POST UTME NILE UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Accounts Payable | | ₦20,000 | | Sales | | ₦30,000 | What is the net effect of these transactions on the company's cash balance?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A company uses the straight-line method to depreciate its assets. The asset cost ₦120,000 and has a useful life of 5 years. If the asset is depreciated by 10% per year, what is the annual depreciation?
A. ₦2,400
B. ₦2,000
C. ₦1,800
D. ₦1,600
Question 3
A company has two partners, A and B. Partner A invests ₦100,000 and partner B invests ₦50,000. The profit-sharing ratio is 3:2. If the company makes a profit of ₦120,000, how much will partner A receive?
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦70,000
Question 4
A company uses the single entry system of accounting. The following transactions were recorded in the journal during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A partnership is formed between two individuals, A and B, who contribute ₦100,000 and ₦150,000 respectively. The profit-sharing ratio is 3:2. Calculate the total profit for the year.
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 6
A company purchases a machine for ₦200,000 and depreciates it by 10% per annum. Calculate the book value of the machine after 3 years.
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 7
A company has the following assets: Cash ₦50,000, Accounts Receivable ₦30,000, Inventory ₦40,000, and Equipment ₦100,000. Calculate the total assets.
A. ₦220,000
B. ₦230,000
C. ₦240,000
D. ₦250,000
Question 8
A company manufactures 1,000 units of a product at a cost of ₦50 per unit. The selling price is ₦75 per unit. Calculate the gross profit for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 9
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | ₦10,000 | | | 2 | Equipment | | ₦20,000 | | 3 | Accounts Payable | | ₦15,000 | | 4 | Sales | | ₦30,000 | What is the net effect of these transactions on the company's cash balance?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 10
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 finished goods is ₦180,000. The total cost of work-in-progress is ₦60,000. The company has 100 units of raw materials, 50 units of work-in-progress, and 200 units of finished goods. If the company uses a 20% weight for raw materials, a 30% weight for work-in-progress, and a 50% weight for finished goods, what is the total value of the inventory?
A. ₦144,000
B. ₦180,000
C. ₦216,000
D. ₦240,000

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