POST UTME UI 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 2nd Jan | Bank | | 5,000 | | 3rd Jan | Cash | | 10,000 | What is the balance of the bank account?
A. ₦ 5,000
B. ₦ 10,000
C. ₦ 15,000
D. ₦ 20,000
Question 2
A company's cash flow statement is prepared to show the company's inflows and outflows of cash and cash equivalents.
A. True
B. False
C. Maybe
D. Depends
Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 2nd Jan | Bank | | 5,000 | | 3rd Jan | Cash | | 10,000 | What is the balance of the cash account?
A. ₦ 5,000
B. ₦ 10,000
C. ₦ 15,000
D. ₦ 20,000
Question 4
A trial balance is prepared to ensure that the total debit equals the total credit.
A. True
B. False
C. Maybe
D. Depends
Question 5
A company's cash book shows the following transactions: ₦10,000 received from customers, ₦8,000 paid to suppliers, ₦5,000 received from bank, ₦3,000 paid to bank. Prepare a cash book and bank reconciliation statement.
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The shares were issued for ₦ 120,000. Calculate the amount received from the issue of shares.
A. ₦ 100,000
B. ₦ 110,000
C. ₦ 120,000
D. ₦ 130,000
Question 7
A government agency's financial statement shows a revenue of ₦500,000 and an expenditure of ₦600,000. What is the net result?
A. ₦100,000 surplus
B. ₦100,000 deficit
C. ₦500,000 surplus
D. ₦600,000 surplus
Question 8
A company has two departments: A and B. Department A has a budget of ₦1,000,000, and department B has a budget of ₦800,000. The company's total budget is ₦2,000,000. What is the percentage of the total budget allocated to department A?
A. 40%
B. 50%
C. 60%
D. 70%
Question 9
A company's balance sheet as at 31st December shows the following: | Liabilities | ₦ | Assets | ₦ | | --- | --- | --- | --- | | Share Capital | 50,000 | Cash | 10,000 | | Reserves | 30,000 | Debtors | 20,000 | | Loans | 20,000 | Stock | 30,000 | | Creditors | | | | What is the amount of creditors?
A. ₦ 10,000
B. ₦ 20,000
C. ₦ 30,000
D. ₦ 40,000
Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount received from the issue of shares and debentures?
A. ₦15,500
B. ₦16,500
C. ₦17,500
D. ₦18,500
Question 11
A company's trading account for the year ended 31st December shows the following: | Particulars | ₦ | ₦ | | --- | --- | --- | | Sales | 100,000 | | | Purchases | | 80,000 | | Returns Outwards | | 5,000 | | Returns Inwards | 2,000 | | | Carriage Inwards | | 10,000 | | Carriage Outwards | 15,000 | | | Discount Allowed | | 2,000 | | Discount Received | 1,000 | | What is the gross profit?
A. ₦ 15,000
B. ₦ 20,000
C. ₦ 25,000
D. ₦ 30,000
Question 12
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
A. The company has not recorded a deposit of ₦30,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The company has not recorded a bank charge of ₦30,000.
D. The company has not recorded a loan of ₦30,000.
Question 13
A bank's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. What is the reason for the discrepancy?
A. The bank has made an error in its cash book
B. The bank has made an error in its bank statement
C. The bank has made a deposit of ₦30,000
D. The bank has made a withdrawal of ₦30,000
Question 14
A company issued 5,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 15
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 2nd Jan | Bank | | 5,000 | | 3rd Jan | Cash | | 10,000 | What is the balance of the bank account?
A. ₦ 5,000
B. ₦ 10,000
C. ₦ 15,000
D. ₦ 20,000

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