POST UTME UI 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 debentures of £ 100 each at a premium of £ 20 per debenture. Calculate the total amount received from the issue of debentures.
A. £ 500,000
B. £ 550,000
C. £ 600,000
D. £ 650,000
Question 2
A company has the following trial balance: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. What is the net income?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 3
A company's financial statements showed the following: Total Assets ₦500,000, Total Liabilities ₦200,000, Total Equity ₦300,000. Calculate the company's net worth.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 4
A company has a capital of ₦100,000, divided into 10,000 shares of ₦10 each. If the company issues 2,000 debentures of ₦50 each, calculate the new capital of the company.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 5
A company's trial balance showed the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000. Prepare a corrected trial balance.
A. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
B. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
C. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
D. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
Question 6
A company has the following transactions during the year ended December 31, 2023: Purchased office equipment for ₦500,000; Sold office equipment for ₦300,000; Depreciated office equipment by 20%. Calculate the profit or loss on the sale of the office equipment.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 7
A company's accounting equation is Assets = Liabilities + Equity. If the company's total assets are ₦500,000 and total liabilities are ₦200,000, calculate the company's net worth.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 8
A company has the following transactions in its incomplete records: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 15 Jan | Sales | | 15,000 | | 20 Jan | Purchases | 8,000 | | | 25 Jan | Cash | | 12,000 | Calculate the net profit or loss for the period.
A. £ 7,000
B. £ 8,000
C. £ 9,000
D. £ 10,000
Question 9
Determine the amount of cash received from the sale of shares in a company, given that the company issued 5,000 shares at ₦10 each and the market value of each share is ₦15. If the company sold 2,000 shares, calculate the total cash received.
A. ₦30,000
B. ₦60,000
C. ₦120,000
D. ₦150,000
Question 10
A government agency is considering the purchase of a new asset with a cost of £ 50,000. The asset is expected to have a useful life of 5 years and a residual value of £ 5,000. Calculate the annual depreciation using the straight-line method.
A. £ 9,000
B. £ 10,000
C. £ 11,000
D. £ 12,000
Question 11
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this discrepancy?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
B. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
C. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
D. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
Question 12
A company has the following transactions during the year ended December 31, 2023: Purchased office equipment for ₦500,000; Sold office equipment for ₦300,000; Depreciated office equipment by 20%. Calculate the net book value of the office equipment at December 31, 2023.
A. ₦400,000
B. ₦300,000
C. ₦500,000
D. ₦200,000
Question 13
A company's financial statements showed the following: Total Assets ₦500,000, Total Liabilities ₦200,000, Total Equity ₦300,000. Calculate the company's net worth.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 14
A company's trial balance showed the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000. Prepare a corrected trial balance.
A. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
B. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
C. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
D. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
Question 15
A company has the following transactions during the year ended December 31, 2023: Purchased office equipment for ₦500,000; Sold office equipment for ₦300,000; Depreciated office equipment by 20%. Calculate the gain or loss on the sale of the office equipment.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

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