POST UTME REDEEMERS UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account for the year ended December 31, 2021, is as follows:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 2
A company's balance sheet as at 31st December 2020, showed the following balances: ₦150,000 in the trading account, ₦120,000 in the profit and loss account, ₦250,000 in the capital account and ₦30,000 in the drawings account. What is the balance on the profit and loss appropriation account?
A. ₦80,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 3
A company's assets are valued as follows: Building: ₦500,000 Machinery: ₦300,000 Vehicles: ₦200,000 What is the total value of the company's assets?
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 4
A company's accounting records show that the total assets increased by ₦120,000 and the total liabilities increased by ₦80,000. What is the increase in the company's equity?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦120,000
Question 5
A company's trading account for the year ended 31st December 2020, showed a profit of ₦120,000. The balance on the profit and loss account was ₦150,000. The balance on the capital account of the owner was ₦250,000. The balance on the drawings account was ₦30,000. What is the balance on the profit and loss appropriation account?
A. ₦80,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 6
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦270,000. The bank reconciliation statement reveals a difference of ₦5,000 due to an outstanding cheque. What is the correct balance in the company's cash book?
A. ₦245,000
B. ₦250,000
C. ₦255,000
D. ₦260,000
Question 7
A company's ledger shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000. Prepare the adjusting entries for these transactions.
A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦50,000
B. Debit Sales Revenue ₦100,000, Credit Cost of Goods Sold ₦60,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦60,000
D. Debit Sales Revenue ₦100,000, Credit Accounts Payable ₦50,000
Question 8
A manufacturing company produces two products, X and Y. Product X requires 2 hours of labor and 3 units of raw material, while product Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of product X and product Y should be produced to maximize profit?
A. (X=60, Y=40)
B. (X=40, Y=60)
C. (X=50, Y=50)
D. (X=70, Y=30)
Question 9
A company's depreciation policy is as follows:
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 10
A partnership has two partners, A and B. The capital contributions of A and B are ₦150,000 and ₦200,000 respectively. If the profit-sharing ratio is 2:3, what is the profit-sharing ratio in terms of percentage?
A. 40%
B. 50%
C. 60%
D. 70%
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000. Prepare the adjusting entries for these transactions.
A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦50,000
B. Debit Sales Revenue ₦100,000, Credit Cost of Goods Sold ₦60,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦60,000
D. Debit Sales Revenue ₦100,000, Credit Accounts Payable ₦50,000
Question 12
A company produces two products, X and Y, using two machines, A and B. Machine A produces 60 units of X and 40 units of Y per hour, while machine B produces 40 units of X and 60 units of Y per hour. If the company operates for 8 hours a day, and the total production cost is ₦120,000 per day, what is the cost per unit of product X?
A. ₦15
B. ₦20
C. ₦25
D. ₦30
Question 13
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: Purchased office supplies for ₦10,000, sold goods for ₦50,000, and paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Office Supplies ₦10,000, Credit Sales ₦50,000
C. Debit Office Supplies ₦10,000, Credit Salaries ₦20,000
D. Debit Office Supplies ₦10,000, Credit Cash ₦50,000
Question 14
A company's trial balance shows an error of ₦15,000 due to an incorrect posting of a debit entry. The company's accountant wants to correct this error by making a corresponding credit entry. What is the correct amount of the credit entry?
A. ₦15,000
B. ₦30,000
C. ₦45,000
D. ₦60,000
Question 15
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦270,000. The bank reconciliation statement reveals a difference of ₦5,000 due to an outstanding cheque. What is the correct balance in the company's cash book?
A. ₦245,000
B. ₦250,000
C. ₦255,000
D. ₦260,000

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