POST UTME UNIBEN 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the double-entry system to record its transactions. The following transactions were recorded during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 2
A firm purchased a machine for ₦200,000 and immediately spent ₦15,000 on its installation. Calculate the total cost of the machine.
A. ₦215,000
B. ₦215,000
C. ₦215,000
D. ₦215,000
Question 3
A company uses the straight-line method to depreciate its assets. The following information is available for the year ended December 31, 2022: Cost of asset: ₦500,000 Estimated useful life: 5 years Residual value: ₦50,000 What is the annual depreciation for the year?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 4
A company issued 5,000, 10% shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000
Question 5
A company has the following assets: Buildings £ 50,000, Machinery £ 30,000, and Vehicles £ 20,000. If the company depreciates the assets by 10% per annum, what is the total depreciation for the year?
A. £ 6,000
B. £ 7,000
C. £ 8,000
D. £ 9,000
Question 6
A firm purchased a machine for ₦250,000 and immediately spent ₦20,000 on its installation. Calculate the total cost of the machine.
A. ₦270,000
B. ₦270,000
C. ₦270,000
D. ₦270,000
Question 7
A company has the following transactions: Purchased £ 10,000 worth of goods on credit. Sold £ 8,000 worth of goods for cash. Paid £ 2,000 in cash for rent. What is the total amount of cash received or paid?
A. £ 6,000
B. £ 8,000
C. £ 10,000
D. £ 12,000
Question 8
A company's profit and loss statement as of December 31, 20X7, is as follows:
A. 50,000
B. 75,000
C. 100,000
D. 125,000
Question 9
A company uses the accrual method of accounting. The following information is available for the year ended December 31, 2022: Salaries earned by employees: ₦500,000 Salaries paid to employees: ₦400,000 Rent received from tenants: ₦200,000 Rent paid to landlord: ₦150,000 What is the net income for the year?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 10
A company uses the cash book to record its cash transactions. The cash book shows the following entries: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000, and Cash received from bank ₦20,000. What is the total amount of cash received by the company?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 11
A company's trial balance as of December 31, 20X7, is as follows:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 12
A company issues 10,000, ₦1 shares at ₦2 per share. The issue is fully subscribed. Prepare the journal entry to record the issue of shares.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 13
A company has the following transactions: Purchased £ 10,000 worth of goods on credit. Sold £ 8,000 worth of goods for cash. Paid £ 2,000 in cash for rent. What is the total amount of cash received or paid?
A. £ 6,000
B. £ 8,000
C. £ 10,000
D. £ 12,000
Question 14
A company's balance sheet as of December 31, 20X7, is as follows:
A. 100,000
B. 150,000
C. 200,000
D. 250,000
Question 15
A company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000 Cost of goods sold: ₦1,200,000 Beginning inventory: ₦300,000 Purchases: ₦900,000 What is the cost of goods sold using the weighted average method?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

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