POST UTME SKYLINE UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet for the year ended December 31, 2022, shows the following: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the company's total assets for the year?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 2
A company uses the accrual basis of accounting. If the company receives ₦100,000 in cash from customers and pays ₦80,000 in cash to suppliers, what is the net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A manufacturing company uses the FIFO method to value its inventory. The following data is available for the year ended December 31, 20X8:
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000
Question 4
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total assets of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 5
A company issued 10,000 shares of ₦5 each at a premium of ₦2 per share. If the company received a total of ₦150,000 from the issue, what will be the amount credited to the share premium account?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A government agency is required to prepare a statement of cash flows for the year ended December 31, 2022. The agency's cash inflows from operating activities include ₦120,000 from the sale of goods, ₦80,000 from the sale of services, and ₦30,000 from the sale of assets. The cash outflows from operating activities include ₦150,000 for the purchase of goods, ₦100,000 for the purchase of services, and ₦20,000 for the purchase of assets. What is the net cash inflow from operating activities for the year ended December 31, 2022?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total assets of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 8
A government agency uses the accrual basis of accounting. If the agency receives ₦100,000 in cash from customers and pays ₦80,000 in cash to suppliers, what is the net cash flow from operating activities?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 9
A partnership is formed by two partners, A and B, with a capital of ₦100,000 and ₦80,000 respectively. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. Calculate the share of profit of partner A.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total equity of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 11
A company's cash book shows the following transactions: Cash Sale ₦10,000, Cash Purchase ₦5,000. What is the correct journal entry to record the cash sale?
A. Debit Cash ₦10,000, Credit Sales Revenue ₦10,000
B. Debit Sales Revenue ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Purchases ₦5,000
D. Debit Purchases ₦5,000, Credit Cash ₦10,000
Question 12
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the accumulated depreciation after 3 years?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 13
A company's trading account for the year ended 31st December 2022 is as follows:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 14
A company's balance sheet as at 31st December 2022 is as follows:
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 15
A company's income statement for the year ended December 31, 2022, shows the following: Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Gross Profit ₦200,000. What is the company's net income for the year?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

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