POST UTME NILE UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has the following capital accounts: A ₦100,000, B ₦80,000, C ₦120,000. The profit for the year is ₦60,000. Prepare the profit-sharing journal entry.
A. Debit A ₦20,000, Debit B ₦16,000, Debit C ₦24,000, Credit Profit ₦60,000
B. Debit A ₦24,000, Debit B ₦20,000, Debit C ₦16,000, Credit Profit ₦60,000
C. Debit A ₦16,000, Debit B ₦24,000, Debit C ₦20,000, Credit Profit ₦60,000
D. Debit A ₦20,000, Debit B ₦24,000, Debit C ₦16,000, Credit Profit ₦60,000
Question 2
Determine the amount of cash that should be debited to the 'Cash' account when a company purchases a new machine for ₦120,000, paying ₦80,000 in cash and the balance by a 3-year loan.
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 3
A company's single entry system shows a total debit balance of ₦200,000. However, the company's trial balance shows a total debit balance of ₦250,000. What is the reason for the discrepancy?
A. The company has made an error in its single entry system
B. The company has made an error in its trial balance
C. The company has made an error in its cash book
D. The company has made an error in its bank reconciliation statement
Question 4
A company has the following transactions: Issued 10,000 shares at ₦10 per share; Purchased a new machine for ₦120,000. Prepare the journal entries for these transactions.
A. Debit Cash ₦100,000, Credit Share Capital ₦100,000
B. Debit Cash ₦100,000, Credit Share Capital ₦100,000; Debit Machine ₦120,000, Credit Cash ₦120,000
C. Debit Share Capital ₦100,000, Credit Cash ₦100,000
D. Debit Machine ₦120,000, Credit Cash ₦120,000
Question 5
A company's balance sheet shows the following accounts: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's liabilities and equity?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 6
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. After one year, the profit is shared in the ratio 3:2. If the total profit is ₦120,000, how much does A receive?
A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 7
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 8
A company uses the straight-line method to depreciate its assets. The asset's cost is 10,000, and its useful life is 5 years. What is the annual depreciation expense?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 9
A company has the following information for its trial balance: Sales: ₦500,000, Purchases: ₦300,000, Returns Outwards: ₦20,000, Returns Inwards: ₦10,000. What is the total value of sales and purchases for the month?
A. ₦800,000
B. ₦820,000
C. ₦840,000
D. ₦860,000
Question 10
A company's bank reconciliation statement shows the following discrepancies:
A. ₦500
B. ₦1,000
C. ₦2,000
D. ₦3,000
Question 11
A company has the following information for its sales and purchases for the month of January: Sales: ₦500,000, Purchases: ₦300,000, Returns Outwards: ₦20,000, Returns Inwards: ₦10,000. What is the total value of sales and purchases for the month?
A. ₦800,000
B. ₦820,000
C. ₦840,000
D. ₦860,000
Question 12
A company issues 10,000, 9% debentures of ₦100 each at a premium of 5%. Calculate the amount received from debenture holders.
A. ₦1,050,000
B. ₦1,050,500
C. ₦1,051,000
D. ₦1,051,500
Question 13
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The capital of the partnership is ₦500,000. If A's capital is ₦200,000, calculate B's capital.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 14
A company uses the double-entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable 10,000, Accounts Receivable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's assets?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 15
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 production of product X in a day?
A. 480 units
B. 640 units
C. 720 units
D. 800 units

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