POST UTME REDEEMERS UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance as at 31 Dec is as follows: | Account | Debit | Credit | | --- | --- | --- | | Sales | | 100,000 | | Purchases | 80,000 | | | Wages | 20,000 | | | Rent | | 10,000 | | Dividend | | 5,000 | | Capital | | 150,000 | | Profit | | | Calculate the profit for the year.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 2
A company's bank statement shows a balance of ₦50,000, but the company's cash book shows a balance of ₦60,000. What is the correct bank reconciliation?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
A company has a manufacturing department that produces 10,000 units of a product. The cost of production is ₦50 per unit. Calculate the total cost of production.
A. ₦500,000
B. ₦500,000
C. ₦500,000
D. ₦500,000
Question 4
A company's assets are valued at ₦1,000,000. The company's liabilities are ₦500,000. Calculate the company's net worth.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,500,000
Question 5
A company's trial balance as at 31st December 2022 is as follows: Debit: ₦100,000, Credit: ₦120,000. What is the correct journal entry to rectify the discrepancy?
A. ₦20,000 debit, ₦20,000 credit
B. ₦20,000 credit, ₦20,000 debit
C. ₦10,000 debit, ₦10,000 credit
D. ₦10,000 credit, ₦10,000 debit
Question 6
A company has a partnership account with two partners, A and B. Partner A has a 60% share of the profits, while partner B has a 40% share. If the total profits are ₦100,000, calculate the share of profits for partner A.
A. ₦60,000
B. ₦40,000
C. ₦50,000
D. ₦30,000
Question 7
A company issued 10,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 8
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Cash | | 500 | | 3 Jan | Cash | | 1,000 | Calculate the cash balance on 3 Jan.
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 9
A company's final accounts for the year ended 31st December 2022 are as follows: Trading profit: ₦150,000, Profit before tax: ₦180,000, Tax: ₦30,000. What is the net profit for the year?
A. ₦150,000
B. ₦180,000
C. ₦210,000
D. ₦240,000
Question 10
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦150,000, what is the amount received from the issue of shares?
A. ₦100,000
B. ₦120,000
C. ₦130,000
D. ₦150,000
Question 11
A company's trial balance shows the following balances: Machinery ₦50,000, Depreciation Expense ₦10,000. What is the net book value of the machinery?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 12
A company's trial balance showed an error of ₦10,000 in the accounts payable account. The correct balance should be ₦50,000. Prepare the necessary journal entry to rectify the error.
A. Debit Accounts Payable ₦60,000, Credit Cash ₦60,000
B. Debit Accounts Payable ₦40,000, Credit Cash ₦40,000
C. Debit Accounts Payable ₦50,000, Credit Cash ₦50,000
D. Debit Accounts Payable ₦60,000, Credit Cash ₦40,000
Question 13
A company's depreciation policy is to depreciate its assets by 10% per annum. If the asset's original value is ₦100,000, calculate the asset's value after 2 years.
A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 14
A business has the following transactions: Purchased office supplies for ₦10,000, paid ₦5,000 cash, and purchased office equipment for ₦20,000. What is the total amount of office supplies purchased?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 15
A company purchases a machine for ₦1,500,000 and depreciates it by 10% per annum. If the company uses the straight-line method of depreciation, what is the value of the machine after 3 years?
A. ₦1,350,000
B. ₦1,400,000
C. ₦1,450,000
D. ₦1,500,000

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