POST UTME UNILAG 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company purchased a machine for ₦1,500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 2
A company uses the self-balancing ledger system. The company's ledger account for the year ended 31st December 2022 is as follows: Debit: ₦200,000; Credit: ₦200,000 What is the effect of this ledger account on the company's financial position?
A. The company's assets will decrease by ₦200,000.
B. The company's liabilities will increase by ₦200,000.
C. The company's equity will decrease by ₦200,000.
D. The company's assets will increase by ₦200,000.
Question 3
A company's balance sheet shows a non-current asset of ₦150,000 and a non-current liability of ₦120,000. What is the net non-current position?
A. ₦30,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 4
A company's trading account shows a profit of ₦20,000. However, the profit and loss account shows a loss of ₦15,000. What is the correct explanation for this discrepancy?
A. The company has a loan outstanding with the bank.
B. The company has deposited cash into the bank but has not yet been credited.
C. The company has written a cheque but has not yet been debited.
D. The company has a credit balance in its trading account but a debit balance in its profit and loss account.
Question 5
A company uses the self-balancing ledger system. The company's ledger account for the year ended 31st December 2022 is as follows: Debit: ₦200,000; Credit: ₦200,000 What is the effect of this ledger account on the company's financial position?
A. The company's assets will decrease by ₦200,000.
B. The company's liabilities will increase by ₦200,000.
C. The company's equity will decrease by ₦200,000.
D. The company's assets will increase by ₦200,000.
Question 6
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department incurs costs of ₦120,000 and the Assembly department incurs costs of ₦180,000. The company produces 1,000 units of a product. The Cutting department incurs a direct labor cost of ₦50 per unit and the Assembly department incurs a direct labor cost of ₦30 per unit. The company uses a predetermined overhead rate of 150% of direct labor cost. Calculate the total cost of production for the 1,000 units.
A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000
Question 7
A company purchases a machine for ₦50,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
A. ₦30,500
B. ₦31,500
C. ₦32,500
D. ₦33,500
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to each partner.
A. ₦45,000
B. ₦60,000
C. ₦75,000
D. ₦90,000
Question 9
A company uses the single entry system to record its transactions. If the single entry account shows a balance of ₦80,000 and the ledger account shows a balance of ₦90,000, what is the difference between the two balances?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 10
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦95,000
C. ₦100,000
D. ₦105,000
Question 11
A company's assets are valued at ₦1,000,000. The company's liabilities are ₦500,000. Calculate the company's net worth.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 12
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
B. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
C. Debit Rent Paid ₦20,000, Credit Rent Received ₦20,000
D. Debit Rent Received ₦15,000, Credit Rent Paid ₦15,000
Question 13
A trader's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Sales | | 1,500 | | 3rd Jan | Cash | | 1,200 | | 4th Jan | Purchases | 800 | | | 5th Jan | Cash | | 900 | What is the balance in the cash book on 5th January?
A. ₦1,700
B. ₦1,800
C. ₦1,900
D. ₦2,000
Question 14
A company uses the double entry system of accounting. The company's trial balance as at 31st December 2022 is as follows: Assets: ₦1,500,000; Liabilities: ₦800,000; Equity: ₦700,000 The company's accountant has prepared the following journal entry for the year: Debit: ₦200,000; Credit: ₦200,000 What is the effect of this journal entry on the company's financial position?
A. The company's assets will decrease by ₦200,000.
B. The company's liabilities will increase by ₦200,000.
C. The company's equity will decrease by ₦200,000.
D. The company's assets will increase by ₦200,000.
Question 15
A company uses a self-balancing ledger to record its transactions. If the ledger shows a balance of ₦100,000 and the control account shows a balance of ₦120,000, what is the difference between the two balances?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

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