POST UTME RHEMA UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased office equipment for ₦10,000, sold goods for ₦20,000, and paid rent of ₦5,000. What is the total amount of revenue?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 2
A company's balance sheet as at 31st December 2022 is as follows: Equity Share Capital ₦500,000, Profit and Loss Account ₦200,000. If the company issues 10% debentures of ₦100 each at a premium of 10%, calculate the amount of premium on the debentures.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
A company's bank statement shows a balance of ₦50,000. However, the company's cash book shows a balance of ₦60,000. What is the reason for the discrepancy?
A. Bank charges
B. Interest earned
C. Cheque returned
D. Deposit in transit
Question 4
A company's trial balance shows a credit balance of ₦50,000 in the account 'Rent Received'. However, the company's cash book shows a debit balance of ₦20,000 in the account 'Rent Received'. What is the correct journal entry to eliminate the discrepancy?
A. ₦30,000 debit to Rent Received and ₦30,000 credit to Cash
B. ₦20,000 debit to Rent Received and ₦20,000 credit to Cash
C. ₦50,000 debit to Rent Received and ₦50,000 credit to Cash
D. ₦30,000 debit to Cash and ₦30,000 credit to Rent Received
Question 5
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales ₦500,000, Cost of Goods Sold ₦300,000, Operating Expenses ₦100,000. Calculate the company's net profit for the year.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 6
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from the issue of debentures.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 7
A company's trial balance shows an error of ₦10,000 due to an omission. Prepare a corrected trial balance.
A. Assets: ₦250,000, Liabilities: ₦150,000, Capital: ₦100,000
B. Assets: ₦260,000, Liabilities: ₦160,000, Capital: ₦100,000
C. Assets: ₦250,000, Liabilities: ₦150,000, Capital: ₦110,000
D. Assets: ₦260,000, Liabilities: ₦160,000, Capital: ₦110,000
Question 8
A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of the profits?
A. The deceased partner's share of the profits is written off against the partner's capital account.
B. The deceased partner's share of the profits is distributed to the remaining partners.
C. The deceased partner's share of the profits is transferred to the partner's estate.
D. The deceased partner's share of the profits is ignored.
Question 9
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦6,000. Calculate the total cost of the job.
A. ₦29,000
B. ₦29,500
C. ₦30,000
D. ₦30,500
Question 10
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | | ₦5,000 | | 4th Jan | Bank | ₦20,000 | | | 5th Jan | Cash | | ₦8,000 | What is the balance in the cash book?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦9,000
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Rent Received | ₦10,000 | | | 2 Jan | Rent Paid | | ₦8,000 | | 3 Jan | Purchase of Equipment | ₦20,000 | | What is the correct journal entry to record the purchase of equipment?
A. ₦20,000 debit to Equipment
B. ₦20,000 credit to Equipment
C. ₦20,000 debit to Rent Received
D. ₦20,000 credit to Rent Paid
Question 13
A company's bank statement shows a debit balance of ₦1,500,000. The company's cash book shows a credit balance of ₦800,000 in the bank account. What is the correct journal entry to reconcile the cash book and bank statement?
A. ₦1,500,000 debit to Bank and ₦800,000 credit to Cash
B. ₦1,200,000 debit to Bank and ₦800,000 credit to Cash
C. ₦1,500,000 debit to Cash and ₦800,000 credit to Bank
D. ₦1,200,000 debit to Cash and ₦800,000 credit to Bank
Question 14
A manufacturing company uses the process costing method to value its products. 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 ₦8,000. What is the total production cost of the product?
A. ₦18,000
B. ₦18,500
C. ₦19,000
D. ₦20,000
Question 15
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
B. ₦475,500
C. ₦480,000
D. ₦485,000

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