POST UTME UNILORIN 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the likely cause of the discrepancy?
A. The company has deposited ₦30,000 into the bank.
B. The company has withdrawn ₦30,000 from the bank.
C. The bank has charged a service fee of ₦30,000.
D. The company has made a mistake in recording the transactions.
Question 2
A company has a balance sheet that shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. What is the company's equity?
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 3
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a period of 5 years. Calculate the annual depreciation charge.
A. ₦100,000
B. ₦80,000
C. ₦120,000
D. ₦60,000
Question 4
A company issued 5,000, 10% debentures of ₦100 each. Calculate the amount of interest payable on the debentures for the first year.
A. ₦50,000
B. ₦25,000
C. ₦12,500
D. ₦62,500
Question 5
A company's income statement showed the following balances: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Gross Profit ₦50,000. Prepare a statement of cash flows.
A. ₦50,000, ₦0, ₦0
B. ₦0, ₦50,000, ₦0
C. ₦0, ₦0, ₦50,000
D. ₦50,000, ₦50,000, ₦0
Question 6
A partnership has two partners, A and B. A's capital is ₦200,000 and B's capital is ₦300,000. The profit-sharing ratio is 2:3. Calculate the amount of profit to be shared by A.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 7
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each at a discount of ₦5 per debenture. What is the total amount received from the issue of shares and debentures?
A. ₦15,500
B. ₦16,000
C. ₦16,500
D. ₦17,000
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 10
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 11
A company's balance sheet showed the following balances: Equity ₦100,000, Total Assets ₦200,000, Total Liabilities ₦150,000. Prepare a statement of changes in equity.
A. ₦50,000, ₦50,000
B. ₦100,000, ₦0
C. ₦0, ₦100,000
D. ₦50,000, ₦50,000
Question 12
A company's bank reconciliation statement shows the following discrepancies: NSF checks ₦10,000, bank errors ₦5,000, and outstanding deposits ₦15,000. What is the total amount of the discrepancies?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 13
A company's company account for the year ended December 31, 2020, is as follows: | Particulars | ₦ | | --- | --- | | Share Capital | 100,000 | | Profit | 20,000 | | | | 120,000 | What is the value of the company's share capital?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 14
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦20,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 15
A company's single entry system shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Sales | ₦20,000 | | | 2 Jan | Purchases | | ₦15,000 | | 3 Jan | Cash | ₦10,000 | | | 4 Jan | Bank | | ₦8,000 | What is the net profit for the period?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000

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