POST UTME UNILAG 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦10,000 | ₦0 Jan 10 | ₦5,000 | ₦0 Jan 20 | ₦0 | ₦8,000 What is the balance in the cash account after these transactions?
A. ₦3,000
B. ₦8,000
C. ₦13,000
D. ₦18,000
Question 2
A company has the following accounts: Cash: ₦100,000, Accounts Payable: ₦50,000, Common Stock: ₦200,000, and Retained Earnings: ₦150,000. Prepare a balance sheet for the company.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 3
A trader purchases goods for ₦120,000 and sells them for ₦180,000. Calculate the gross profit.
A. ₦30,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 4
A company has the following ledger balances: Cash ₦50,000, Bank ₦20,000, Debtors ₦30,000, Creditors ₦10,000. Prepare a Cash Book and Bank Reconciliation Statement.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 5
A company has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦10,000 | ₦0 Jan 10 | ₦5,000 | ₦0 Jan 20 | ₦0 | ₦8,000 What is the balance in the cash account after these transactions?
A. ₦3,000
B. ₦8,000
C. ₦13,000
D. ₦18,000
Question 6
A company's bank statement balance is ₦500,000, but its cash book balance is ₦550,000. The bank statement shows a debit of ₦20,000 for a NSF check, and the cash book shows a credit of ₦30,000 for a deposit. What is the correct bank reconciliation?
A. ₦530,000
B. ₦530,000
C. ₦530,000
D. ₦530,000
Question 7
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦60,000, Paid salaries ₦10,000. Prepare a Cash Book and Bank Reconciliation Statement.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 8
A company's trial balance as at 31st December, 2019 showed the following balances: Capital: ₦500,000; Profit for the year: ₦150,000; Drawings: ₦20,000; Sales: ₦500,000; Purchases: ₦400,000. Prepare the company's Balance Sheet as at 31st December, 2019.
A. ₦1,150,000
B. ₦1,170,000
C. ₦1,190,000
D. ₦1,200,000
Question 9
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦150,000, what is the amount of share capital?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 10
A company issued 10,000 5% shares of ₦10 each at a premium of ₦5 per share. Calculate the amount received from shareholders.
A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦120,000
Question 11
A company's trading account for the year ended 31st December 2022 shows a profit of ₦150,000. The company's capital at the beginning of the year was ₦500,000 and at the end of the year was ₦650,000. Calculate the company's drawings for the year.
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 12
A company's balance sheet as at 31st December 2022 shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. Calculate the company's equity.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 13
A government agency has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦50,000 | ₦0 Jan 10 | ₦20,000 | ₦0 Jan 20 | ₦0 | ₦30,000 What is the balance in the cash account after these transactions?
A. ₦20,000
B. ₦30,000
C. ₦50,000
D. ₦60,000
Question 14
A trader purchased goods worth ₦30,000 and sold them for ₦40,000. Calculate the profit made on the transaction.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 15
A company has a bank account with a balance of ₦500,000. The company deposits ₦200,000 and withdraws ₦150,000. What is the new balance?
A. ₦550,000
B. ₦600,000
C. ₦650,000
D. ₦700,000

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