POST UTME UNILAG 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following incomplete records: Purchases: ₦150,000, Sales: ₦200,000, Returns Outwards: ₦10,000, Returns Inwards: ₦5,000. Calculate the net profit for the period.
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 2
The following is a diagram of a simple titration setup.
A. The titration is complete.
B. The titration is not complete.
C. The burette is not connected.
D. The beaker is not connected.
Question 3
A company issues 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. Calculate the total amount received from the issue of shares.
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000
Question 4
A company uses the double-entry system to record its transactions. The company's journal shows the following entry: 'Debit Cash ₦100,000, Credit Office Supplies ₦100,000'. What is the effect of this entry on the company's financial statements?
A. The entry will increase the company's cash balance and decrease its office supplies balance.
B. The entry will decrease the company's cash balance and increase its office supplies balance.
C. The entry will have no effect on the company's financial statements.
D. The entry will increase the company's office supplies balance and decrease its cash balance.
Question 5
A company issues 5,000 debentures of ₦100 each at a discount of 5%. If the company receives a total of ₦450,000, what is the amount received from the issue of debentures?
A. ₦425,000
B. ₦450,000
C. ₦475,000
D. ₦500,000
Question 6
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that profits will be shared in the ratio 3:2. If the partnership earns a profit of ₦1,200,000, calculate the amount of profit that will be shared by A.
A. ₦600,000
B. ₦450,000
C. ₦300,000
D. ₦200,000
Question 7
A company's single entry system shows a total of ₦ 50,000 as the total of all transactions for the year. The company's capital at the beginning of the year was ₦ 100,000. Calculate the company's capital at the end of the year.
A. ₦ 150,000
B. ₦ 200,000
C. ₦ 250,000
D. ₦ 300,000
Question 8
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦250,000, what is the amount received from the issue of shares?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 9
The following is a statement of affairs of XYZ Ltd. at the end of the year.
A. ₦150,000
B. ₦175,000
C. ₦200,000
D. ₦225,000
Question 10
A company's balance sheet shows a current asset of ₦200,000 and a current liability of ₦150,000. If the company's net worth is ₦500,000, what is the company's retained earnings?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 11
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. If the partnership earns a profit of ₦200,000, and A's share of the profit is ₦80,000, what is B's share of the profit?
A. ₦120,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 12
A company issued 10,000 shares of ₠ 5 each at a premium of ₠ 2 per share. Calculate the total amount received from the issue of shares.
A. ₠ 50,000
B. ₠ 60,000
C. ₠ 70,000
D. ₠ 80,000
Question 13
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, what is the share of profit of partner A?
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 14
Determine the value of the asset 'Building' at the end of the year, given that it was purchased for ₦5,000,000, has a useful life of 10 years, and a residual value of ₦500,000. The company uses the straight-line method of depreciation.
A. ₦4,500,000
B. ₦4,000,000
C. ₦3,500,000
D. ₦3,000,000
Question 15
A company's balance sheet shows a total assets of ₠ 100,000 and total liabilities of ₠ 50,000. What is the company's net worth?
A. ₠ 50,000
B. ₠ 75,000
C. ₠ 100,000
D. ₠ 125,000

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