POST UTME RSU 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. Calculate the total amount received from the issue of shares.
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000
Question 2
A public sector organization has a cash book balance of ₦1,500,000 and a bank statement balance of ₦1,800,000. The bank statement includes a credit of ₦200,000 for a loan received from the government. What is the correct journal entry to reconcile the cash book and bank statement?
A. ₦1,700,000 debit to cash and ₦200,000 credit to loan
B. ₦1,700,000 debit to loan and ₦200,000 credit to cash
C. ₦1,800,000 debit to cash and ₦300,000 credit to loan
D. ₦1,800,000 debit to loan and ₦300,000 credit to cash
Question 3
A trader purchased goods for ₦ 50,000 and sold them for ₦ 75,000. Calculate the profit percentage.
A. 25%
B. 30%
C. 35%
D. 40%
Question 4
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for the difference?
A. The company has not recorded all its financial transactions.
B. The bank has made an error in its statement.
C. The company has not reconciled its cash book with the bank statement.
D. The company has not updated its cash book.
Question 5
A company's balance sheet showed an excess of ₦30,000 in the debit side of the stock account. The correct balance of the stock account is ₦60,000. Prepare the necessary journal entry to correct this error.
A. Debit Stock A/c ₦30,000, Credit Stock A/c ₦30,000
B. Debit Stock A/c ₦30,000, Credit Stock A/c ₦30,000, Credit Stock A/c ₦30,000
C. Debit Stock A/c ₦30,000, Credit Stock A/c ₦30,000, Debit Stock A/c ₦30,000
D. Debit Stock A/c ₦30,000, Credit Stock A/c ₦30,000, Credit Stock A/c ₦30,000, Debit Stock A/c ₦30,000
Question 6
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Common Stock ₦ 100,000, Dividends ₦ 10,000, Equipment ₦ 20,000, Interest Expense ₦ 5,000, Interest Income ₦ 3,000, Net Income ₦ 25,000, Retained Earnings ₦ 40,000, Salaries Expense ₦ 15,000, Sales Revenue ₦ 150,000, Taxes Payable ₦ 8,000, Utilities Expense ₦ 2,000. Prepare a balance sheet for the company.
A. ₦ 150,000
B. ₦ 180,000
C. ₦ 200,000
D. ₦ 220,000
Question 7
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Common Stock ₦ 100,000, Dividends ₦ 10,000, Equipment ₦ 20,000, Interest Expense ₦ 5,000, Interest Income ₦ 3,000, Net Income ₦ 25,000, Retained Earnings ₦ 40,000, Salaries Expense ₦ 15,000, Sales Revenue ₦ 150,000, Taxes Payable ₦ 8,000, Utilities Expense ₦ 2,000. Prepare a balance sheet for the company.
A. ₦ 150,000
B. ₦ 180,000
C. ₦ 200,000
D. ₦ 220,000
Question 8
A company's balance sheet showed a capital of ₦500,000 and a profit of ₦200,000. If the company's accountant decided to distribute the profit in the ratio 3:2, calculate the amount to be distributed to the owner.
A. ₦300,000
B. ₦320,000
C. ₦340,000
D. ₦360,000
Question 9
A partnership has the following capital balances: Partner A: ₦200,000 Partner B: ₦150,000 Partner C: ₦100,000 What is the total capital of the partnership?
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 10
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's trial balance shows a debit balance of ₦50,000 in the 'Drawings' account. What is the correct treatment of the 'Drawings' account in the partnership's financial statements?
A. ₦50,000 is transferred to the partners' capital accounts in the ratio 3:2
B. ₦50,000 is transferred to the partners' capital accounts in the ratio 2:3
C. ₦50,000 is transferred to the partners' capital accounts in equal proportions
D. ₦50,000 is ignored in the financial statements
Question 11
A company has the following transactions: Purchased raw materials worth ₦100,000 on credit. Sold goods worth ₦150,000 for cash. Purchased machinery worth ₦50,000 on credit. Sold goods worth ₦100,000 on credit. The company's accounting year-end is December 31st. What is the total amount of the company's liabilities at the end of the year?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 12
A company issued 5,000 shares of ₦ 10 each at a premium of ₦ 5 per share. The issue expenses were ₦ 15,000. Calculate the amount of share capital.
A. ₦ 75,000
B. ₦ 85,000
C. ₦ 95,000
D. ₦ 105,000
Question 13
A company issued 5,000, 10% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the total amount received from the issue of these shares.
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 14
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 20,000. Calculate the amount of share capital.
A. ₦ 120,000
B. ₦ 140,000
C. ₦ 160,000
D. ₦ 180,000
Question 15
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. Calculate the total amount received from the issue of shares.
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000

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