POST UTME UI 2022 Accounting | Objective

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Question 1 View Details
In a partnership account, the capital of a partner is increased by the amount of the partner's share of the profits. If the total capital of the partnership is ₦250,000 and the profits for the year are ₦75,000, and the capital of one of the partners is increased by ₦20,000, what is the capital of the other partner?
A. ₦170,000
Correct B. ₦190,000
C. ₦210,000
D. ₦230,000

Correct Answer: B

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Question 2 View Details
A company uses the double-entry system of accounting. The following transactions occurred during the year:
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
Correct B. Credit Cash ₦10,000, Debit Accounts Payable ₦10,000
C. Debit Cash ₦10,000, Credit Accounts Receivable ₦10,000
D. Credit Cash ₦10,000, Debit Accounts Receivable ₦10,000

Correct Answer: B

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Question 3 View Details
A bank reconciliation statement is prepared to reconcile the difference between the bank statement balance and the company's cash book balance. The bank statement balance is ₦100,000 and the cash book balance is ₦120,000. The bank has charged a fee of ₦500 for the month.
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 4 View Details
A company has the following control accounts: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Inventory ₦20,000. The company's ledger accounts show the following balances: Accounts Payable ₦40,000, Accounts Receivable ₦25,000, and Inventory ₦15,000.
A. ₦10,000
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

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Question 5 View Details
A company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦75,000. The company's balance sheet shows total assets of ₦200,000 and total liabilities of ₦150,000.
A. ₦25,000
B. ₦30,000
Correct C. ₦35,000
D. ₦40,000

Correct Answer: C

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Question 6 View Details
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. During the year, A withdraws ₦100,000 for personal use, while B invests an additional ₦50,000. The partnership earns a profit of ₦200,000. Prepare the partnership's statement of profit or loss for the year.
A. ₦600,000
Correct B. ₦700,000
C. ₦800,000
D. ₦900,000

Correct Answer: B

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Question 7 View Details
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Purchases ₦15,000. What is the effect of this transaction on the accounting equation?
Correct A. Increases assets and decreases liabilities
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
D. Increases equity and decreases assets

Correct Answer: A

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Question 8 View Details
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000. The company's trial balance is prepared. What is the total of the trial balance?
Correct A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 9 View Details
A company uses the single-entry system of accounting. The following transactions are recorded: Debit Sales ₦20,000, Credit Purchases ₦15,000. What is the effect of this transaction on the accounting equation?
A. Increases assets and decreases liabilities
Correct B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
D. Increases equity and decreases assets

Correct Answer: B

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Question 10 View Details
A company has the following ledger balances: Cash ₦30,000, Accounts Receivable ₦25,000. The company's trial balance is prepared. What is the total of the trial balance?
A. ₦55,000
Correct B. ₦65,000
C. ₦75,000
D. ₦85,000

Correct Answer: B

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Question 11 View Details
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount of share capital and the amount of share premium.
A. ₦350,000
B. ₦300,000
C. ₦400,000
Correct D. ₦450,000

Correct Answer: D

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Question 12 View Details
A manufacturing company has the following cost accounts: Direct Materials: ₦120,000, Direct Labour: ₦150,000, Factory Overheads: ₦80,000. Calculate the total cost of production.
A. ₦350,000
B. ₦450,000
Correct C. ₦550,000
D. ₦650,000

Correct Answer: C

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Question 13 View Details
A company's balance sheet as at 31st December 2022 is as follows: ₦500,000 in cash, ₦300,000 in accounts receivable, ₦200,000 in inventory, ₦100,000 in prepaid expenses, ₦150,000 in accounts payable, ₦250,000 in long-term loans. Calculate the company's working capital.
A. ₦550,000
B. ₦650,000
Correct C. ₦750,000
D. ₦850,000

Correct Answer: C

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Question 14 View Details
A company issued 5,000 shares of 2 par value at a premium of 5 per share. The total amount received from the issue of shares is 250,000. Calculate the amount of share capital and the amount of share premium.
A. ₦250,000
B. ₦200,000
C. ₦300,000
Correct D. ₦350,000

Correct Answer: D

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Question 15 View Details
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,000,000, Cost of Goods Sold: ₦600,000, Gross Profit: ₦400,000, Operating Expenses: ₦150,000, Net Profit: ₦250,000. Calculate the company's gross profit margin.
Correct A. 40%
B. 50%
C. 60%
D. 70%

Correct Answer: A

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Question 16 View Details
A company's trial balance shows an error of ₦5,000 in the debit side of the account 'Office Equipment'. The error was caused by the omission of a purchase of office equipment worth ₦5,000. Prepare the necessary journal entry to correct the error.
A. ₦5,000 debit to Office Equipment
B. ₦5,000 credit to Office Equipment
Correct C. ₦5,000 debit to Office Equipment and ₦5,000 credit to Purchases
D. ₦5,000 credit to Office Equipment and ₦5,000 debit to Sales

Correct Answer: C

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Question 17 View Details
A company's balance sheet as at 31st December 2022 shows an increase in the value of its property, plant and equipment by ₦1,500,000. The increase was due to the acquisition of new equipment. Prepare the necessary journal entry to record the increase in value.
Correct A. ₦1,500,000 debit to Property, Plant and Equipment
B. ₦1,500,000 credit to Property, Plant and Equipment
C. ₦1,500,000 debit to Property, Plant and Equipment and ₦1,500,000 credit to Purchases
D. ₦1,500,000 credit to Property, Plant and Equipment and ₦1,500,000 debit to Sales

Correct Answer: A

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Question 18 View Details
A company's trial balance as at 31st December 2022 shows an error of ₦2,000 in the credit side of the account 'Rent Received'. The error was caused by the omission of a receipt of rent worth ₦2,000. Prepare the necessary journal entry to correct the error.
A. ₦2,000 debit to Rent Received
Correct B. ₦2,000 credit to Rent Received
C. ₦2,000 debit to Rent Received and ₦2,000 credit to Sales
D. ₦2,000 credit to Rent Received and ₦2,000 debit to Purchases

Correct Answer: B

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Question 19 View Details
A company's balance sheet as at 31st December 2022 shows an increase in the value of its inventory by ₦800,000. The increase was due to the acquisition of new stock. Prepare the necessary journal entry to record the increase in value.
A. ₦800,000 debit to Inventory
B. ₦800,000 credit to Inventory
Correct C. ₦800,000 debit to Inventory and ₦800,000 credit to Purchases
D. ₦800,000 credit to Inventory and ₦800,000 debit to Sales

Correct Answer: C

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Question 20 View Details
A company's trial balance as at 31st December 2022 shows an error of ₦1,500 in the debit side of the account 'Office Equipment'. The error was caused by the omission of a purchase of office equipment worth ₦1,500. Prepare the necessary journal entry to correct the error.
A. ₦1,500 debit to Office Equipment
B. ₦1,500 credit to Office Equipment
Correct C. ₦1,500 debit to Office Equipment and ₦1,500 credit to Purchases
D. ₦1,500 credit to Office Equipment and ₦1,500 debit to Sales

Correct Answer: C

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Question 21 View Details
The following is a balance sheet of a partnership firm as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
Correct C. ₦1,800,000
D. ₦1,000,000

Correct Answer: C

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Question 22 View Details
The following is a trial balance of a company as at 31st December 2022.
A. ₦1,500,000
Correct B. ₦1,200,000
C. ₦1,800,000
D. ₦1,000,000

Correct Answer: B

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Question 23 View Details
The following is a statement of affairs of a sole trader as at 31st December 2022.
Correct A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦1,000,000

Correct Answer: A

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Question 24 View Details
The following is a statement of cash flows of a company as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
Correct C. ₦1,800,000
D. ₦1,000,000

Correct Answer: C

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Question 25 View Details
The following is a statement of changes in equity of a company as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
Correct D. ₦1,000,000

Correct Answer: D

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