POST UTME UNIBEN 2018 Accounting | Objective

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Question 1
A company's trading account for the year ended 31st December 2018 is as follows: Debit: Sundry Expenses: ₦120,000 Wages: ₦150,000 Rent: ₦80,000 Credit: Sales: ₦1,200,000 Purchases: ₦900,000 Determine the company's net profit for the year.
A. ₦120,000
B. ₦150,000
C. ₦80,000
D. ₦200,000
Question 2
The following is the bank reconciliation statement of XYZ Ltd. as at 31st December 2017.
A. ₦100,000
B. ₦125,000
C. ₦150,000
D. ₦175,000
Question 3
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦150,000, Common Stock ₦500,000, Dividends ₦20,000, Retained Earnings ₦300,000. What is the company's total equity?
A. ₦820,000
B. ₦900,000
C. ₦1,020,000
D. ₦1,200,000
Question 4
A company's trial balance shows the following balances.
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 5
A company has the following transactions during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
The following is the trial balance of XYZ Ltd. as at 31st December 2017.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 7
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 8
A company has the following ledger balances at the end of the year:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦150,000 and its useful life is 5 years, what is the annual depreciation?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 10
A company's income statement shows the following: Sales ₦1,500,000, Cost of Goods Sold ₦900,000, Operating Expenses ₦200,000. What is the company's gross profit?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 11
A company has a capital of ₦500,000 and a profit of ₦150,000. If the company issues 5,000 shares of ₦1 each, what is the new capital?
A. ₦650,000
B. ₦600,000
C. ₦700,000
D. ₦750,000
Question 12
A company's balance sheet shows the following balances: Cash ₦20,000, Accounts Payable ₦50,000, Common Stock ₦100,000. Prepare the company's statement of stockholders' equity.
A. Common Stock ₦100,000, Retained Earnings ₦0, Dividends ₦0
B. Common Stock ₦100,000, Retained Earnings ₦0, Dividends ₦0, Treasury Stock ₦0
C. Common Stock ₦100,000, Retained Earnings ₦0, Dividends ₦0, Treasury Stock ₦0, Additional Paid-in Capital ₦0
D. Common Stock ₦100,000, Retained Earnings ₦0, Dividends ₦0, Treasury Stock ₦0, Additional Paid-in Capital ₦0, Foreign Currency Translation Adjustment ₦0
Question 13
The following is the balance sheet of ABC Ltd. as at 31st December 2017.
A. ₦750,000
B. ₦1,000,000
C. ₦1,250,000
D. ₦1,500,000
Question 14
A company has the following balance sheet: | Asset | ₦ | Liability | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Accounts Payable | 5,000 | | Accounts Receivable | 20,000 | Notes Payable | 10,000 | | Inventory | 30,000 | Common Stock | 20,000 | | Total | 60,000 | Total | 55,000 | What is the amount of the company's net income?
A. ₦ 5,000
B. ₦ 10,000
C. ₦ 15,000
D. ₦ 20,000
Question 15
A company's trial balance shows the following balances.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000

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