POST UTME PAN-ATLANTIC UNIVERSITY 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following bank reconciliation statement: Bank Statement Balance: ₦100,000; Cash Book Balance: ₦120,000; Bank Charges: ₦5,000; Interest Earned: ₦2,000. What is the correct bank balance?
A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦120,000
Question 2
The following is a statement of cash flows for a company: Cash Flows from Operating Activities: ₦50,000; Cash Flows from Investing Activities: ₦20,000; Cash Flows from Financing Activities: ₦30,000. What is the net increase in cash and cash equivalents?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the net profit for the year is ₦750,000, calculate the amount of profit that will be shared by A.
A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000
Question 4
A company's Balance Sheet as at 31st December 2023 is as follows: Assets: ₦2,500,000; Liabilities: ₦1,500,000; Capital: ₦1,000,000. What is the company's net worth?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 5
A company's manufacturing account shows the following information: Cost of Goods Sold ₦100,000, Opening Work-in-Progress ₦20,000, Closing Work-in-Progress ₦30,000, Direct Labour ₦15,000, Factory Overheads ₦25,000. Calculate the cost of goods manufactured.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 6
A company issued 10,000 shares of ₦10 par value at a premium of ₦5 per share. If the company received ₦120,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦100,000
B. ₦105,000
C. ₦110,000
D. ₦115,000
Question 7
A partnership firm has two partners, A and B, who share profits and losses in the ratio 3:2. The firm's capital is ₦1,500,000, and the profit for the year is ₦600,000. If A's drawings are ₦150,000, calculate A's share of the profit.
A. ₦270,000
B. ₦240,000
C. ₦300,000
D. ₦360,000
Question 8
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₦400,000
B. ₦450,000
C. ₦490,000
D. ₦540,000
Question 9
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will A receive?
A. ₦90,000
B. ₦72,000
C. ₦60,000
D. ₦48,000
Question 10
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the month of January:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 11
A partnership is formed by three partners, A, B, and C, with initial capital of ₦1,000,000, ₦800,000, and ₦600,000 respectively. After one year, the profits are shared in the ratio 3:2:1. What is the share of profit of each partner?
A. ₦450,000
B. ₦400,000
C. ₦350,000
D. ₦300,000
Question 12
A company's trial balance shows a debit balance of ₦20,000 in the 'Salaries Expense' account. However, the company's accounting records show that the salaries expense for the year was actually ₦30,000. What is the correct journal entry to record the correction?
A. Debit Salaries Expense ₦10,000, Credit Cash ₦10,000
B. Debit Salaries Expense ₦10,000, Credit Salaries Payable ₦10,000
C. Debit Salaries Expense ₦10,000, Credit Salaries Expense ₦10,000
D. Debit Salaries Expense ₦10,000, Credit Cash ₦10,000
Question 13
A company's bank reconciliation statement as at December 31, 2023, is as follows: Bank Balance: ₦100,000 Deposits in Transit: ₦20,000 Outstanding Checks: ₦10,000 Determine the correct classification of the above items.
A. Bank Balance: ₦100,000, Deposits in Transit: ₦20,000, Outstanding Checks: ₦10,000
B. Bank Balance: ₦100,000, Deposits in Transit: ₦20,000, Outstanding Checks: ₦10,000
C. Bank Balance: ₦100,000, Deposits in Transit: ₦20,000, Outstanding Checks: ₦10,000
D. Bank Balance: ₦100,000, Deposits in Transit: ₦20,000, Outstanding Checks: ₦10,000
Question 14
A company issued 5,000 shares of ₦20 par value at a premium of ₦10 per share. If the company received ₦150,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦100,000
B. ₦105,000
C. ₦110,000
D. ₦115,000
Question 15
A company issued 10,000 shares of ₦10 par value at a premium of ₦5 per share. If the company received ₦120,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦100,000
B. ₦105,000
C. ₦110,000
D. ₦115,000

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