POST UTME UNIBEN 2025 Accounting | Objective

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Question 1
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount of premium received.
A. ₦3,000,000
B. ₦3,500,000
C. ₦4,000,000
D. ₦4,500,000
Question 2
A company has the following trial balance: assets of ₦1,000,000, liabilities of ₦500,000, and equity of ₦500,000. What is the company's net worth?
A. ₦500,000
B. ₦1,000,000
C. ₦500,000
D. ₦1,000,000
Question 3
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 20,000 respectively. The profit sharing ratio is 2:3. Calculate the profit to be shared by A.
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 4
A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of profits?
A. The deceased partner's share of profits is written off against the partner's capital account.
B. The deceased partner's share of profits is transferred to the partner's estate.
C. The deceased partner's share of profits is distributed among the remaining partners.
D. The deceased partner's share of profits is not distributed until the partnership is wound up.
Question 5
A manufacturing company uses a job order costing system. The company has the following costs: direct materials of ₦100,000, direct labor of ₦150,000, and overhead of ₦200,000. What is the total cost of production?
A. ₦450,000
B. ₦550,000
C. ₦450,000
D. ₦550,000
Question 6
A company has the following self-balancing ledger: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct self-balancing ledger to post the journal entry?
A. Cash
B. Sales
C. Purchase
D. Profit
Question 7
A company's single entry system for the year ended 31st December 2024 is as follows: Debit: Purchases £ 1,200,000 Wages £ 150,000 Rent £ 50,000 Credit: Returns Outwards £ 20,000 Returns Inwards £ 10,000 Drawings £ 30,000 What is the company's net profit for the year?
A. £ 300,000
B. £ 400,000
C. £ 500,000
D. £ 600,000
Question 8
A company's manufacturing account for the year ended 31st December 2024 is as follows: Direct Materials £ 500,000 Direct Labour £ 300,000 Overheads £ 200,000 Total Cost of Production £ 1,000,000 Selling Price per unit £ 50 Number of Units Sold 20,000 What is the company's gross profit for the year?
A. £ 1,000,000
B. £ 1,200,000
C. £ 1,400,000
D. £ 1,600,000
Question 9
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials 15,000, Direct Labour 20,000, Overheads 30,000. Calculate the total cost of production.
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 10
A company's cash book shows the following transactions:
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 11
A company has the following transactions: Purchased a machine for ₦500,000, and sold it for ₦600,000. What is the gain on the sale of the machine?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 12
A government agency has the following transactions: a grant of ₦500,000, a loan of ₦200,000, and a contribution of ₦300,000. What is the total amount of the agency's resources?
A. ₦1,000,000
B. ₦1,000,000
C. ₦1,000,000
D. ₦1,000,000
Question 13
A company has the following ledger accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct ledger account to post the journal entry?
A. Cash
B. Sales
C. Purchase
D. Profit
Question 14
A company's balance sheet as at 31st December shows the following:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 15
A company's trading account for the year shows the following:
A. ₦1,200,000
B. ₦1,050,000
C. ₦900,000
D. ₦750,000

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