POST UTME REDEEMERS UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales ₦ 200,000, Cost of Goods Sold ₦ 150,000. Prepare the company's income statement.
A. ₦ 50,000
B. ₦ 30,000
C. ₦ 200,000
D. ₦ 150,000
Question 2
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?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 3
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.
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
Question 4
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 50,000. Calculate the total amount received from the issue of shares.
A. ₦ 200,000
B. ₦ 210,000
C. ₦ 220,000
D. ₦ 230,000
Question 5
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales ₦ 200,000, Cost of Goods Sold ₦ 150,000. Prepare the company's income statement.
A. ₦ 50,000
B. ₦ 30,000
C. ₦ 200,000
D. ₦ 150,000
Question 6
A company's cash book shows the following transactions for the year ended December 31, 2022:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 7
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The bank reconciliation statement reveals that there are 20 outstanding cheques totaling ₦10,000 each. Calculate the correct balance in the company's cash book.
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 8
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.
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
Question 9
A company's profit and loss account for the year ended 31st December 2022 is as follows: Gross Profit ₦250,000, Operating Expenses ₦150,000, and Taxation ₦50,000. Calculate the net profit for the year.
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 10
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 50,000. Calculate the total amount received from the issue of shares.
A. ₦ 200,000
B. ₦ 210,000
C. ₦ 220,000
D. ₦ 230,000
Question 11
A company's ledger accounts as at December 31, 2022, are as follows:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 12
A company's trading account for the year ended 31st December 2022 is as follows: Sales ₦500,000, Purchases ₦300,000, Returns Outward ₦10,000, and Returns Inward ₦5,000. Calculate the gross profit for the year.
A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000
Question 13
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
B. Debit Partner's Drawings, Credit Partner's Capital
C. Debit Partner's Capital, Credit Cash
D. Debit Cash, Credit Partner's Capital
Question 14
A company's trial balance as at December 31, 2022, is as follows:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
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.
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

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: