POST UTME PAN-ATLANTIC UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following is the balance sheet of a manufacturing company as at December 31, 2022.
A. ₦1,500,000
B. ₦1,800,000
C. ₦2,000,000
D. ₦2,500,000
Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 1,500 | What is the balance in the cash account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 3
A company's balance sheet shows an asset of ₦120,000 and a liability of ₦100,000. What is the company's net worth?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 4
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, Factory Overheads ₦ 20,000 Credit: Purchases ₦ 80,000, Wages ₦ 40,000, Rent ₦ 10,000 What is the total value of the assets acquired during the month?
A. ₦ 100,000
B. ₦ 120,000
C. ₦ 140,000
D. ₦ 160,000
Question 5
A company's balance sheet shows an asset of ₦100,000 and a liability of ₦80,000. What is the company's net worth?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 6
A company's single entry system shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Sales | | 10,000 | | 2nd Jan | Purchases | 8,000 | | | 3rd Jan | Cash | | 2,000 | What is the net profit for the period?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 7
A company's bank statement shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Bank | 10,000 | | | 2 Jan | Cash | | 10,000 | | 3 Jan | Bank | 5,000 | | | 4 Jan | Cash | | 5,000 | What is the balance of the bank statement?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 8
A company's trial balance shows an error of ₦2,000 in the credit side of the account 'Salaries Paid'. The correct amount is ₦10,000. What is the effect of this error on the company's net profit?
A. ₦2,000 increase in net profit
B. ₦2,000 decrease in net profit
C. ₦10,000 increase in net profit
D. ₦10,000 decrease in net profit
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦500,000?
A. ₦100,000
B. ₦80,000
C. ₦120,000
D. ₦60,000
Question 10
A partnership has two partners, A and B. The capital accounts of A and B are ₦0,000 and ₦0,500 respectively. The profit sharing ratio is 3:2. Calculate the profit to be shared by A.
A. ₦0,300
B. ₦0,400
C. ₦0,500
D. ₦0,600
Question 11
A company's bank reconciliation statement shows a difference of ₦5,000 between the cash book balance and the bank statement balance. The difference is due to
A. ₦5,000 paid into the bank by a customer
B. ₦5,000 withdrawn from the bank by the company
C. ₦5,000 deposited into the bank by the company
D. ₦5,000 withdrawn from the bank by a customer
Question 12
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 2 Jan | Bank | | 10,000 | | 3 Jan | Cash | 5,000 | | | 4 Jan | Bank | | 5,000 | What is the balance of the cash book?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 13
What is the main difference between a manufacturing account and a trading account?
A. A manufacturing account includes the cost of goods sold, while a trading account includes the cost of goods purchased
B. A manufacturing account includes the cost of goods purchased, while a trading account includes the cost of goods sold
C. A manufacturing account includes the cost of goods manufactured, while a trading account includes the cost of goods sold
D. A manufacturing account includes the cost of goods sold, while a trading account includes the cost of goods manufactured
Question 14
A company has the following ledger account balances as at December 31, 2022.
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 15
A manufacturing company has the following transactions: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, Factory Overheads ₦ 20,000 Credit: Purchases ₦ 80,000, Wages ₦ 40,000, Rent ₦ 10,000 What is the total value of the assets acquired during the month?
A. ₦ 100,000
B. ₦ 120,000
C. ₦ 140,000
D. ₦ 160,000

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