POST UTME NOUN 2019 Accounting | Objective

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Question 1 View Details
Determine the correct order of operations for the following expression: ( rac{1}{2} imes (3 + 4) div (2 - 1) ).
Correct A. Parentheses, Exponents, Multiplication and Division, Addition and Subtraction
B. Parentheses, Exponents, Addition and Subtraction, Multiplication and Division
C. Multiplication and Division, Parentheses, Exponents, Addition and Subtraction
D. Addition and Subtraction, Parentheses, Exponents, Multiplication and Division

Correct Answer: A

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Question 2 View Details
A company has a capital of ₦1,000,000 and a profit of ₦500,000. If the company issues 10% debentures at a premium of 5%, calculate the amount of interest on the debentures.
A. ₦25,000
Correct B. ₦30,000
C. ₦35,000
D. ₦40,000

Correct Answer: B

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Question 3 View Details
A partnership has two partners, A and B. Partner A has a capital of ₦200,000 and a profit-sharing ratio of 3:2. Partner B has a capital of ₦300,000 and a profit-sharing ratio of 2:3. Calculate the amount of profit to be shared by Partner A.
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 4 View Details
A company has a balance sheet as follows: ₦1,500,000 in assets, ₦800,000 in liabilities, and ₦700,000 in equity. Calculate the company's current ratio.
A. 2:1
Correct B. 3:2
C. 4:3
D. 5:4

Correct Answer: B

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Question 5 View Details
A company has a trading account as follows: ₦1,000,000 in sales, ₦800,000 in purchases, and ₦200,000 in cost of goods sold. Calculate the company's gross profit.
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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Question 6 View Details
The following trial balance of XYZ Ltd. was extracted from the ledger accounts. Prepare the company's balance sheet as at 31st December 2018.
A. ₦1250
Correct B. ₦1500
C. ₦1750
D. ₦2000

Correct Answer: B

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Question 7 View Details
A company uses the straight-line method of depreciation. If the cost of a machine is ₦150,000 and its residual value is ₦20,000, what is the annual depreciation charge if the machine is expected to last for 5 years?
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 8 View Details
The following data relates to the production of a product by a company. Calculate the cost of goods sold.
A. ₦150,000
B. ₦175,000
Correct C. ₦200,000
D. ₦225,000

Correct Answer: C

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Question 9 View Details
The following balance sheet of a partnership firm was extracted from the ledger accounts. Prepare the capital accounts of the partners.
A. ₦100,000
B. ₦120,000
Correct C. ₦150,000
D. ₦180,000

Correct Answer: C

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Question 10 View Details
The following data relates to the budget of a government department. Calculate the total expenditure.
A. ₦500,000
B. ₦600,000
Correct C. ₦700,000
D. ₦800,000

Correct Answer: C

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Question 11 View Details
In a partnership account, the capital of a partner is increased by the amount of profit distributed to him. However, the partner's capital is decreased by the amount of drawings made by him. If a partner's capital is increased by ₦50,000 and decreased by ₦20,000, what is the net change in his capital?
Correct A. ₦30,000
B. ₦10,000
C. ₦40,000
D. ₦60,000

Correct Answer: A

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Question 12 View Details
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C. The quantities and costs of these inventories are as follows: | Inventory | Quantity | Cost per Unit | | --- | --- | --- | | A | 100 | ₦50 | | B | 200 | ₦75 | | C | 300 | ₦25 | What is the total value of the inventory?
A. ₦25,000
B. ₦30,000
Correct C. ₦35,000
D. ₦40,000

Correct Answer: C

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Question 13 View Details
A government agency has the following transactions for the year: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦100,000 | | | 15-Jan | Office Supplies | | ₦20,000 | | 31-Jan | Salaries | | ₦50,000 | What is the total amount of cash at the end of the year?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 14 View Details
A company uses the self-balancing ledger system. The following transactions are recorded in the ledger: | Date | Account | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦50,000 | | | 15-Jan | Office Supplies | | ₦10,000 | | 31-Jan | Salaries | | ₦20,000 | What is the total amount of cash at the end of the year?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 15 View Details
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Office Supplies | | ₦10,000 | | Salaries | | ₦20,000 | What is the total amount of cash at the end of the year?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 16 View Details
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Prepare the journal entries to record the issue of debentures and the interest accrued on them at the end of the first year.
Correct A. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦450,000
B. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦500,000
C. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦475,000
D. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦525,000

Correct Answer: A

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Question 17 View Details
A company's trial balance as at 31st December, 2022, showed a debit balance of ₦50,000 in the Suspense Account. The company's accountant discovered that this was due to an error in the posting of a journal entry. The correct entry was a debit of ₦50,000 to the Suspense Account and a credit of ₦50,000 to the Bank Account. Prepare the necessary journal entry to correct the error.
Correct A. Debit Suspense Account ₦50,000, Credit Bank Account ₦50,000
B. Debit Bank Account ₦50,000, Credit Suspense Account ₦50,000
C. Debit Suspense Account ₦50,000, Credit Cash Account ₦50,000
D. Debit Cash Account ₦50,000, Credit Suspense Account ₦50,000

Correct Answer: A

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Question 18 View Details
A company's cash book showed a balance of ₦200,000 in the Cash Account. However, the company's bank statement showed a balance of ₦250,000. The difference of ₦50,000 was due to a bank overdraft. Prepare the necessary journal entry to record the bank overdraft.
Correct A. Debit Bank Overdraft ₦50,000, Credit Cash Account ₦50,000
B. Debit Cash Account ₦50,000, Credit Bank Overdraft ₦50,000
C. Debit Bank Overdraft ₦50,000, Credit Bank Account ₦50,000
D. Debit Bank Account ₦50,000, Credit Bank Overdraft ₦50,000

Correct Answer: A

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Question 19 View Details
A company issued 10,000, 12% preference shares of ₦10 each at a premium of 20%. The company also issued 5,000 ordinary shares of ₦10 each at a premium of 10%. Prepare the journal entries to record the issue of preference shares and ordinary shares.
Correct A. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,000,000
B. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,050,000
C. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,100,000
D. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,150,000

Correct Answer: A

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Question 20 View Details
A company's trial balance as at 31st December, 2022, showed a credit balance of ₦50,000 in the Suspense Account. The company's accountant discovered that this was due to an error in the posting of a journal entry. The correct entry was a credit of ₦50,000 to the Suspense Account and a debit of ₦50,000 to the Bank Account. Prepare the necessary journal entry to correct the error.
Correct A. Debit Bank Account ₦50,000, Credit Suspense Account ₦50,000
B. Debit Suspense Account ₦50,000, Credit Bank Account ₦50,000
C. Debit Suspense Account ₦50,000, Credit Cash Account ₦50,000
D. Debit Cash Account ₦50,000, Credit Suspense Account ₦50,000

Correct Answer: A

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Question 21 View Details
Determine the amount of depreciation for a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method. The machine is 2 years old.
A. ₦24,000
Correct B. ₦48,000
C. ₦60,000
D. ₦72,000

Correct Answer: B

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Question 22 View Details
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the company's balance sheet.
A. Assets ₦1,250,000, Liabilities ₦150,000, Equity ₦1,100,000
Correct B. Assets ₦1,500,000, Liabilities ₦150,000, Equity ₦1,350,000
C. Assets ₦1,200,000, Liabilities ₦150,000, Equity ₦1,050,000
D. Assets ₦1,000,000, Liabilities ₦150,000, Equity ₦850,000

Correct Answer: B

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Question 23 View Details
A company uses the weighted average method to value its inventory. The following data is available: Beginning inventory ₦100,000, Purchases ₦300,000, and Cost of Goods Sold ₦200,000. Determine the cost of goods sold using the weighted average method.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 24 View Details
A company's control account for Accounts Payable shows a balance of ₦150,000. The following transactions are recorded: Purchase of goods on credit ₦200,000, Payment of accounts payable ₦50,000, and Purchase of goods on cash ₦100,000. Determine the new balance in the control account for Accounts Payable.
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 25 View Details
A company's trial balance shows the following balances: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the company's income statement.
Correct A. Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000
B. Revenue ₦500,000, Cost of Goods Sold ₦200,000, Gross Profit ₦300,000
C. Revenue ₦500,000, Cost of Goods Sold ₦400,000, Gross Profit ₦100,000
D. Revenue ₦500,000, Cost of Goods Sold ₦500,000, Gross Profit ₦0

Correct Answer: A

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