POST UTME UNILORIN 2017 Accounting | Objective

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Question 1
A company uses the double entry system to record its transactions. The company's ledger accounts are as follows: Debitors ¡ 100,000, Creditors ¡ 80,000, Capital ¡ 200,000. What is the total amount of the company's assets?
A. ₦180,000
Correct B. ₦220,000
C. ₦280,000
D. ₦380,000

Correct Answer: B

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Question 2
A partnership has two partners, A and B. The capital contributions of A and B are ₦100,000 and ₦150,000 respectively. The profit sharing ratio is 2:3. What is the amount of profit that will be shared by partner A?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 1,000 | | 3rd Jan | Cash | | 500 | | 4th Jan | Bank | 500 | | | 5th Jan | Cash | | 1,000 | | 6th Jan | Bank | 1,000 | | | 7th Jan | Cash | | 500 | | 8th Jan | Bank | 500 | | | 9th Jan | Cash | | 1,000 | | 10th Jan | Bank | 1,000 | | What is the balance in the cash account on 10th Jan?
A. ₦0
B. ₦500
Correct C. ₦1,000
D. ₦1,500

Correct Answer: C

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Question 4
A government agency has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 2nd Jan | Bank | | 10,000 | | 3rd Jan | Cash | | 5,000 | | 4th Jan | Bank | 5,000 | | | 5th Jan | Cash | | 10,000 | | 6th Jan | Bank | 10,000 | | | 7th Jan | Cash | | 5,000 | | 8th Jan | Bank | 5,000 | | | 9th Jan | Cash | | 10,000 | | 10th Jan | Bank | 10,000 | | What is the balance in the bank account on 10th Jan?
A. ₦0
B. ₦5,000
Correct C. ₦10,000
D. ₦15,000

Correct Answer: C

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Question 5
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 1,000 | | 3rd Jan | Cash | | 500 | | 4th Jan | Bank | 500 | | | 5th Jan | Cash | | 1,000 | | 6th Jan | Bank | 1,000 | | | 7th Jan | Cash | | 500 | | 8th Jan | Bank | 500 | | | 9th Jan | Cash | | 1,000 | | 10th Jan | Bank | 1,000 | | What is the balance in the cash account on 10th Jan?
A. ₦0
B. ₦500
Correct C. ₦1,000
D. ₦1,500

Correct Answer: C

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Question 6
In a partnership account, if the capital of one partner is increased by ₦50,000 and the capital of another partner is decreased by ₦20,000, what is the net effect on the total capital of the partnership?
Correct A. ₦30,000 increase
B. ₦30,000 decrease
C. ₦10,000 increase
D. ₦10,000 decrease

Correct Answer: A

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Question 7
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦20,000
Correct B. ₦24,000
C. ₦28,000
D. ₦32,000

Correct Answer: B

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Question 8
A company's trial balance shows a discrepancy of ₦10,000. What is the next step in correcting the error?
A. Prepare a revised trial balance
Correct B. Investigate the cause of the discrepancy
C. Adjust the ledger accounts
D. Reconcile the bank statement

Correct Answer: B

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Question 9
A company uses the double-declining balance method of depreciation. If the cost of an asset is ₦150,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦30,000
Correct B. ₦36,000
C. ₦42,000
D. ₦48,000

Correct Answer: B

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Question 10
A company's balance sheet shows an asset of ₦200,000 with a carrying value of ₦180,000. What is the amount of impairment loss?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 11
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference of ₦30,000 is due to a dishonored cheque of ₦15,000 and an outstanding deposit of ₦15,000. What is the correct balance in the cash book?
Correct A. ₦105,000
B. ₦110,000
C. ₦120,000
D. ₦125,000

Correct Answer: A

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Question 12
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company produces 100 units of product A and 50 units of product B, what is the total direct labor hours used?
A. 250 hours
Correct B. 300 hours
C. 350 hours
D. 400 hours

Correct Answer: B

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Question 13
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a useful life of 5 years. If the company uses the machine for 3 years, what is the accumulated depreciation?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 14
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Sales Revenue ₦200,000. What is the net income?
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 15
A company's balance sheet shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total liabilities?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 16
A company uses the double-entry system of accounting. The trial balance shows the following balances: Accounts Payable ₦ 10,000, Sales Revenue ₦ 50,000, Cost of Goods Sold ₦ 30,000, and Common Stock ₦ 20,000. If the company's net income for the period is ₦ 15,000, what is the balance in the Retained Earnings account?
A. ₦ 35,000
B. ₦ 40,000
C. ₦ 45,000
Correct D. ₦ 50,000

Correct Answer: D

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Question 17
A public sector organization uses the self-balancing ledger system. The ledger shows the following balances: Cash ₦ 100,000, Accounts Payable ₦ 50,000, and Common Stock ₦ 200,000. If the organization's net income for the period is ₦ 30,000, what is the balance in the Retained Earnings account?
A. ₦ 230,000
B. ₦ 240,000
Correct C. ₦ 250,000
D. ₦ 260,000

Correct Answer: C

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Question 18
A company uses the incomplete records system. The following transactions are recorded: Debit Cash ₦ 10,000, Credit Accounts Payable ₦ 5,000, and Debit Common Stock ₦ 15,000. If the company's net income for the period is ₦ 20,000, what is the balance in the Retained Earnings account?
A. ₦ 35,000
B. ₦ 40,000
C. ₦ 45,000
Correct D. ₦ 50,000

Correct Answer: D

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Question 19
A company uses the double-entry system of accounting. The trial balance shows the following balances: Accounts Payable ₦ 10,000, Sales Revenue ₦ 50,000, Cost of Goods Sold ₦ 30,000, and Common Stock ₦ 20,000. If the company's net income for the period is ₦ 15,000, what is the balance in the Retained Earnings account?
A. ₦ 35,000
B. ₦ 40,000
C. ₦ 45,000
Correct D. ₦ 50,000

Correct Answer: D

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Question 20
A public sector organization uses the self-balancing ledger system. The ledger shows the following balances: Cash ₦ 100,000, Accounts Payable ₦ 50,000, and Common Stock ₦ 200,000. If the organization's net income for the period is ₦ 30,000, what is the balance in the Retained Earnings account?
A. ₦ 230,000
B. ₦ 240,000
Correct C. ₦ 250,000
D. ₦ 260,000

Correct Answer: C

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Question 21
The following trial balance of a manufacturing company shows the following balances: Cost of Goods Sold, ₦1,500,000; Sales, ₦3,000,000; and Profit, ₦500,000. What is the total value of the company's assets?
A. ₦4,000,000
Correct B. ₦5,000,000
C. ₦6,000,000
D. ₦7,000,000

Correct Answer: B

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Question 22
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; and purchased goods for ₦200,000. What is the total value of the company's assets?
A. ₦450,000
Correct B. ₦550,000
C. ₦650,000
D. ₦750,000

Correct Answer: B

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Question 23
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; and purchased goods for ₦200,000. What is the total value of the company's assets?
A. ₦450,000
Correct B. ₦550,000
C. ₦650,000
D. ₦750,000

Correct Answer: B

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Question 24
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; and purchased goods for ₦200,000. What is the total value of the company's assets?
A. ₦450,000
Correct B. ₦550,000
C. ₦650,000
D. ₦750,000

Correct Answer: B

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Question 25
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; and purchased goods for ₦200,000. What is the total value of the company's assets?
A. ₦450,000
Correct B. ₦550,000
C. ₦650,000
D. ₦750,000

Correct Answer: B

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