POST UTME SUMMIT UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Cash | ₦5,000 | | | 3rd Jan | Cash | | ₦15,000 | What is the balance of the cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company's balance sheet shows the following: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦100,000. If the company's total assets are ₦150,000 and its total liabilities are ₦70,000, what is the company's net income?
A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000
Question 3
A company's trial balance shows the following balances: Debit Balance: ₦100,000 Credit Balance: ₦80,000 What is the net result of the company's transactions?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 4
A company issued 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 5
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. Prepare a statement of stockholders' equity.
A. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
B. Cash 10,000, Accounts Payable 5,000, Common Stock 30,000
C. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
D. Cash 10,000, Accounts Payable 5,000, Common Stock 40,000
Question 6
A company has the following transactions in its ledger: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Purchases | ₦10,000 | | | 2nd Jan | Purchases | ₦5,000 | | | 3rd Jan | Purchases | | ₦15,000 | What is the balance of the purchases account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 7
A company has the following transactions in its ledger: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Sales | ₦10,000 | | | 2nd Jan | Sales | ₦5,000 | | | 3rd Jan | Sales | | ₦15,000 | What is the balance of the sales account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 8
A company purchases a machine for ₦300,000. The machine has a useful life of 5 years and a residual value of ₦30,000. Calculate the annual depreciation using the straight-line method.
A. ₦54,000
B. ₦58,000
C. ₦62,000
D. ₦66,000
Question 9
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 10
A company has the following transactions in its ledger: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Sales | ₦10,000 | | | 2nd Jan | Sales | ₦5,000 | | | 3rd Jan | Sales | | ₦15,000 | What is the balance of the sales account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 11
A company's financial statements show that its assets have increased by ₦200,000 and its liabilities have decreased by ₦20,000. What is the increase in equity?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 12
A company uses the double-entry system of accounting. The following transactions were recorded in the ledger:
A. ₦30,000
B. ₦25,000
C. ₦28,000
D. ₦32,000
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, and Common Stock ₦100,000. If the company's total assets are ₦150,000 and its total liabilities are ₦70,000, what is the company's net income?
A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000
Question 14
A company has the following ledger balances: Debit Balance: ₦50,000 Credit Balance: ₦30,000 What is the net result of the company's transactions?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation expense if the asset's cost is ₦1,500,000?
A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000

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