POST UTME UNILAG 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the self-balancing ledger system. The company's beginning balance is ₦100,000, and its transactions during the period include a cash receipt of ₦50,000 and a cash payment of ₦20,000. Calculate the company's ending balance.
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 2
A company uses a single entry system. The following transactions are recorded in the journal: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | | 200 | What is the total amount of cash recorded in the journal?
A. ₦1200
B. ₦1000
C. ₦800
D. ₦600
Question 3
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022, shows the following balances: Cash: ₦120,000, Accounts Payable: ₦150,000, Sales Revenue: ₦500,000, Cost of Goods Sold: ₦300,000, Net Income: ₦100,000. Determine the company's net worth as at 31st December 2022.
A. ₦120,000
B. ₦170,000
C. ₦270,000
D. ₦370,000
Question 4
A company's balance sheet at the beginning of the year shows a capital of ₦3,000,000 and a profit and loss account balance of ₦1,000,000. The company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance sheet at the end of the year shows a capital of ₦5,000,000 and a profit and loss account balance of ₦2,500,000. Calculate the amount of dividends paid to shareholders.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 5
A company's trial balance shows a debit balance of ₦50,000 in the account 'Office Equipment'. However, the company's assets include a piece of equipment worth ₦60,000. What is the correct explanation for this discrepancy?
A. The company has not yet depreciated the equipment.
B. The company has not yet recorded the purchase of the equipment.
C. The company has not yet recorded the sale of the equipment.
D. The company has not yet recorded the depreciation of the equipment.
Question 6
A company's profit and loss account shows a net profit of ₦100,000. However, the company's balance sheet shows a decrease in retained earnings of ₦50,000. What is the correct explanation for this discrepancy?
A. The company has not yet recorded the sale of its assets.
B. The company has not yet recorded the purchase of its assets.
C. The company has not yet recorded the payment of its liabilities.
D. The company has not yet recorded the receipt of its liabilities.
Question 7
A company uses the double-entry system of accounting. The company's ledger accounts show the following balances: Cash: ₦120,000, Accounts Payable: ₦150,000, Sales Revenue: ₦500,000, Cost of Goods Sold: ₦300,000, Net Income: ₦100,000. Determine the company's net worth as at 31st December 2022.
A. ₦120,000
B. ₦170,000
C. ₦270,000
D. ₦370,000
Question 8
A company's balance sheet shows a current ratio of 2:1. However, the company's current assets are ₦200,000 and its current liabilities are ₦100,000. What is the correct explanation for this discrepancy?
A. The company has not yet recorded the sale of its current assets.
B. The company has not yet recorded the purchase of its current assets.
C. The company has not yet recorded the payment of its current liabilities.
D. The company has not yet recorded the receipt of its current liabilities.
Question 9
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Accounts Payable | | 200 | What is the total amount of cash recorded in the ledger?
A. ₦1200
B. ₦1000
C. ₦800
D. ₦600
Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A company uses the percentage of sales method to value its inventory. If the company's sales for the year were ₦1,500,000 and the beginning inventory was ₦300,000, and the ending inventory was ₦450,000, what is the cost of goods sold?
A. ₦1,200,000
B. ₦1,350,000
C. ₦1,500,000
D. ₦1,650,000
Question 12
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022, shows the following balances: Cash: ₦120,000, Accounts Payable: ₦150,000, Sales Revenue: ₦500,000, Cost of Goods Sold: ₦300,000, Net Income: ₦100,000. Determine the company's net worth as at 31st December 2022.
A. ₦120,000
B. ₦170,000
C. ₦270,000
D. ₦370,000
Question 13
A company prepares its financial statements using the accrual basis of accounting. The company's revenue is ₦500,000, and its expenses are ₦400,000. However, the company also has an accounts receivable balance of ₦100,000 and an accounts payable balance of ₦50,000. Calculate the company's net income.
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 14
A company issued 5,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 2,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 5,000, Credit Share Premium £ 2,500, Credit Issue Expenses £ 2,000
B. Debit Share Capital £ 5,000, Credit Share Premium £ 2,500
C. Debit Share Capital £ 5,000, Credit Issue Expenses £ 2,000
D. Debit Share Premium £ 2,500, Credit Issue Expenses £ 2,000
Question 15
In a public sector accounting system, what is the primary purpose of the 'Cash Book'?
A. To record all transactions in a chronological order
B. To record all cash transactions
C. To record all non-cash transactions
D. To record all transactions in a classified order

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