POST UTME NOUN 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency's financial statements show the following revenues and expenses: Revenues ₦500,000, Expenses ₦300,000, and a surplus of ₦200,000. What is the total amount of assets?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 2
A company's balance sheet showed a capital of ₦100,000 and a profit and loss account of ₦50,000. Prepare the necessary ledger accounts to show the correct position of the company's capital and profit and loss account.
A. Capital Account: ₦100,000, Profit and Loss Account: ₦50,000
B. Capital Account: ₦150,000, Profit and Loss Account: ₦50,000
C. Capital Account: ₦100,000, Profit and Loss Account: ₦100,000
D. Capital Account: ₦50,000, Profit and Loss Account: ₦150,000
Question 3
A bank reconciliation statement shows the following discrepancies: a missing deposit of ₦20,000, an outstanding check of ₦15,000, and a bank error of ₦10,000. What is the corrected balance?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company's profit and loss account shows the following balances: ₦50,000 debit to Sales and ₦60,000 credit to Sales. What is the correct journal entry to rectify this error?
A. ₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss
B. ₦10,000 debit to Profit or Loss and ₦10,000 credit to Sales
C. ₦10,000 debit to Sales and ₦10,000 credit to Cash
D. ₦10,000 debit to Cash and ₦10,000 credit to Sales
Question 5
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the periodic inventory system. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 6
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the LIFO method to value its inventory. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 7
A company's cash book shows a debit balance of ₦20,000 for a bank overdraft. The bank statement shows a credit balance of ₦10,000 for a dishonored cheque. What is the correct balance of the company's cash account?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 15,000 respectively. The profit-sharing ratio is 3:2. If the profit for the year is 25,000, calculate the amount of profit to be distributed to A and B.
A. 12,000
B. 13,000
C. 14,000
D. 15,000
Question 9
A company purchases a machine for ₦150,000 and pays ₦30,000 as cash and the balance by a bank loan. What is the journal entry to record the purchase?
A. ₦150,000 debit to Bank and ₦30,000 credit to Cash
B. ₦150,000 debit to Cash and ₦30,000 credit to Bank
C. ₦150,000 debit to Bank and ₦30,000 debit to Cash
D. ₦150,000 debit to Cash and ₦30,000 credit to Bank
Question 10
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the weighted average method to value its inventory. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 11
A company issues 10,000 shares of ₦10 each at a premium of ₦2 per share. What is the total amount received from the issue of shares?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 12
A firm has a cash book balance of ₦120,000 and a bank statement balance of ₦150,000. The bank statement shows a credit balance of ₦10,000 for a dishonored cheque. The cash book shows a debit balance of ₦5,000 for a bank overdraft. What is the correct balance of the firm's cash account?
A. ₦125,000
B. ₦130,000
C. ₦135,000
D. ₦140,000
Question 13
A company purchases a machine for ₦200,000 and pays ₦40,000 as cash and the balance by a bank loan. What is the journal entry to record the purchase?
A. ₦200,000 debit to Bank and ₦40,000 credit to Cash
B. ₦200,000 debit to Cash and ₦40,000 credit to Bank
C. ₦200,000 debit to Bank and ₦40,000 debit to Cash
D. ₦200,000 debit to Cash and ₦40,000 credit to Bank
Question 14
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the perpetual inventory system. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 15
A public sector organization has a cash book balance of ₦1,500,000 and a bank statement balance of ₦1,800,000. The bank statement includes a credit of ₦200,000 for a loan received from a government agency. What is the correct journal entry to reconcile the cash book and bank statement?
A. ₦1,500,000 debit to Cash and ₦200,000 credit to Bank
B. ₦1,800,000 debit to Bank and ₦200,000 credit to Cash
C. ₦1,500,000 debit to Bank and ₦200,000 credit to Cash
D. ₦1,800,000 debit to Cash and ₦200,000 credit to Bank

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