POST UTME NOUN 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Sales | | 1,500 | | 3 Jan | Purchases | 800 | | | 4 Jan | Cash | | 1,200 | What is the total amount of cash at bank on 4 Jan?
A. ₦1,200
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit-sharing ratio is 3:2. What is the share of profit of partner A?
A. ₦120,000
B. ₦100,000
C. ₦80,000
D. ₦60,000
Question 3
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Sales | | 1,500 | | 3 Jan | Purchases | 800 | | | 4 Jan | Cash | | 1,200 | What is the total amount of cash at bank on 4 Jan?
A. ₦1,200
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 4
A company has the following incomplete records: Sales Revenue: ₦500,000; Cost of Goods Sold: ₦300,000; and Accounts Payable: ₦200,000. The company also has a single entry of ₦100,000 for 'Miscellaneous Expenses'. What is the net profit of the company?
A. ₦200,000
B. ₦250,000
C. ₦150,000
D. ₦100,000
Question 5
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | | 5,000 | | 15th Jan | Bank | 5,000 | | | 31st Dec | Cash | | 15,000 | | 31st Dec | Bank | 15,000 | | The cash book balance is ₦5,000. What is the bank balance?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 6
A company's cash book shows a debit balance of ₦1,500,000. The company's bank statement for the same period shows a credit balance of ₦2,000,000. What is the amount of the company's bank overdraft?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 7
A public sector organization has a cash book that shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. What is the reason for this discrepancy?
A. The cash book balance is incorrect
B. The bank statement balance is incorrect
C. There is a bank overdraft
D. There is a difference in the exchange rates used
Question 8
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
A. The company has not recorded a deposit of ₦30,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The company has not recorded a bank charge of ₦30,000.
D. The company has not recorded a bank interest of ₦30,000.
Question 9
A company uses the perpetual inventory system. On 1st January 2022, it had 500 units of a product in stock at a cost of ₦100 per unit. During the year, 300 units were sold at ₦200 per unit. On 31st December 2022, there were 200 units left in stock. Calculate the cost of goods sold for the year.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 10
A company has the following cash book transactions: Cash received from customers: ₦1,000,000; Cash paid to suppliers: ₦500,000; and Cash paid to employees: ₦200,000. What is the net cash inflow of the company?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 11
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | | 5,000 | | 15th Jan | Bank | 5,000 | | | 31st Dec | Cash | | 15,000 | | 31st Dec | Bank | 15,000 | | The cash book balance is ₦5,000. What is the bank balance?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 12
A company has the following nature and principles of accounting: Accounting Equation: Assets = Liabilities + Equity; Accounting Cycle: Identify the steps involved in the accounting cycle.
A. Assets = Liabilities + Equity
B. Assets = Liabilities + Equity; Identify the steps involved in the accounting cycle.
C. Assets = Liabilities + Equity; Identify the steps involved in the accounting cycle; Accounting Equation: Assets = Liabilities + Equity
D. Assets = Liabilities + Equity; Identify the steps involved in the accounting cycle; Accounting Equation: Assets = Liabilities + Equity; Accounting Cycle: Identify the steps involved in the accounting cycle.
Question 13
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Purchases ₦10,000. What is the effect of this transaction on the accounting equation?
A. Increases assets and decreases liabilities.
B. Decreases assets and increases liabilities.
C. Increases liabilities and decreases equity.
D. Decreases liabilities and increases equity.
Question 14
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Sales | | 1,500 | | 3 Jan | Purchases | 800 | | | 4 Jan | Cash | | 1,200 | What is the total amount of cash at bank on 4 Jan?
A. ₦1,200
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 15
A company has a cash book that shows a balance of ₦150,000. However, the bank statement shows a balance of ₦180,000. What is the reason for this discrepancy?
A. The cash book balance is incorrect
B. The bank statement balance is incorrect
C. There is a bank overdraft
D. There is a difference in the exchange rates used

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