POST UTME SUMMIT UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following balances:
A. Debit Sales 10,000 and credit Cost of Goods Sold 10,000
B. Debit Cost of Goods Sold 10,000 and credit Sales 10,000
C. Debit Sales 10,000 and credit Accounts Receivable 10,000
D. Debit Accounts Receivable 10,000 and credit Sales 10,000
Question 2
A company uses the double-entry system of accounting. The company's trial balance as at December 31, 2022, shows the following balances:
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 3
A company has the following bank statement: Debit 1,000, Credit 500. What is the new balance in the bank account?
A. 500
B. 1,500
C. 1,000
D. 1,500
Question 4
A manufacturing company has the following data for the year ended 31 Dec: | Department | Sales | Cost of Goods Sold | Gross Profit | | --- | --- | --- | --- | | A | ₦100,000 | ₦60,000 | ₦40,000 | | B | ₦80,000 | ₦48,000 | ₦32,000 | | C | ₦120,000 | ₦72,000 | ₦48,000 | What is the total gross profit for the year?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 5
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. The total cost of production for X is ₦150,000, and the total cost of production for Y is ₦180,000. Calculate the gross profit.
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 6
A company has the following trial balance: Accounts Payable ₦50,000; Accounts Receivable ₦30,000; Common Stock ₦100,000; Dividends ₦10,000; Equipment ₦80,000; Interest Expense ₦5,000; Interest Income ₦2,000; Net Income ₦20,000; Retained Earnings ₦50,000; Salaries Expense ₦15,000; Sales Revenue ₦120,000; Utilities Expense ₦3,000. Prepare a balance sheet.
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 7
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000. Credit: Purchases ₦ 80,000, and Wages ₦ 40,000. What is the total amount of the debit entries?
A. ₦ 100,000
B. ₦ 120,000
C. ₦ 140,000
D. ₦ 160,000
Question 8
A company has the following trial balance: Debit 10,000, Credit 5,000. What is the effect of this transaction on the accounting equation?
A. Increases Assets and Decreases Liabilities
B. Increases Liabilities and Decreases Assets
C. Increases Equity and Decreases Assets
D. Increases Assets and Decreases Equity
Question 9
A company uses the single-entry system of accounting. The company's ledger shows the following transactions:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 10
A company's ledger accounts show the following balances:
A. Debit Sales 10,000 and credit Cost of Goods Sold 10,000
B. Debit Cost of Goods Sold 10,000 and credit Sales 10,000
C. Debit Sales 10,000 and credit Accounts Receivable 10,000
D. Debit Accounts Receivable 10,000 and credit Sales 10,000
Question 11
A company's bank reconciliation statement shows the following information:
A. Debit Bank Fees 100 and credit Bank Statement Balance 100
B. Debit Bank Statement Balance 100 and credit Bank Fees 100
C. Debit Bank Statement Balance 100 and credit Cash 100
D. Debit Cash 100 and credit Bank Statement Balance 100
Question 12
A company has the following financial statements: Trading Profit: ₦200,000; Profit Before Tax: ₦300,000; Tax: ₦50,000. Calculate the net profit for the year.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 13
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, work-in-progress is ₦80,000, and finished goods is ₦150,000. The quantity of raw materials is 500 units, work-in-progress is 300 units, and finished goods is 200 units. The company uses a cost flow assumption that the oldest items are sold first. Calculate the cost of goods sold using the weighted average method.
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A company has the following incomplete records: Opening Balance: ₦100,000; Purchases: ₦500,000; Sales: ₦700,000; Drawings: ₦50,000. Calculate the net profit for the year.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 15
A government agency is responsible for collecting taxes on behalf of the government. The agency collects ₦1,000,000 in taxes and pays ₦200,000 as salaries to its employees. Calculate the amount of taxes collected by the agency.
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,100,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: