POST UTME NOUN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows a total asset value of ₦100,000. However, the total liability value is ₦80,000. What is the reason for the discrepancy?
A. Error in balance sheet
B. Error in accounting records
C. Unrecorded assets
D. Unrecorded liabilities
Question 2
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,500
B. ₦11,000
C. ₦12,000
D. ₦13,000
Question 3
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years, and the residual value is ₦50,000, what is the annual depreciation charge for an asset costing ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 4
A company's income statement for the year shows the following: Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. Prepare the company's statement of retained earnings.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 5
A company's accounting records show that it has a cash balance of ₦150,000, but the bank statement shows a balance of ₦120,000. What is the most likely explanation for this discrepancy?
A. The company has a loan from the bank.
B. The company has a credit balance in its bank account.
C. The company has a debit balance in its bank account.
D. The company's accounting records are incorrect.
Question 6
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The company pays interest annually. Calculate the amount of interest paid to debenture holders for the first year.
A. ₦10,000
B. ₦11,000
C. ₦12,000
D. ₦13,000
Question 7
A company's profit and loss account shows the following: Sales ₦180,000, Cost of Goods Sold ₦120,000. What is the company's gross profit?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare the company's balance sheet.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 9
A company's cash book shows a balance of ₦15,000. However, the bank statement shows a balance of ₦20,000. What is the reason for the discrepancy?
A. Bank charges
B. Interest earned
C. Unrecorded cash transactions
D. Error in bank statement
Question 10
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit is ₦1,500,000, how much will A receive as his share of the profit?
A. ₦1,200,000
B. ₦900,000
C. ₦1,500,000
D. ₦600,000
Question 11
A company's balance sheet shows the following: Assets ₦150,000, Liabilities ₦100,000. What is the company's equity?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the annual amortization of the discount.
A. ₦5,000
B. ₦5,000
C. ₦5,000
D. ₦5,000
Question 13
A company's balance sheet shows the following: Cash ₦50,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. Prepare the company's statement of cash flows.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A partnership has two partners, A and B. The partnership's capital account shows a balance of ₦50,000. If A's capital account shows a balance of ₦20,000 and B's capital account shows a balance of ₦30,000, what is the correct ratio of A's and B's capital?
A. A:B = 2:3
B. A:B = 3:2
C. A:B = 1:1
D. A:B = 4:3
Question 15
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦12,000
D. ₦18,000

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