POST UTME RHEMA UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased a machine for ₦150,000, sold a machine for ₦80,000, and purchased a building for ₦300,000. Calculate the net change in assets.
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 2
A company issued 10,000 debentures of ₦ 100 each at 6% interest. Calculate the total interest payable on the debentures after 2 years.
A. ₦ 12,000
B. ₦ 15,000
C. ₦ 18,000
D. ₦ 20,000
Question 3
A trader purchases goods worth ₦50,000 and sells them at a profit of 25%. Calculate the selling price.
A. ₦62,500
B. ₦62,500
C. ₦62,500
D. ₦62,500
Question 4
A company uses the single-entry system of accounting. The following transactions were recorded during the year: Debit: ₦10,000, Credit: ₦15,000. Debit: ₦8,000, Credit: ₦12,000. Debit: ₦6,000, Credit: ₦9,000. Calculate the net income for the year.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders and the amount of discount.
A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 6
A company purchases a machine for ₦120,000 and pays ₦30,000 in cash and the balance by a 3-year loan at 10% interest per annum. What is the amount of interest paid annually?
A. ₦3,000
B. ₦3,500
C. ₦4,000
D. ₦4,500
Question 7
A company issues 1,000, 10% debentures of ₦100 each at a premium of ₦5. Calculate the amount received from the debenture holders.
A. ₦105,000
B. ₦105,000
C. ₦105,000
D. ₦105,000
Question 8
A company's assets are valued at ₦ 1,000,000. If the company's liabilities are ₦ 300,000, what is the company's net worth?
A. ₦ 200,000
B. ₦ 400,000
C. ₦ 700,000
D. ₦ 1,000,000
Question 9
A company uses the perpetual inventory system. On January 1, 2023, it had 500 units of a product in stock, valued at ₦25 each. During the year, 300 units were sold, and 200 units were purchased at ₦30 each. Calculate the cost of goods sold for the year.
A. ₦7,500
B. ₦9,000
C. ₦10,500
D. ₦12,000
Question 10
A company's cash book shows a balance of ₦20,000. The bank statement shows a balance of ₦25,000. The difference is due to an unrecorded debit of ₦3,000. Calculate the cash balance as per the cash book.
A. ₦23,000
B. ₦23,000
C. ₦23,000
D. ₦23,000
Question 11
A company issued 5,000 shares of ₦20 each at a premium of ₦10 per share. The total amount received from the issue of shares is:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company purchases a building for ₦500,000 and depreciates it by 5% per annum using the reducing balance method. Calculate the depreciation for the first three years.
A. ₦25,000, ₦24,750, ₦24,437.50
B. ₦24,750, ₦24,187.50, ₦23,624.38
C. ₦24,187.50, ₦23,624.38, ₦22,998.19
D. ₦23,624.38, ₦22,998.19, ₦22,329.91
Question 13
A company's profit for the year is ₦ 200,000. If the company's tax rate is 25%, what is the company's net profit?
A. ₦ 150,000
B. ₦ 175,000
C. ₦ 200,000
D. ₦ 225,000
Question 14
The following trial balance was extracted from the books of a government ministry. Prepare the ledger accounts for the assets and liabilities.
A. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦20,000, Unearned Revenue = ₦30,000
B. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦30,000, Unearned Revenue = ₦20,000
C. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦20,000, Unearned Revenue = ₦30,000
D. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦30,000, Unearned Revenue = ₦20,000
Question 15
A company's cash book shows a balance of ₦30,000. The bank statement shows a balance of ₦35,000. The difference is due to an unrecorded credit of ₦2,000. Calculate the cash balance as per the cash book.
A. ₦32,000
B. ₦32,000
C. ₦32,000
D. ₦32,000

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