POST UTME UNILAG 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's control account shows the following balances:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 2
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 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company has a total of 500 units in work-in-progress (WIP) at the end of the period. Calculate the total manufacturing cost per unit.
A. ₦350
B. ₦400
C. ₦450
D. ₦500
Question 3
A company's single-entry system shows the following transactions:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 4
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation expense if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 5
A company's trial balance shows an error of ₦5,000 in the debit side of the account 'Rent and Rates'. The correct balance should be ₦10,000. What is the correct journal entry to rectify this error?
A. Debit Rent and Rates ₦5,000, Credit Profit and Loss ₦5,000
B. Debit Profit and Loss ₦5,000, Credit Rent and Rates ₦10,000
C. Debit Rent and Rates ₦10,000, Credit Profit and Loss ₦10,000
D. Debit Rent and Rates ₦10,000, Credit Rent and Rates ₦10,000
Question 6
A company has a building with a carrying value of ₦1,500,000 and a useful life of 10 years. If the company uses the straight-line method of depreciation, what is the annual depreciation expense?
A. ₦150,000
B. ₦150,000
C. ₦120,000
D. ₦100,000
Question 7
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 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company has a total of 500 units in work-in-progress (WIP) at the end of the period. Calculate the total manufacturing cost per unit.
A. ₦350
B. ₦400
C. ₦450
D. ₦500
Question 8
A company's cash book shows the following transactions:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 9
A company has the following ledger accounts: Cash ₦10,000, Accounts Payable ₦20,000, Sales Revenue ₦30,000, Cost of Goods Sold ₦25,000. What is the net income of the company?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 10
A company uses the double-entry system of accounting. If it purchases office equipment for ₦120,000 cash, what is the effect on the accounting equation?
A. Assets increase by ₦120,000 and equity decreases by ₦120,000
B. Assets increase by ₦120,000 and equity increases by ₦120,000
C. Assets decrease by ₦120,000 and equity increases by ₦120,000
D. Assets decrease by ₦120,000 and equity decreases by ₦120,000
Question 11
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 ₦150,000, what is the share of profit of partner A?
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦120,000
Question 12
A company uses the double-entry system of accounting. The following transactions were recorded in the journal during the month of January:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 13
A company's incomplete records show the following transactions:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 14
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 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company has a total of 500 units in work-in-progress (WIP) at the end of the period. Calculate the total manufacturing cost per unit.
A. ₦350
B. ₦400
C. ₦450
D. ₦500
Question 15
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦200,000 respectively. The profit-sharing ratio is 3:2. If the profit for the year is ₦100,000, how much will each partner receive?
A. A: ₦30,000, B: ₤20,000
B. A: ₦40,000, B: ₣60,000
C. A: ₦50,000, B: ₣50,000
D. A: ₦60,000, B: ₣40,000

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