POST UTME NILE UNIVERSITY 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's bank reconciliation statement shows a difference of ₦15,000 between the company's cash book balance and the bank statement balance. The company's cash book balance is ₦100,000, and the bank statement balance is ₦115,000. What is the reason for the difference?
A. Bank error
B. Company error
C. NSF cheque
D. Interest on bank deposit
Question 2
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. ₦150,000
B. ₦100,000
C. ₦50,000
D. ₦25,000
Question 3
A company's trial balance showed an error of ₦20,000 in the credit side of the sales account. The correct amount of sales was ₦200,000. Prepare the necessary journal entry to correct the error.
A. Debit Sales ₦220,000, Credit Sales ₦200,000
B. Debit Sales ₦220,000, Credit Sales ₦220,000
C. Debit Sales ₦200,000, Credit Sales ₦220,000
D. Debit Sales ₦220,000, Credit Sales ₦20,000
Question 4
A public sector organization has the following transactions for the month of January: Revenue 100,000, Expenditure 80,000, and Capital Expenditure 20,000. What is the net surplus for the month?
A. 10,000
B. 20,000
C. 30,000
D. 40,000
Question 5
A company purchased a machine for ₦1,500,000. Depreciation is calculated using the straight-line method. If the machine is expected to last for 5 years, calculate the annual depreciation charge.
A. ₦300,000
B. ₦150,000
C. ₦75,000
D. ₦30,000
Question 6
Determine the amount of depreciation on a machine that cost ₦120,000, has a useful life of 5 years, and a residual value of ₦20,000. The machine is depreciated using the straight-line method.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company's balance sheet showed a capital of ₦500,000. The company made a profit of ₦100,000 and distributed ₦50,000 as dividend. Prepare the necessary journal entry to record the profit and dividend.
A. Debit Profit and Loss Account ₦100,000, Credit Capital ₦100,000
B. Debit Profit and Loss Account ₦100,000, Credit Dividend Account ₦50,000
C. Debit Capital ₦100,000, Credit Profit and Loss Account ₦100,000
D. Debit Dividend Account ₦50,000, Credit Profit and Loss Account ₦50,000
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500
Question 9
A company issues 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
Question 10
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to eliminate this discrepancy?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
B. ₦20,000 debit to Rent Paid and ₦15,000 credit to Rent Received
C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
D. ₦15,000 debit to Rent Received and ₦20,000 credit to Rent Paid
Question 11
A company issued 10,000 ordinary shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦105,000
B. ₦105,000
C. ₦105,000
D. ₦105,000
Question 12
A company's trial balance showed an error of ₦5,000 in the debit side of the purchases account. The correct amount of purchases was ₦200,000. Calculate the correct amount of purchases.
A. ₦205,000
B. ₦200,000
C. ₦195,000
D. ₦190,000
Question 13
A company issues 5,000 debentures of ₡00 each at a premium of ₥ per debenture. Calculate the total amount received from the issue of debentures.
A. ₥0,000
B. ₥0,500
C. ₥1,000
D. ₥1,500
Question 14
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦200,000, and Share Capital ₦150,000. Calculate the amount of retained earnings.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 15
A company's trial balance shows an error of ₡,000 in the balance of the accounts payable account. What is the effect of this error on the company's net income?
A. Increase by ₡,000
B. Decrease by ₡,000
C. No effect
D. Increase by ₢,000

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