POST UTME UNIBEN 2022 Accounting | Objective

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Question 1 View Details
A company uses the cash book to record all its cash transactions. The cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the most likely reason for the discrepancy?
Correct A. The company has not recorded a deposit of ₦30,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The bank has charged a fee of ₦30,000.
D. The company has not recorded a loan of ₦30,000.

Correct Answer: A

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Question 2 View Details
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
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 3 View Details
A company purchases a machine for ₦200,000. The machine has a useful life of 5 years and a residual value of ₦20,000. What is the annual depreciation charge?
A. ₦36,000
B. ₦40,000
Correct C. ₦42,000
D. ₦44,000

Correct Answer: C

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Question 4 View Details
A company has the following ledger accounts: Cash ₦100,000, Bank ₦50,000, Accounts Payable ₦20,000, and Accounts Receivable ₦30,000. What is the total value of the company's assets?
A. ₦200,000
B. ₦220,000
Correct C. ₦240,000
D. ₦260,000

Correct Answer: C

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Question 5 View Details
A company has the following trial balance: Debit ₦100,000, Credit ₦120,000. What is the error in the trial balance?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 6 View Details
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.
Correct A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 7 View Details
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
Correct A. ₦420,000
B. ₦450,000
C. ₦480,000
D. ₦510,000

Correct Answer: A

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Question 8 View Details
A company issues 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of interest that will be paid on the debentures after 2 years.
A. ₦2,000
Correct B. ₦2,500
C. ₦3,000
D. ₦3,500

Correct Answer: B

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Question 9 View Details
A company has an asset that cost ₦50,000 and has a residual value of ₦10,000. Calculate the annual depreciation using the straight-line method.
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 10 View Details
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
Correct B. ₦60,000
C. ₦80,000
D. ₦100,000

Correct Answer: B

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Question 11 View Details
A company issued 10,000 shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦100,000
Correct C. ₦200,000
D. ₦500,000

Correct Answer: C

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Question 12 View Details
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
Correct B. ₦50,000
C. ₦70,000
D. ₦100,000

Correct Answer: B

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Question 13 View Details
A government agency received ₦1,000,000 from the federal government for a project. The agency spent ₦800,000 on materials and ₦150,000 on labor. Prepare a journal entry to record the expenditure.
Correct A. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
B. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
C. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
D. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000

Correct Answer: A

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Question 14 View Details
A company issued 5,000 shares of ₦10 each at a premium of ₦3. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦100,000
Correct C. ₦200,000
D. ₦500,000

Correct Answer: C

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Question 15 View Details
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
Correct B. ₦40,000
C. ₦60,000
D. ₦80,000

Correct Answer: B

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Question 16 View Details
A government agency received ₦500,000 from the federal government for a project. The agency spent ₦300,000 on materials and ₦100,000 on labor. Prepare a journal entry to record the expenditure.
Correct A. Debit Materials ₦300,000, Debit Labor ₦100,000, Credit Expenditure ₦400,000
B. Debit Materials ₦300,000, Debit Labor ₦100,000, Credit Expenditure ₦400,000
C. Debit Materials ₦300,000, Debit Labor ₦100,000, Credit Expenditure ₦400,000
D. Debit Materials ₦300,000, Debit Labor ₦100,000, Credit Expenditure ₦400,000

Correct Answer: A

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Question 17 View Details
A company issued 10,000 shares of ₦2 each at a premium of ₦1. Calculate the total amount received from the issue of shares.
A. ₦20,000
B. ₦40,000
Correct C. ₦60,000
D. ₦80,000

Correct Answer: C

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Question 18 View Details
A company's trial balance shows the following balances: Accounts Payable ₦60,000, Accounts Receivable ₦30,000, Sales Revenue ₦220,000, Cost of Goods Sold ₦140,000. Prepare a corrected trial balance.
A. ₦30,000
Correct B. ₦60,000
C. ₦90,000
D. ₦120,000

Correct Answer: B

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Question 19 View Details
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the most likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
Correct B. The bank has charged a fee for the overdraft.
C. The company has not yet received the cash from the customer.
D. The bank has made an error in the statement.

Correct Answer: B

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Question 20 View Details
A government agency is required to prepare a cash flow statement. Which of the following items would be included in the operating activities section?
A. Depreciation of assets
B. Increase in accounts payable
C. Payment of dividends
Correct D. Collection of taxes

Correct Answer: D

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Question 21 View Details
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
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 22 View Details
A company's trial balance shows the following balances: Accounts Receivable ₦100,000, Sales Revenue ₦500,000, and Cost of Goods Sold ₦300,000. What is the net income?
A. ₦200,000
Correct B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: B

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Question 23 View Details
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦100,000, and Common Stock ₦200,000. What is the total liabilities and equity?
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 24 View Details
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?
Correct 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

Correct Answer: A

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Question 25 View Details
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
Correct C. ₦ 100,000
D. ₦ 110,000

Correct Answer: C

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