POST UTME NILE UNIVERSITY 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions for the year: Debit ₦10,000 - Cash ₦20,000 - Office Equipment ₦30,000 - Rent Credit ₦40,000 - Sales ₦50,000 - Office Supplies What is the total amount of liabilities for the year?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the net income?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 3
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. What is the total amount received from the issue of shares?
A. ₦500,000
B. ₦520,000
C. ₦550,000
D. ₦580,000
Question 4
A company's balance sheet shows the following balances: Assets ₦500,000, Liabilities ₦200,000, Equity ₦300,000. What is the total amount of assets?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 5
A company has the following transactions for the year: Debit ₦10,000 - Cash ₦20,000 - Office Equipment ₦30,000 - Rent Credit ₦40,000 - Sales ₦50,000 - Office Supplies What is the net profit for the year?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A company has the following balance sheet: Assets: ₦100,000 - Cash ₦200,000 - Office Equipment ₦300,000 - Rent Liabilities: ₦400,000 - Sales ₦500,000 - Office Supplies What is the net worth of the company?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 7
A public sector organization has a capital budget of ₦1,500,000 for the year. The organization has a depreciation policy of 10% per annum on its assets. If the organization purchases a new asset for ₦500,000, what is the total amount of depreciation for the year?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
A company issues 5% debentures of ₦100 each at a premium of ₦10 per share. What is the total amount received from the issue of debentures?
A. ₦500,000
B. ₦525,000
C. ₦550,000
D. ₦575,000
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 10
A company has the following transactions for the year: Debit ₦10,000 - Cash ₦20,000 - Office Equipment ₦30,000 - Rent Credit ₦40,000 - Sales ₦50,000 - Office Supplies What is the total amount of assets for the year?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

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