POST UTME NILE UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has two departments: Manufacturing and Sales. The Manufacturing department has a cost of goods sold of ₦1,500,000 and a direct labor cost of ₦800,000. The Sales department has a cost of goods sold of ₦2,000,000 and a direct labor cost of ₦1,200,000. What is the total cost of goods sold for the company?
A. ₦3,500,000
B. ₦4,700,000
C. ₦5,300,000
D. ₦6,100,000
Question 2
A company has the following ledger accounts: Cash ₦1,000,000, Accounts Payable ₦500,000, Common Stock ₦2,000,000, and Retained Earnings ₦1,500,000. What is the total amount of assets for the company?
A. ₦3,500,000
B. ₦4,000,000
C. ₦4,500,000
D. ₦5,000,000
Question 3
A company's control account shows a balance of ₦200,000. However, the ledger account shows a balance of ₦250,000. What is the reason for the difference?
A. The company has made a mistake in recording the transactions.
B. The ledger account has been incorrectly balanced.
C. The control account has been incorrectly balanced.
D. The company has made a mistake in preparing the trial balance.
Question 4
A company uses the straight-line method of depreciation. The asset has a cost of ₦200,000 and a useful life of 5 years. What is the annual depreciation charge?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 5
A company issued 5,000 debentures of ₦ 100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
A. ₦ 475,000
B. ₦ 480,000
C. ₦ 485,000
D. ₦ 490,000
Question 6
A company has the following transactions: Purchased office supplies for ₦10,000, Sold goods for ₦50,000, and Paid rent for ₦20,000. What is the total amount of cash inflows for the company?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company has the following transactions: Purchased office supplies for ₦10,000, Sold goods for ₦50,000, and Paid rent for ₦20,000. What is the total amount of cash outflows for the company?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 8
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Wages: ₦150,000 Rent: ₦50,000 Credit: Returns Outwards: ₦20,000 Returns Inwards: ₦30,000 Calculate the gross profit for the year.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 10
A company's profit and loss account for the year ended 31st December 2022 is as follows: Trading Profit: ₦500,000 Interest: ₦100,000 Dividend: ₦50,000 Total Profit: ₦650,000 What is the company's net profit?
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 11
A company has the following trial balance: Debit: ₦50,000, Credit: ₦60,000. What is the correct balance sheet equation?
A. Assets = Liabilities + Capital
B. Assets = Liabilities - Capital
C. Assets - Liabilities = Capital
D. Assets + Liabilities = Capital
Question 12
A company has the following bank reconciliation statement: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from sale of goods | 10,000 | | | 2 Jan | Purchase of office supplies | | 2,000 | | 3 Jan | Cash paid to employees | | 8,000 | What is the total amount of cash paid to employees?
A. ₦8,000
B. ₦10,000
C. ₦12,000
D. ₦14,000
Question 13
A company's trading account for the year ended 31st December 20X7 is as follows: Sales: ₦ 500,000 Returns outwards: ₦ 20,000 Returns inwards: ₦ 10,000 Cost of goods sold: ₦ 300,000 Opening stock: ₦ 50,000 Closing stock: ₦ 70,000 Calculate the gross profit for the year.
A. ₦ 120,000
B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000
Question 14
A partnership has two partners, A and B. The profit-sharing ratio is 3:2. If the total profit is ₦120,000, calculate the amount of profit that partner A will receive.
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 15
A company has the following transactions: Purchased goods for ₦20,000 on credit, Sold goods for ₦30,000 on credit, and Paid cash of ₦10,000 to a creditor. What is the total amount of cash paid to creditors?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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