POST UTME NOUN 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased office equipment for 10,000 cash, Purchased office supplies for 2,000 on credit, Sold office supplies for 1,500 cash, and Paid 1,000 cash for rent. Prepare the trial balance for the above transactions.
A. Office Equipment 10,000, Office Supplies 2,000, Cash 1,500, Rent 1,000
B. Office Equipment 10,000, Office Supplies 2,000, Cash 1,000, Rent 1,000
C. Office Equipment 10,000, Office Supplies 2,000, Cash 1,500, Rent 1,000
D. Office Equipment 10,000, Office Supplies 2,000, Cash 1,000, Rent 1,500
Question 2
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
C. ₦150,000
D. ₦180,000
Question 3
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.
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
Question 4
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.
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
Question 5
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
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 6
A company has the following transactions: Purchased office equipment for 10,000 cash, Purchased office supplies for 2,000 on credit, Sold office supplies for 1,500 cash, and Paid 1,000 cash for rent. Prepare the journal entries for the above transactions.
A. Debit Office Supplies 2,000, Credit Cash 2,000
B. Debit Office Supplies 2,000, Credit Cash 1,500
C. Debit Office Supplies 2,000, Credit Cash 1,000
D. Debit Office Supplies 2,000, Credit Cash 1,500, Credit Rent 1,000
Question 7
A company issued 10,000 shares of ₦.50 each at a premium of ₦0.25 per share. Calculate the total amount received from the issue of shares.
A. ₦10,250
B. ₦10,250.50
C. ₦10,251
D. ₦10,251.50
Question 8
The following data relates to the budget of a government department. Calculate the total expenditure.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 9
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
C. ₦80,000
D. ₦90,000
Question 10
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
B. ₦48,000
C. ₦60,000
D. ₦72,000
Question 11
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦10,500
B. ₦10,500.50
C. ₦10,501
D. ₦10,501.50
Question 12
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
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
Question 13
Determine the correct order of operations for the following expression: ( rac{1}{2} imes (3 + 4) div (2 - 1) ).
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
Question 14
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?
A. ₦30,000
B. ₦10,000
C. ₦40,000
D. ₦60,000
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦10,000, Accounts Receivable ₦0,000, Sales Revenue ₦10,000, Cost of Goods Sold ₦0,000. Prepare a balance sheet.
A. ₦10,000
B. ₦10,500
C. ₦11,000
D. ₦11,500

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: