POST UTME UI 2022 Accounting | Objective

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Question 1
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
D. ₦1,000,000
Question 2
A company's partnership agreement states that the profits and losses are to be shared in the ratio 2:3. If the company's net income for the year is ₦150,000, and the capital of the partners is ₦200,000, ₦300,000, and ₦400,000, respectively, what is the amount of cash to be distributed to each partner?
A. ₦50,000, ₦75,000, ₦100,000
B. ₦60,000, ₦90,000, ₦120,000
C. ₦70,000, ₦105,000, ₦140,000
D. ₦80,000, ₦120,000, ₦160,000
Question 3
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
D. ₦350,000
Question 4
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
C. ₦750,000
D. ₦850,000
Question 5
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
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
Question 6
A company uses the double-entry system of accounting. On January 1, 2022, it had the following ledger accounts:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 7
A company purchased a machine for ₦150,000 and sold it for ₦120,000. Calculate the loss on the sale of the machine.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
The following is a statement of cash flows of a company as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦1,000,000
Question 9
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.
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
Question 10
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the amount received from the issue of shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 11
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
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
D. Increases equity and decreases assets
Question 12
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
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 13
A company's manufacturing process involves the following steps: raw materials are purchased, converted into work-in-progress, and then sold as finished goods. If the company's cost of goods sold is ₦300,000, and the company's ending inventory is ₦50,000, what is the company's cost of goods manufactured?
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 14
A company's trial balance shows the following balances: ₦500,000 in Sales, ₦200,000 in Cost of Goods Sold, ₦150,000 in Operating Expenses, and ₦100,000 in Interest Expense. What is the company's net income?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 15
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
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

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