POST UTME UNILORIN 2020 Accounting | Objective

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Question 1
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
Correct B. ₦13,750
C. ₦15,000
D. ₦17,500

Correct Answer: B

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Question 2
A company uses the single-entry system of accounting. The company's cash book shows a balance of ₦20,000. The company's trial balance also shows a balance of ₦22,500. What is the correct balance of the company's cash account?
A. ₦20,000
Correct B. ₦22,500
C. ₦25,000
D. ₦27,500

Correct Answer: B

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Question 3
A company uses the double-entry system of accounting. The company's general ledger shows a balance of ₦30,000. The company's trial balance also shows a balance of ₦32,500. What is the correct balance of the company's general ledger account?
A. ₦30,000
Correct B. ₦32,500
C. ₦35,000
D. ₦37,500

Correct Answer: B

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Question 4
A company uses the self-balancing ledger system. The company's ledger shows a balance of ₦40,000. The company's trial balance also shows a balance of ₦42,500. What is the correct balance of the company's ledger account?
A. ₦40,000
Correct B. ₦42,500
C. ₦45,000
D. ₦47,500

Correct Answer: B

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Question 5
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
Correct B. ₦52,500
C. ₦55,000
D. ₦57,500

Correct Answer: B

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Question 6
A company's trading account for the year ended 31st December 2020 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the cost of goods sold.
A. ₦1,100,000
B. ₦1,120,000
Correct C. ₦1,150,000
D. ₦1,180,000

Correct Answer: C

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Question 7
A company's balance sheet as at 31st December 2020 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦300,000; Debtors: ₦200,000; Creditors: ₦150,000. Calculate the company's net worth.
Correct A. ₦750,000
B. ₦800,000
C. ₦850,000
D. ₦900,000

Correct Answer: A

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Question 8
A company's manufacturing account for the year ended 31st December 2020 is as follows: Prime Cost: ₦400,000; Overheads: ₦150,000; Labour Cost: ₦100,000. Calculate the company's total cost of production.
A. ₦650,000
B. ₦700,000
Correct C. ₦750,000
D. ₦800,000

Correct Answer: C

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Question 9
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
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

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Question 10
A company's double entry system for the year ended 31st December 2020 is as follows: Debit: ₦500,000; Credit: ₦600,000. Calculate the company's net change in equity.
A. ₦100,000
Correct B. ₦0
C. -₦100,000
D. -₦200,000

Correct Answer: B

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Question 11
A company has a cash book account with the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 15 Jan | Cash paid to suppliers | 0 | 5,000 | | 20 Jan | Cash received from customers | 8,000 | 0 | | 25 Jan | Cash paid to employees | 0 | 3,000 | What is the balance on the cash book account on 25 Jan?
A. ₦13,000
Correct B. ₦15,000
C. ₦17,000
D. ₦19,000

Correct Answer: B

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Question 12
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
Correct C. ₦1,400,000
D. ₦1,600,000

Correct Answer: C

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Question 13
A company has the following balance sheet: | Asset | ₦ | Liability | ₦ | Equity | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 30,000 | | Inventory | 15,000 | Accounts Payable | 25,000 | Retained Earnings | 40,000 | | Property, Plant and Equipment | 30,000 | | | | | What is the total amount of equity?
A. ₦70,000
B. ₦80,000
Correct C. ₦90,000
D. ₦100,000

Correct Answer: C

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Question 14
A partnership has the following capital accounts: | Partner | Capital | Drawings | Balance | | --- | --- | --- | --- | | A | 20,000 | 5,000 | 15,000 | | B | 30,000 | 10,000 | 20,000 | | C | 40,000 | 15,000 | 25,000 | What is the total amount of capital in the partnership?
A. ₦85,000
B. ₦90,000
C. ₦95,000
Correct D. ₦100,000

Correct Answer: D

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Question 15
A company uses the straight-line method of depreciation. The asset has a cost of ₦100,000 and a residual value of ₦20,000. The asset is expected to last for 5 years. What is the annual depreciation charge?
A. ₦16,000
B. ₦18,000
Correct C. ₦20,000
D. ₦22,000

Correct Answer: C

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Question 16
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
Correct C. 20 units of A and 8 units of B
D. 25 units of A and 7 units of B

Correct Answer: C

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Question 17
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?
Correct 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

Correct Answer: A

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Question 18
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, and Retained Earnings ₦20,000. What is the total amount of assets and liabilities?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 19
A bank's cash book shows the following transactions: Cash Sale ₦10,000, Cash Purchase ₦5,000, Bank Deposit ₦8,000, and Bank Withdrawal ₦3,000. What is the bank reconciliation statement?
A. ₦15,000
B. ₦20,000
Correct C. ₦25,000
D. ₦30,000

Correct Answer: C

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Question 20
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
Correct C. ₦35,000
D. ₦40,000

Correct Answer: C

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Question 21
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
Correct B. \pm 50,000
C. \pm 51,000
D. \pm 52,000

Correct Answer: B

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Question 22
A government agency is required to prepare a statement of cash flows using the indirect method. The agency's net income for the year is \pm 200,000, and its cash flows from operating activities are \pm 150,000. What is the correct amount of net cash provided by operating activities?
Correct A. \pm 200,000
B. \pm 150,000
C. \pm 250,000
D. \pm 300,000

Correct Answer: A

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Question 23
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?
Correct A. \pm 200,000
B. \pm 300,000
C. \pm 400,000
D. \pm 500,000

Correct Answer: A

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Question 24
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
Correct B. \pm 1,667
C. \pm 1,500
D. \pm 1,000

Correct Answer: B

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Question 25
A company's financial statements show a net income of \pm 100,000. If the company's tax rate is 30%, what is the amount of taxes paid?
Correct A. \pm 30,000
B. \pm 40,000
C. \pm 50,000
D. \pm 60,000

Correct Answer: A

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