POST UTME UNILORIN 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions in its cash book: 1. Cash received from customers: ₦100,000 2. Cash paid to suppliers: ₦80,000 3. Cash paid to employees: ₦60,000 4. Cash received from bank: ₦120,000 What is the total cash paid by the company?
A. ₦140,000
B. ₦160,000
C. ₦180,000
D. ₦200,000
Question 2
A company's trial balance as at December 31, 2022, is as follows: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 Equipment ₦ 300,000 Salaries Payable ₦ 100,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Common Stock ₦ 200,000 Land ₦ 300,000 Rent Expense ₦ 100,000 What is the total amount of assets and liabilities?
A. ₦2,000,000
B. ₦2,100,000
C. ₦2,200,000
D. ₦2,300,000
Question 3
A company has the following transactions during the year: January 1: Purchased equipment for ₦300,000. January 15: Sold merchandise for ₦100,000. February 10: Purchased merchandise for ₦50,000. March 20: Sold merchandise for ₦75,000. April 1: Purchased equipment for ₦200,000. May 15: Sold merchandise for ₦125,000. June 10: Purchased merchandise for ₦75,000. July 20: Sold merchandise for ₦100,000. August 1: Purchased equipment for ₦250,000. September 15: Sold merchandise for ₦150,000. October 10: Purchased merchandise for ₦100,000. November 20: Sold merchandise for ₦125,000. December 1: Purchased equipment for ₦300,000. December 15: Sold merchandise for ₦175,000. What is the total amount of purchases for the year?
A. ₦1,200,000
B. ₦1,250,000
C. ₦1,300,000
D. ₦1,350,000
Question 4
A company's balance sheet shows a total assets of ₦1,500,000 and a total liabilities of ₦800,000. What is the company's equity?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 5
A company has the following transactions during the year: January 1: Purchased equipment for ₦300,000. January 15: Sold merchandise for ₦100,000. February 10: Purchased merchandise for ₦50,000. March 20: Sold merchandise for ₦75,000. April 1: Purchased equipment for ₦200,000. May 15: Sold merchandise for ₦125,000. June 10: Purchased merchandise for ₦75,000. July 20: Sold merchandise for ₦100,000. August 1: Purchased equipment for ₦250,000. September 15: Sold merchandise for ₦150,000. October 10: Purchased merchandise for ₦100,000. November 20: Sold merchandise for ₦125,000. December 1: Purchased equipment for ₦300,000. December 15: Sold merchandise for ₦175,000. What is the total amount of cost of goods sold for the year?
A. ₦1,200,000
B. ₦1,250,000
C. ₦1,300,000
D. ₦1,350,000
Question 6
A government agency has the following transactions in its ledger: Debit: ₦100,000 to Cash, ₦150,000 to Accounts Payable. Credit: ₦120,000 to Accounts Receivable, ₦180,000 to Salaries Expense. What is the net effect of these transactions on the government agency's assets?
A. Increase by ₦20,000
B. Decrease by ₦20,000
C. Increase by ₦40,000
D. Decrease by ₦40,000
Question 7
A company's assets consist of a building worth ₦1,000,000, a machine worth ₦500,000, and a cash balance of ₦200,000. Calculate the total value of the company's assets.
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000
Question 8
A partnership is formed between two partners, A and B. A invests ₦50,000 and B invests ₦30,000. The profit is to be shared in the ratio 3:2. If the profit for the year is ₦15,000, how much will A receive?
A. ₦6,750
B. ₦7,500
C. ₦8,250
D. ₦9,000
Question 9
A company's equity consists of a share capital of ₦1,000,000 and a retained profit of ₦500,000. Calculate the total value of the company's equity.
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000
Question 10
A company's liabilities consist of a loan of ₦500,000 and a bank overdraft of ₦200,000. Calculate the total value of the company's liabilities.
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 11
A company issued 10,000, 5% preference shares of ₦50 each at a premium of 10%. The company also issued 5,000, 8% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of preference shares and debentures.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 12
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | | ₦20,000 | | 4th Jan | Bank | ₦5,000 | | | 5th Jan | Cash | | ₦25,000 | Prepare the bank reconciliation statement as at 31st Dec.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company's trial balance shows a debit balance of ₦50,000 in the 'Office Equipment' account. However, the company's balance sheet shows a credit balance of ₦20,000 in the same account. What is the correct explanation for the discrepancy?
A. The company has not recorded a depreciation of ₦30,000.
B. The company has not recorded a cash receipt of ₦30,000.
C. The company has not recorded a cash payment of ₦10,000.
D. The company has not recorded a bank transfer of ₦10,000.
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 15
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦100,000. The company's cash book also shows a debit balance of ₦30,000 in the 'Office Equipment' account. The bank statement shows a credit balance of ₦20,000 in the same account. What is the correct explanation for the discrepancy in the cash book and bank statement?
A. The company has not recorded a bank charge of ₦20,000.
B. The company has not recorded a cash receipt of ₦20,000.
C. The company has not recorded a cash payment of ₦10,000.
D. The company has not recorded a bank transfer of ₦10,000.

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