POST UTME NILE UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦10 par value stock at ₦15 per share. If the company's cost of issuing the stock was ₦50,000, what is the total amount of proceeds from the sale of the stock?
A. ₦150,000
B. ₦155,000
C. ₦160,000
D. ₦165,000
Question 2
A company has the following assets: Building: ₦500,000 Machinery: ₦300,000 Furniture: ₦100,000 The company depreciates its assets using the straight-line method. Calculate the amount of depreciation for the year.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 3
The following are the financial statements of a company for the year ended 31st December 2022.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 4
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
A. ₦60,000
B. ₦48,000
C. ₦72,000
D. ₦90,000
Question 5
A manufacturing company uses a job costing system. The following data is available for a particular job: Direct Materials: ₦15,000 Direct Labour: ₦8,000 Overheads: ₦12,000 Total Cost: ₦35,000 Calculate the amount of indirect materials used in the production of this job.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 6
A government agency uses the accrual basis of accounting to record its transactions. The agency has a revenue of ₦500,000 and an expense of ₦200,000. What is the net income?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 7
A company purchased a machine for ₦500,000. Depreciation is provided at 10% per annum on the reducing balance method. Calculate the value of the machine after 2 years.
A. ₦400,000
B. ₦450,000
C. ₦500,000
D. ₦550,000
Question 8
A company produces two products, X and Y. Product X has a variable cost of ₦100 per unit and a fixed cost of ₦50,000. Product Y has a variable cost of ₦80 per unit and a fixed cost of ₦30,000. If the selling price of product X is ₦200 per unit and the selling price of product Y is ₦300 per unit, what is the break-even point in units for the company?
A. 100 units
B. 200 units
C. 300 units
D. 400 units
Question 9
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 10
A company's trading account for the year ended 31st December shows the following: | Particulars | Debit | Credit | | --- | --- | --- | | Sales | 100,000 | | | Purchases | | 80,000 | | Returns Outwards | | 5,000 | | Returns Inwards | 2,000 | | | Carriage Inwards | | 10,000 | | Carriage Outwards | 15,000 | | Prepare the trading account.
A. Cost of Goods Sold: 93,000, Gross Profit: 7,000
B. Cost of Goods Sold: 87,000, Gross Profit: 13,000
C. Cost of Goods Sold: 90,000, Gross Profit: 10,000
D. Cost of Goods Sold: 95,000, Gross Profit: 5,000
Question 11
A manufacturing company uses the process costing method to value its inventory. The company has two departments: production and packaging. The production department has a cost of ₦100,000 and the packaging department has a cost of ₦50,000. What is the total cost of the inventory?
A. ₦150,000
B. ₦120,000
C. ₦180,000
D. ₦200,000
Question 12
A company's balance sheet as at 31st December shows the following: | Assets | | | Liabilities | | | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | | Bank Loan | | 20,000 | | Debtors | | 30,000 | Creditors | | 10,000 | | Stock | | 40,000 | Share Capital | | 50,000 | | | | 80,000 | | | 80,000 | Prepare the balance sheet.
A. Total Assets: 80,000, Total Liabilities: 80,000
B. Total Assets: 90,000, Total Liabilities: 80,000
C. Total Assets: 80,000, Total Liabilities: 90,000
D. Total Assets: 90,000, Total Liabilities: 90,000
Question 13
A company issued 5,000 shares of ₦5 par value stock at ₦20 per share. If the company's cost of issuing the stock was ₦75,000, what is the total amount of proceeds from the sale of the stock?
A. ₦100,000
B. ₦105,000
C. ₦110,000
D. ₦115,000
Question 14
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Using the straight-line method, what is the annual depreciation expense?
A. ₦90,000
B. ₦95,000
C. ₦100,000
D. ₦105,000
Question 15
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

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