POST UTME NOUN 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions related to its manufacturing department:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 2
A company has the following transactions: Purchased equipment for ₦500,000, paid ₦200,000 in cash, and financed the remaining amount by issuing a 5-year, 8% debenture. What is the annual depreciation expense using the straight-line method?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 3
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the annual depreciation charge for the machine.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 4
A company produces two products, X and Y, which require the following resources: - Product X: 2 hours of labor and 1 unit of raw material - Product Y: 1 hour of labor and 2 units of raw material The company has 100 hours of labor and 150 units of raw material available. Using linear programming, determine the optimal production levels of X and Y to maximize profit.
A. X=50, Y=75
B. X=75, Y=50
C. X=100, Y=0
D. X=0, Y=100
Question 5
A company uses the double-entry system of accounting. If a customer pays ₦10,000 cash for a product, what is the effect on the accounting equation?
A. Assets increase by ₦10,000, and liabilities decrease by ₦10,000
B. Assets decrease by ₦10,000, and liabilities increase by ₦10,000
C. Assets increase by ₦10,000, and equity increases by ₦10,000
D. Assets decrease by ₦10,000, and equity decreases by ₦10,000
Question 6
What is the primary difference between a 'ledger' and a 'journal' in accounting?
A. A ledger is a permanent record, while a journal is a temporary record
B. A ledger is a temporary record, while a journal is a permanent record
C. A ledger is used for cash transactions, while a journal is used for non-cash transactions
D. A ledger is used for non-cash transactions, while a journal is used for cash transactions
Question 7
A company maintains a cash book that records all cash transactions. If the cash book balance is ₦50,000 and the bank statement balance is ₦60,000, what is the amount of the bank reconciliation difference?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
A company's financial statements show the following information: Net Income ₦100,000, Dividends ₦20,000, Retained Earnings ₦80,000. Calculate the company's total equity.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 9
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the annual depreciation charge for the machine.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 10
A government agency has the following transactions: Received a grant of ₦50,000, and paid salaries of ₦30,000. Prepare the journal entry for these transactions.
A. Debit Salaries ₦30,000, Credit Grant ₦50,000
B. Debit Grant ₦50,000, Credit Salaries ₦30,000
C. Debit Salaries ₦50,000, Credit Grant ₦30,000
D. Debit Grant ₦30,000, Credit Salaries ₦50,000
Question 11
A company has the following financial statements: Balance Sheet: ₦1,000,000 in cash, ₦500,000 in accounts payable, and ₦200,000 in accounts receivable. Income Statement: ₦300,000 in revenue, ₦150,000 in cost of goods sold, and ₦50,000 in operating expenses. What is the net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 13
A company issues 5,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures and the total amount of debenture capital.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 14
A company purchases a machine for ₦150,000 on January 1, 2020. The machine has an estimated useful life of 5 years and a residual value of ₦20,000. Using the straight-line method, calculate the depreciation for the year 2022.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 15
A partnership is formed by three individuals, A, B, and C, with initial capital contributions of ₦100,000, ₦150,000, and ₦200,000 respectively. During the year, the partnership made a profit of ₦500,000. The profit is to be shared in the ratio of their initial capital contributions. Calculate the amount of profit to be shared by each partner.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000

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