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POST UTME REDEEMERS UNIVERSITY 2022 Accounting | Objective

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Question 1

A company has the following trial balance: Debtors: ₦50,000, Creditors: ₦30,000, Capital: ₦100,000, Profit: ₦20,000. What is the total amount of assets?

Correct A. ₦150,000

B. ₦180,000

C. ₦200,000

D. ₦220,000

Correct Answer: A

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Question 2

Correct A. ₦13,000

B. ₦15,000

C. ₦17,000

D. ₦19,000

Correct Answer: A

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Question 3

Correct A. ₦13,000

B. ₦15,000

C. ₦17,000

D. ₦19,000

Correct Answer: A

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Question 4

Correct A. ₦20,000

B. ₦30,000

C. ₦40,000

D. ₦50,000

Correct Answer: A

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Question 5

A company has the following share capital: Number of Shares | Face Value | Total Value 100 | ₦10 | ₦1,000 What is the total value of the share capital?

Correct A. ₦1,000

B. ₦2,000

C. ₦3,000

D. ₦4,000

Correct Answer: A

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Question 6

In a partnership account, the capital of a partner is increased by the amount of drawings made by the partner. Which of the following is the correct journal entry for this transaction?

A. Debit Partner's Capital, Credit Partner's Drawings

Correct B. Debit Partner's Drawings, Credit Partner's Capital

C. Debit Partner's Capital, Credit Cash

D. Debit Cash, Credit Partner's Capital

Correct Answer: B

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Question 7

A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The company receives ₦95,000. Calculate the amount of discount on the debentures.

Correct A. ₦5,000

B. ₦10,000

C. ₦15,000

D. ₦20,000

Correct Answer: A

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Question 8

A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦10,000 and the Assembly department has a production cost of ₦15,000. The total production cost is ₦25,000. What is the cost of the Cutting department?

Correct A. ₦10,000

B. ₦12,500

C. ₦15,000

D. ₦20,000

Correct Answer: A

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Question 9

A company has the following ledger balances: Cash ₦50,000, Bank ₦20,000, Accounts Payable ₦30,000, and Sales Revenue ₦40,000. What is the total amount of assets?

Correct A. ₦100,000

B. ₦120,000

C. ₦150,000

D. ₦180,000

Correct Answer: A

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Question 10

A company has the following bank statement: ₦50,000 debit, ₦20,000 credit, and a balance of ₦30,000. What is the correct bank reconciliation statement?

Correct A. ₦50,000 debit, ₦20,000 credit, and a balance of ₦30,000

B. ₦50,000 debit, ₦20,000 credit, and a balance of ₦10,000

C. ₦50,000 debit, ₦20,000 credit, and a balance of ₦40,000

D. ₦50,000 debit, ₦20,000 credit, and a balance of ₦60,000

Correct Answer: A

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Question 11

A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.

A. ₦475,000

Correct B. ₦480,000

C. ₦485,000

D. ₦490,000

Correct Answer: B

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Question 12

A company's trial balance showed an error of ₦10,000 in the debit side of the sales account. Prepare the necessary journal entry to rectify the error.

Correct A. Debit Sales Account ₦10,000, Credit Cash ₦10,000

B. Debit Sales Account ₦10,000, Credit Bank ₦10,000

C. Debit Bank ₦10,000, Credit Sales Account ₦10,000

D. Debit Sales Account ₦10,000, Credit Sales Returns Account ₦10,000

Correct Answer: A

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Question 13

A company's balance sheet showed a capital of ₦500,000 and a profit of ₦150,000. Calculate the new capital.

Correct A. ₦650,000

B. ₦650,500

C. ₦650,000

D. ₦650,500

Correct Answer: A

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Question 14

A company issued 10,000, 8% preference shares of ₦10 each at a premium of ₦2. The company also issued 5,000 ordinary shares of ₦10 each at a discount of ₦1. Calculate the total amount received from share issues.

A. ₦250,000

Correct B. ₦260,000

C. ₦270,000

D. ₦280,000

Correct Answer: B

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Question 15

A company's trial balance showed an error of ₦20,000 in the credit side of the purchases account. Prepare the necessary journal entry to rectify the error.

Correct A. Debit Purchases Account ₦20,000, Credit Bank ₦20,000

B. Debit Purchases Account ₦20,000, Credit Cash ₦20,000

C. Debit Bank ₦20,000, Credit Purchases Account ₦20,000

D. Debit Purchases Account ₦20,000, Credit Purchases Returns Account ₦20,000

Correct Answer: A

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Question 16

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to the share capital account. Prepare the journal entry to record the issue of shares.

Correct A. Debit Share Capital 30,000, Credit Cash 30,000

B. Debit Share Capital 30,000, Credit Cash 40,000

C. Debit Share Capital 40,000, Credit Cash 30,000

D. Debit Share Capital 40,000, Credit Cash 40,000

Correct Answer: A

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Question 17

A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 20,000 respectively. The profit sharing ratio is 3:2. Prepare the profit and loss appropriation account for the year ended 31st December 2022.

Correct A. Profit and Loss Appropriation Account for the year ended 31st December 2022

B. Balance Sheet as at 31st December 2022

C. Statement of Changes in Equity for the year ended 31st December 2022

D. Cash Flow Statement for the year ended 31st December 2022

Correct Answer: A

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Question 18

A company has a manufacturing department that produces a product at a cost of 10 per unit. The selling price of the product is 20 per unit. The company sells 1,000 units of the product. Prepare the statement of cost of goods sold for the year ended 31st December 2022.

Correct A. Statement of Cost of Goods Sold for the year ended 31st December 2022

B. Statement of Profit or Loss for the year ended 31st December 2022

C. Balance Sheet as at 31st December 2022

D. Statement of Changes in Equity for the year ended 31st December 2022

Correct Answer: A

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Question 19

A company has a bank account with a balance of 5,000. The company makes a deposit of 10,000 and a withdrawal of 8,000. Prepare the bank reconciliation statement as at 31st December 2022.

Correct A. Bank Reconciliation Statement as at 31st December 2022

B. Statement of Changes in Equity for the year ended 31st December 2022

C. Balance Sheet as at 31st December 2022

D. Statement of Profit or Loss for the year ended 31st December 2022

Correct Answer: A

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Question 20

A company has a departmental account for the manufacturing department. The departmental account shows a profit of 10,000. Prepare the statement of changes in equity for the year ended 31st December 2022.

Correct A. Statement of Changes in Equity for the year ended 31st December 2022

B. Balance Sheet as at 31st December 2022

C. Statement of Profit or Loss for the year ended 31st December 2022

D. Bank Reconciliation Statement as at 31st December 2022

Correct Answer: A

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Question 21

A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the year ended December 31, 2022:

A. ₦100,000

B. ₦120,000

Correct C. ₦150,000

D. ₦180,000

Correct Answer: C

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Question 22

A company's trial balance as at December 31, 2022, is as follows:

A. ₦50,000

Correct B. ₦60,000

C. ₦70,000

D. ₦80,000

Correct Answer: B

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Question 23

A company's cash book shows the following transactions for the year ended December 31, 2022:

A. ₦100,000

B. ₦120,000

Correct C. ₦150,000

D. ₦180,000

Correct Answer: C

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Question 24

A company's bank reconciliation statement as at December 31, 2022, is as follows:

A. ₦50,000

Correct B. ₦60,000

C. ₦70,000

D. ₦80,000

Correct Answer: B

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Question 25

A company's ledger accounts as at December 31, 2022, are as follows:

A. ₦100,000

B. ₦120,000

Correct C. ₦150,000

D. ₦180,000

Correct Answer: C

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