Practice Post UTME UNIBEN accounting 2019 Past Questions

Question 1

A company's trial balance shows a debit balance of ₦25,000 in the 'Office Supplies' account. Prepare the necessary journal entry to close the account.

Correct A. ₦25,000 debit to 'Office Supplies' and ₦25,000 credit to 'Office Supplies Expense'

B. ₦25,000 debit to 'Office Supplies Expense' and ₦25,000 credit to 'Office Supplies'

C. ₦25,000 debit to 'Office Supplies' and ₦25,000 credit to 'Office Supplies Expense'

D. ₦25,000 debit to 'Office Supplies Expense' and ₦25,000 credit to 'Office Supplies'

Correct Answer: A

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Question 2

A company has the following transactions for the month of January: Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000 Prepare the company's journal entries for the month.

Correct A. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

B. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

C. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

D. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

Correct Answer: A

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Question 3

A company has the following balance sheet as at December 31, 2022: ₦ Cash ₦50,000 ₦ Bank ₦20,000 ₦ Office Equipment ₦30,000 ₦ Office Supplies ₦10,000 Prepare the company's balance sheet as at December 31, 2022.

Correct A. ₦ Cash ₦50,000 ₦ Bank ₦20,000 ₦ Office Equipment ₦30,000 ₦ Office Supplies ₦10,000

B. ₦ Cash ₦50,000 ₦ Bank ₦20,000 ₦ Office Equipment ₦30,000 ₦ Office Supplies ₦10,000

C. ₦ Cash ₦50,000 ₦ Bank ₦20,000 ₦ Office Equipment ₦30,000 ₦ Office Supplies ₦10,000

D. ₦ Cash ₦50,000 ₦ Bank ₦20,000 ₦ Office Equipment ₦30,000 ₦ Office Supplies ₦10,000

Correct Answer: A

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Question 4

A company has the following transactions for the month of January: Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000 Prepare the company's journal entries for the month.

Correct A. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

B. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

C. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

D. Jan 1: Cash ₦10,000 Jan 5: Sales ₦20,000 Jan 10: Purchases ₦15,000 Jan 15: Cash ₦5,000 Jan 20: Sales ₦30,000 Jan 25: Purchases ₦20,000 Jan 31: Cash ₦10,000

Correct Answer: A

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Question 5

A company uses the single entry system of accounting. The following transactions occurred during the year: Depreciation on machinery: ₦120,000 Salaries and wages: ₦150,000 Rent: ₦30,000 Purchases: ₦200,000 Sales: ₦250,000 Determine the net profit or loss for the year.

Correct A. ₦20,000

B. ₦30,000

C. ₦40,000

D. ₦50,000

Correct Answer: A

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Question 6

A company's assets are valued as follows: Machinery: ₦150,000 Vehicles: ₦80,000 Land: ₦200,000 Building: ₦300,000 Determine the total value of the company's assets.

Correct A. ₦830,000

B. ₦830,000

C. ₦830,000

D. ₦830,000

Correct Answer: A

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Question 7

A government agency has the following transactions: Salaries and wages: ₦100,000 Rent: ₦20,000 Purchases: ₦150,000 Sales: ₦200,000 Determine the net profit or loss for the year.

Correct A. ₦50,000

B. ₦60,000

C. ₦70,000

D. ₦80,000

Correct Answer: A

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Question 8

A company's final accounts are as follows: Trading account: Sales: ₦250,000 Purchases: ₦200,000 Cost of goods sold: ₦180,000 Gross profit: ₦70,000 Profit and loss account: Salaries and wages: ₦100,000 Rent: ₦20,000 Purchases: ₦150,000 Sales: ₦200,000 Determine the net profit or loss for the year.

Correct A. ₦30,000

B. ₦40,000

C. ₦50,000

D. ₦60,000

Correct Answer: A

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Question 9

A company's balance sheet is as follows: Assets: Machinery: ₦150,000 Vehicles: ₦80,000 Land: ₦200,000 Building: ₦300,000 Liabilities: Loans: ₦100,000 Capital: ₦200,000 Determine the total value of the company's assets.

Correct A. ₦830,000

B. ₦830,000

C. ₦830,000

D. ₦830,000

Correct Answer: A

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Question 10

In a partnership account, the capital of a partner who has left the business is shown as a liability on the balance sheet. What is the name of this liability?

A. Drawings Account

B. Capital Account

C. Profit and Loss Account

Correct D. Partner's Loan

Correct Answer: D

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Question 11

A business has an incomplete record of its transactions. The following information is available: Opening balance of cash 10,000; cash received from customers 20,000; cash paid to suppliers 15,000; and closing balance of cash 18,000. What is the total amount of cash received from customers?

A. 18,000

Correct B. 20,000

C. 22,000

D. 25,000

Correct Answer: B

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Question 12

A bank reconciliation statement shows a difference of 1,000 between the bank's statement and the business's records. The business's records show a balance of 10,000, while the bank's statement shows a balance of 9,000. What is the reason for the difference?

A. Bank's error

B. Business's error

Correct C. NSF cheque

D. Interest on overdraft

Correct Answer: C

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Question 13

A business has a control account for its cash. The control account shows a balance of 20,000, while the cash book shows a balance of 18,000. What is the reason for the difference?

A. Bank's error

B. Business's error

Correct C. NSF cheque

D. Interest on overdraft

Correct Answer: C

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Question 14

A business has a self-balancing ledger for its cash. The ledger shows a balance of 25,000. What is the reason for the balance?

A. Bank's error

B. Business's error

C. NSF cheque

Correct D. Interest on overdraft

Correct Answer: D

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Question 15

A company's financial statements for the year ended December 31, 2018, showed a net profit of ₦1,500,000. The company's retained earnings as at December 31, 2017, were ₦800,000. If the company's dividend paid to shareholders was ₦200,000, what was the company's retained earnings as at December 31, 2018?

A. ₦1,300,000

B. ₦1,400,000

Correct C. ₦1,500,000

D. ₦1,600,000

Correct Answer: C

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Question 16

A company issued 5,000, 10% debentures of ₦100 each at a discount of 5% on January 1, 2018. The debentures are redeemable at par on January 1, 2023. If the company's interest rate is 12% per annum, what is the annual interest on the debentures?

A. ₦25,000

Correct B. ₦30,000

C. ₦35,000

D. ₦40,000

Correct Answer: B

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Question 17

A partnership was formed on January 1, 2018, between A, B, and C with a capital of ₦500,000, ₦300,000, and ₦200,000, respectively. If the profit-sharing ratio is 2:3:1, what is the total profit for the year ended December 31, 2018?

A. ₦200,000

B. ₦250,000

Correct C. ₦300,000

D. ₦350,000

Correct Answer: C

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Question 18

A company purchased a machine on January 1, 2018, for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. If the company uses the straight-line method of depreciation, what is the annual depreciation for the year ended December 31, 2018?

A. ₦90,000

B. ₦95,000

Correct C. ₦100,000

D. ₦105,000

Correct Answer: C

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Question 19

A company's cash book showed a balance of ₦150,000 on January 1, 2018. During the year, the company deposited ₦500,000 and withdrew ₦200,000. If the bank statement showed a balance of ₦180,000 on December 31, 2018, what is the bank reconciliation statement?

A. ₦10,000

Correct B. ₦20,000

C. ₦30,000

D. ₦40,000

Correct Answer: B

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Question 20

A company issued 10,000, 5% preference shares of ₦10 each on January 1, 2018. If the company's dividend rate is 5% per annum, what is the total dividend paid to preference shareholders for the year ended December 31, 2018?

A. ₦25,000

Correct B. ₦30,000

C. ₦35,000

D. ₦40,000

Correct Answer: B

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Question 21

A company's balance sheet as at December 31, 2017, showed a total equity of ₦1,000,000. If the company's retained earnings as at December 31, 2017, were ₦800,000, what is the total profit for the year ended December 31, 2018?

A. ₦200,000

B. ₦250,000

Correct C. ₦300,000

D. ₦350,000

Correct Answer: C

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Question 22

A company purchased a machine on January 1, 2018, for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. If the company uses the reducing-balance method of depreciation, what is the annual depreciation for the year ended December 31, 2018?

A. ₦90,000

B. ₦95,000

Correct C. ₦100,000

D. ₦105,000

Correct Answer: C

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Question 23

A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures and the amount of discount on the debentures.

Correct A. ₦475,000

B. ₦500,000

C. ₦475,000

D. ₦500,000

Correct Answer: A

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Question 24

A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦5,000 | | | 2 Jan | Bank | | ₦5,000 | | 3 Jan | Cash | | ₦2,000 | | 4 Jan | Bank | ₦2,000 | | | 5 Jan | Cash | | ₦1,000 | | 6 Jan | Bank | ₦1,000 | | | 7 Jan | Cash | | ₦500 | | 8 Jan | Bank | ₦500 | | | 9 Jan | Cash | | ₦200 | | 10 Jan | Bank | ₦200 | | | 11 Jan | Cash | | ₦100 | | 12 Jan | Bank | ₦100 | | What is the balance of the cash book?

Correct A. ₦3,700

B. ₦3,800

C. ₦3,900

D. ₦4,000

Correct Answer: A

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Question 25

A company's ledger shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Bank | | ₦10,000 | | Debtors | ₦20,000 | | | Creditors | | ₦20,000 | | Capital | ₦50,000 | | | Profit | | ₦50,000 | What is the total amount of assets and liabilities?

Correct A. ₦150,000

B. ₦160,000

C. ₦170,000

D. ₦180,000

Correct Answer: A

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