POST UTME RHEMA UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency's accounting records show the following transactions for the month of January:
A. ₦15,000
B. ₦25,000
C. ₦35,000
D. ₦45,000
Question 2
A company uses a process costing system. The following data are available for the month: Beginning Work-in-Process Inventory: ₦50,000; Direct Materials: ₦120,000; Direct Labor: ₦80,000; Overhead: ₦60,000. What is the total cost of goods manufactured for the month?
A. ₦310,000
B. ₦320,000
C. ₦330,000
D. ₦340,000
Question 3
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
A. ₦200,000
B. ₦150,000
C. ₦250,000
D. ₦100,000
Question 4
The following are the Balance Sheet of ABC Ltd. as at 31st December 2020. Prepare the Trading and Profit and Loss Account for the year ended 31st December 2020.
A. ₦10,000,000
B. ₦15,000,000
C. ₦20,000,000
D. ₦25,000,000
Question 5
A company's balance sheet as at 31st December 2020 is as follows: Assets: ₦2,500,000; Liabilities: ₦1,500,000; Capital: ₦1,000,000. Calculate the ratio of capital to liabilities.
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 6
A company's trading account for the year ended 31st December 2020 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 7
A company's balance sheet as at 31st December 2020 is as follows: Assets: ₦2,500,000; Liabilities: ₦1,500,000; Capital: ₦1,000,000. Calculate the ratio of capital to liabilities.
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 8
A company uses the following formula to calculate its manufacturing overheads: Manufacturing Overheads = (Direct Labour Hours x Factory Wage Rate) + (Machine Hours x Machine Rate). If the company's direct labour hours are 1000, factory wage rate is ₦120 per hour, machine hours are 800, and machine rate is ₦80 per hour, calculate the manufacturing overheads.
A. ₦144,000
B. ₦160,000
C. ₦176,000
D. ₦192,000
Question 9
A government agency's accounting records show the following transactions for the month of January:
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦0,500
B. ₦1,000
C. ₦1,050
D. ₦1,500
Question 11
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦200,000. What is the company's equity?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 12
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Received' account. Prepare the necessary journal entry to correct this error.
A. ₦15,000 debit to 'Rent Received' and ₦15,000 credit to 'Rent Paid'
B. ₦15,000 debit to 'Rent Paid' and ₦15,000 credit to 'Rent Received'
C. ₦15,000 debit to 'Rent Received' and ₦15,000 credit to 'Cash'
D. ₦15,000 debit to 'Cash' and ₦15,000 credit to 'Rent Received'
Question 13
A company's trading account for the year showed a profit of ₦0,000. The company's profit and loss account showed a net profit of ₦0,500. Calculate the company's net profit.
A. ₦0,000
B. ₦0,500
C. ₦1,000
D. ₦1,500
Question 14
The following are the Balance Sheet of GHI Ltd. as at 31st December 2020. Prepare the Balance Sheet as at 31st December 2020.
A. ₦10,000,000
B. ₦15,000,000
C. ₦20,000,000
D. ₦25,000,000
Question 15
A government agency's accounting records show the following transactions for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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: