POST UTME UNILAG 2023 Accounting | Objective

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Question 1
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 2:3. If the profit for the year is ₦50,000, what is the amount of profit to be distributed to partner A?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 2
A company has the following transactions: Purchased office supplies for 1,000, Sold merchandise for 5,000, Purchased equipment for 20,000. What is the net effect on the accounting equation?
A. Assets increase by 26,000, Liabilities increase by 26,000, Equity increases by 26,000
B. Assets increase by 26,000, Liabilities decrease by 26,000, Equity decreases by 26,000
C. Assets decrease by 26,000, Liabilities decrease by 26,000, Equity decreases by 26,000
D. Assets increase by 26,000, Liabilities decrease by 26,000, Equity increases by 26,000
Question 3
A company uses the straight-line method of depreciation. The company's accountant has recorded the following information: Cost of asset 10,000, Useful life 5 years, Residual value 2,000 What is the annual depreciation expense?
A. 1,600
B. 1,800
C. 2,000
D. 2,400
Question 4
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Prepare the journal entry to record the issuance of these shares.
A. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
B. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
C. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
D. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
Question 5
A manufacturing company uses the following formula to calculate its depreciation: ( ext{Depreciation} = rac{ ext{Cost} - ext{Residual Value}}{ ext{Useful Life}} ). If the cost of the asset is ₦50,000, the residual value is ₦10,000, and the useful life is 5 years, what is the depreciation?
A. ₦8,000
B. ₦8,500
C. ₦9,000
D. ₦9,500
Question 6
A company's bank statement shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 7
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The shares were subscribed for by the public for ₦ 120,000. The company also issued 5% debentures of ₦ 10,000 each at 5% discount. Prepare the share capital account and debenture account.
A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000
Question 8
A company uses the double-entry system to record its transactions. The company's accountant has recorded the following transactions in the journal: Debit: Cash 10,000, Accounts Payable 5,000, Equipment 15,000 Credit: Common Stock 20,000, Retained Earnings 5,000 What is the correct journal entry for the purchase of equipment?
A. Debit Equipment 15,000, Credit Cash 15,000
B. Debit Equipment 15,000, Credit Accounts Payable 15,000
C. Debit Equipment 15,000, Credit Common Stock 15,000
D. Debit Equipment 15,000, Credit Retained Earnings 15,000
Question 9
A company uses the straight-line method of depreciation. The company's accountant has recorded the following information: Cost of asset 10,000, Useful life 5 years, Residual value 2,000 What is the annual depreciation expense?
A. 1,600
B. 1,800
C. 2,000
D. 2,400
Question 10
A company's cash book shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 11
A company uses the cash basis of accounting. The company's accountant has recorded the following transactions in the journal: Debit: Cash 5,000, Credit: Accounts Payable 5,000 What is the correct journal entry for the purchase of equipment?
A. Debit Equipment 5,000, Credit Cash 5,000
B. Debit Equipment 5,000, Credit Accounts Payable 5,000
C. Debit Equipment 5,000, Credit Common Stock 5,000
D. Debit Equipment 5,000, Credit Retained Earnings 5,000
Question 12
A partnership firm has two partners, A and B. The capital accounts of the partners are as follows: A's capital ₦ 50,000 B's capital ₦ 30,000 The firm's profit for the year is ₦ 20,000. The profit is to be divided in the ratio of 3:2. Calculate the share of profit of each partner.
A. ₦30,000
B. ₦20,000
C. ₦30,000
D. ₦20,000
Question 13
A company uses the accrual method of accounting. The company's accountant has recorded the following transactions in the journal: Debit: Accounts Payable 5,000, Credit: Cash 5,000 What is the correct journal entry for the purchase of equipment?
A. Debit Equipment 5,000, Credit Cash 5,000
B. Debit Equipment 5,000, Credit Accounts Payable 5,000
C. Debit Equipment 5,000, Credit Common Stock 5,000
D. Debit Equipment 5,000, Credit Retained Earnings 5,000
Question 14
A company's cash book shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 15
A company's bank statement shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000

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