POST UTME UNILORIN 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's partnership account for the year ended 31st December 2020 is as follows: Capital: ₦500,000; Profit: ₦200,000; Loss: ₦50,000. Calculate the partner's share of profit.
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 2
A company uses the control account system. The company's control account shows a balance of ₦50,000. The company's trial balance also shows a balance of ₦52,500. What is the correct balance of the company's control account?
A. ₦50,000
B. ₦52,500
C. ₦55,000
D. ₦57,500
Question 3
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and each machine operates for 12 hours, how many units of product A and product B should the company produce to maximize profit, given that the profit per unit of product A is ₦200 and product B is ₦300?
A. 10 units of A and 10 units of B
B. 15 units of A and 9 units of B
C. 20 units of A and 8 units of B
D. 25 units of A and 7 units of B
Question 4
A company's cash book shows the following transactions: Cash Sale ₦20,000, Cash Purchase ₦10,000, Bank Deposit ₦15,000, and Bank Withdrawal ₦5,000. What is the bank reconciliation statement?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 5
A company's trading account shows a profit of ₦500,000. However, the profit and loss account shows a loss of ₦200,000. What is the amount of the discrepancy?
A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000
Question 6
A company's balance sheet shows total assets of \pm 500,000 and total liabilities of \pm 300,000. What is the company's net worth?
A. \pm 200,000
B. \pm 300,000
C. \pm 400,000
D. \pm 500,000
Question 7
A partnership of three individuals, A, B, and C, has a capital of ₦500,000. The profit-sharing ratio is 3:2:1. If the profit for the year is ₦150,000, how much should each partner receive?
A. ₦30,000, ₦20,000, ₦10,000
B. ₦25,000, ₦15,000, ₦10,000
C. ₦20,000, ₦10,000, ₦5,000
D. ₦15,000, ₦10,000, ₦5,000
Question 8
A company has issued 5,000 debentures of ₦100 each. What is the total amount of debenture capital?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 9
A partnership consists of three partners: A, B, and C. The capital contributions of the partners are as follows: A = ₦100,000, B = ₦80,000, and C = ₦60,000. The profit-sharing ratio is 3:2:1. What is the amount of profit that partner A will receive?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 10
A company uses the straight-line method to depreciate its assets. If the asset's cost is \pm 10,000 and its useful life is 5 years, what is the annual depreciation expense?
A. \pm 2,000
B. \pm 1,667
C. \pm 1,500
D. \pm 1,000
Question 11
A company's trial balance shows an error of \pm 1,000 in the accounts payable account. If the company's net income for the year is \pm 50,000, what is the correct net income after adjusting for the error?
A. \pm 49,000
B. \pm 50,000
C. \pm 51,000
D. \pm 52,000
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500
Question 13
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. What is the amount of the discrepancy?
A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000
Question 14
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦12,500, while the general ledger shows a balance of ₦15,000. The company's trial balance also shows a balance of ₦13,750. What is the correct balance of the company's cash account?
A. ₦12,500
B. ₦13,750
C. ₦15,000
D. ₦17,500
Question 15
A manufacturing company produces two products, X and Y. The production process involves the following costs: | Product | Direct Materials | Direct Labour | Variable Overheads | Fixed Overheads | | --- | --- | --- | --- | --- | | X | ₦10,000 | ₦8,000 | ₦6,000 | ₦4,000 | | Y | ₦12,000 | ₦10,000 | ₦8,000 | ₦6,000 | What is the total cost of producing 100 units of product X?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,400,000
D. ₦1,600,000

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