POST UTME UNIBEN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions:
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 2
A company has the following ledger balances: Debtors ₦ 50,000, Creditors ₦ 30,000, Cash ₦ 20,000, Bank ₦ 10,000 What is the total amount of assets?
A. ₦ 80,000
B. ₦ 90,000
C. ₦ 100,000
D. ₦ 110,000
Question 3
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials ₦ 10,000, Work-in-Progress ₦ 20,000, Factory Overheads ₦ 15,000 Credit: Purchases ₦ 30,000, Wages ₦ 25,000, Rent ₦ 10,000 What is the accounting equation after these transactions?
A. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 0
B. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 75,000
C. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 100,000
D. Assets = ₦ 100,000, Liabilities = ₦ 0, Equity = ₦ 75,000
Question 4
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₦420,000
B. ₦450,000
C. ₦480,000
D. ₦510,000
Question 5
A company uses the double-entry system of accounting. The company's trial balance shows the following accounts: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. If the company's total assets are ₦500,000, what is the amount of the company's total liabilities?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 6
A company uses the single entry system to record its transactions. The company's assets increased by ₦50,000 and its liabilities increased by ₦20,000. What is the net increase in the company's equity?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦40,000, Accounts Receivable ₦20,000, Sales Revenue ₦180,000, Cost of Goods Sold ₦100,000. Prepare a corrected trial balance.
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 8
A company has the following transactions:
A. ₦100,000
B. ₦125,000
C. ₦150,000
D. ₦175,000
Question 9
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 is as follows:
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 10
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that will be distributed to partner B.
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 11
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that will be distributed to partner A.
A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 12
A company uses the straight-line method of depreciation. If the asset has a useful life of 5 years and a residual value of ₦20,000, what is the annual depreciation charge?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000. Prepare a corrected trial balance.
A. ₦30,000
B. ₦50,000
C. ₦70,000
D. ₦100,000
Question 14
A company has the following ledger balances: Debtors ₦ 50,000, Creditors ₦ 30,000, Cash ₦ 20,000, Bank ₦ 10,000 What is the total amount of assets?
A. ₦ 80,000
B. ₦ 90,000
C. ₦ 100,000
D. ₦ 110,000
Question 15
A company has a departmental account that shows the following transactions: Debit Manufacturing Department ₦100,000, Credit Sales Department ₦50,000, and Debit Common Stock ₦200,000. If the company's total assets are ₦1,200,000, what is the amount of the company's total liabilities?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000

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