POST UTME RSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A public sector organization has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash received from government | ₦100,000 | | | 2nd Jan | Salaries paid | | ₦50,000 | | 3rd Jan | Rent paid | | ₦20,000 | What is the correct journal entry for the above transactions?
A. Debit Cash ₦100,000, Credit Salaries ₦50,000, Credit Rent ₦20,000
B. Debit Salaries ₦50,000, Credit Cash ₦100,000, Debit Rent ₦20,000
C. Debit Rent ₦20,000, Credit Salaries ₦50,000, Debit Cash ₦100,000
D. Debit Cash ₦100,000, Credit Rent ₦20,000, Debit Salaries ₦50,000
Question 2
A company has the following transactions: purchased office equipment for ₦50,000, purchased office furniture for ₦30,000, and sold office equipment for ₦20,000. Prepare a statement of cash flows for the company.
A. ₦10,000
B. ₦10,000
C. ₦10,000
D. ₦10,000
Question 3
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦60,000. What is the reason for the discrepancy?
A. Bank charges
B. Unrecorded cash sales
C. Unrecorded cash purchases
D. Bank error
Question 4
The following is a diagram of a manufacturing process:
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 5
A company has two types of shares: ordinary shares and preference shares. The ordinary shares have a par value of 10 and are issued at a premium of 5 per share. The preference shares have a par value of 20 and are issued at a discount of 2 per share. If the company issues 5,000 ordinary shares and 2,000 preference shares, calculate the total amount received from the sale of shares.
A. ₦150,000
B. ₦150,000
C. ₦150,000
D. ₦150,000
Question 6
A company's financial year ends on 31st December. The following transactions occurred during the year:
A. ₦1,000,000
B. ₦500,000
C. ₦750,000
D. ₦1,500,000
Question 7
A company's departmental accounts for the year ended 31st December, 2023 is as follows: Selling Department: ₦ Salaries 40,000 Rent 20,000 Purchasing Department: ₦ Salaries 40,000 Rent 20,000 Determine the net change in cash for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
A company's profit and loss account for the year ended 31st December is as follows:
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 9
A company has a manufacturing department that produces two products, A and B. Product A has a selling price of ₦100 and a variable cost of ₦60. Product B has a selling price of ₦80 and a variable cost of ₦40. If the company produces 100 units of product A and 50 units of product B, what is the total contribution margin?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 10
A company's trial balance as at 31st December, 2023 is as follows: Debit ₦ Cash 120,000 Accounts Payable 80,000 Salaries Payable 40,000 Office Equipment 60,000 Raw Materials 100,000 Goods Sold 80,000 Rent Payable 20,000 Dividends Payable 30,000 Credit ₦ Accounts Receivable 120,000 Salaries Payable 40,000 Office Equipment 60,000 Raw Materials 100,000 Goods Sold 80,000 Rent Payable 20,000 Dividends Payable 30,000 Determine the net change in cash for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
A company's manufacturing account for the year ended 31st December, 2023 is as follows: Direct Materials: ₦ Raw Materials 100,000 Direct Labour: ₦ Salaries 40,000 Overheads: ₦ Rent 20,000 Total Cost of Production: ₦ 1,200,000 Determine the net change in cash for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company uses the single-entry system of accounting. The company's assets increased by ₦120,000 and its liabilities increased by ₦80,000. What is the amount of the company's equity?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦120,000
Question 13
A company's cash book shows a balance of ₦25,000. However, the bank statement shows a balance of ₦30,000. What is the reason for the discrepancy?
A. Bank charges
B. Unrecorded cash sales
C. Unrecorded cash purchases
D. Bank error
Question 14
A company uses the double-entry system of accounting. The following transactions occurred during the year: 1. Purchased office equipment for ₦120,000. 2. Sold goods for ₦150,000. 3. Paid salaries of ₦80,000. 4. Purchased raw materials for ₦60,000. 5. Sold raw materials for ₦40,000. 6. Paid rent of ₦20,000. 7. Purchased goods for ₦100,000. 8. Sold goods for ₦120,000. 9. Paid dividends of ₦30,000. 10. Purchased goods for ₦80,000. 11. Sold goods for ₦60,000. 12. Paid salaries of ₦40,000. 13. Purchased office equipment for ₦60,000. 14. Sold goods for ₦80,000. 15. Paid rent of ₦20,000. Determine the net change in cash for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 15
Determine the amount of depreciation for a machine with a cost of ₦120,000, a useful life of 5 years, and a residual value of ₦20,000, using the straight-line method.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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