POST UTME UNIBEN 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 2
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
C. ₦300,000
D. ₦350,000
Question 3
A company's trading account shows a profit of ₦200,000. The company's profit and loss account shows a net profit of ₦250,000. The difference is due to a non-trading income of ₦50,000. What is the correct net profit of the company?
A. ₦250,000
B. ₦200,000
C. ₦300,000
D. ₦350,000
Question 4
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?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 5
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.
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'
Question 6
A company's manufacturing account shows a cost of goods sold of ₦400,000. The company's trading account shows a sales revenue of ₦600,000. What is the company's gross profit?
A. ₦200,000
B. ₦150,000
C. ₦100,000
D. ₦50,000
Question 7
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.
A. ₦830,000
B. ₦830,000
C. ₦830,000
D. ₦830,000
Question 8
A company's manufacturing account shows the following information: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Raw Materials | ₦10,000 | | | 2 Jan | Labour | ₦5,000 | | | 3 Jan | Factory Expenses | ₦2,000 | | | 4 Jan | Work-in-Progress | | ₦17,000 | What is the cost of goods manufactured?
A. ₦17,000
B. ₦17,500
C. ₦18,000
D. ₦18,500
Question 9
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.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 10
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.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 11
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
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company has the following ledger accounts: Dr. Cash A/c 10,000, Cr. Bank A/c 10,000. What is the effect of this entry on the company's cash balance?
A. The cash balance increases by 10,000.
B. The cash balance decreases by 10,000.
C. The cash balance remains unchanged.
D. The cash balance increases by 5,000.
Question 13
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
C. ₦100,000
D. ₦105,000
Question 14
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.
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
Question 15
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
D. Partner's Loan

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: