the self-balancing ledger?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 7
A company issues 1,000 shares of 10 par value at 15 per share. What is the amount of cash received from the issue of shares?
A. 15,000
B. 10,000
C. 15,000,000
D. 10,000,000
Question 8
A company's balance sheet shows an asset of ₦100,000 that is recorded at its cost of ₦80,000. What is the amount of accumulated depreciation that should be recorded?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 9
A partnership has the following capital accounts: John: ₦100,000 Mary: ₦80,000 David: ₦60,000 What is the total amount of capital invested in the partnership?
A. ₦240,000
B. ₦260,000
C. ₦280,000
D. ₦300,000
Question 10
In a manufacturing company, the following transactions occurred during the month of January: Purchased raw materials worth ₦150,000 on credit from a supplier. Sold goods worth ₦250,000 for cash. Purchased a machine worth ₦100,000 on credit from a supplier. Sold goods worth ₦120,000 on credit to a customer. What is the total amount of assets acquired by the company during the month of January?
A. ₦250,000
B. ₦350,000
C. ₦450,000
D. ₦550,000
Question 11
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the company's net profit for the year.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 12
A company uses the double entry system to prepare its financial statements. The company has a cash balance of ₦400,000 and accounts payable of ₦100,000. What is the total amount of assets?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 13
A company issues 500 shares of 5 par value at 10 per share. What is the amount of cash received from the issue of shares?
A. 5,000
B. 5,000,000
C. 10,000
D. 10,000,000
Question 14
A company produces two products, X and Y, using two machines, A and B. Machine A produces 60 units of X and 40 units of Y per hour, while machine B produces 40 units of X and 60 units of Y per hour. If the company operates for 8 hours a day, what is the total number of units of X and Y produced per day?
A. 960 units of X and 640 units of Y
B. 800 units of X and 800 units of Y
C. 960 units of X and 960 units of Y
D. 800 units of X and 640 units of Y
Question 15
A partnership is dissolved when one partner withdraws from the partnership. What is the accounting treatment for the withdrawing partner's share of the partnership's assets and liabilities?
A. The withdrawing partner's share is distributed to the remaining partners.
B. The withdrawing partner's share is transferred to the partnership's capital account.
C. The withdrawing partner's share is written off as a loss.
D. The withdrawing partner's share is distributed to the withdrawing partner's estate.

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