POST UTME UNILORIN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership of three persons, A, B, and C, share profits and losses in the ratio 5:3:2. If the total profit for the year is ₦1,500,000, calculate the share of profit of each partner.
A. ₦375,000
B. ₦450,000
C. ₦525,000
D. ₦600,000
Question 2
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred expenses of ₦120,000 and the Assembly department incurred expenses of ₦150,000. What is the total cost of production for the company?
A. ₦270,000
B. ₦280,000
C. ₦290,000
D. ₦300,000
Question 3
A company's cash book shows the following transactions:
A. The company has a cash credit of ₦10,000.
B. The company has a cash debit of ₦10,000.
C. The company has a bank overdraft of ₦10,000.
D. The company has a bank loan of ₦10,000.
Question 4
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets and liabilities?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 5
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the most likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has charged a service fee for the month.
C. The company has not yet received the cash from a customer.
D. The company has made an error in recording the cash transactions.
Question 6
A company uses the straight-line method of depreciation. The company's asset has a useful life of 5 years and a residual value of ₦20,000. What is the annual depreciation charge?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 7
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance should be ₦12,000. What is the correct balance in the accounts receivable account?
A. ₦10,500
B. ₦11,500
C. ₦12,500
D. ₦13,500
Question 8
A company's trial balance shows an error of ₦1,000 in the accounts payable account. The correct balance should be ₦10,000. What is the correct balance in the accounts receivable account?
A. ₦9,000
B. ₦10,000
C. ₦11,000
D. ₦12,000
Question 9
A company issues 10,000 shares of ₦.50 each at a premium of ₠.25 per share. Calculate the total amount received from the issue of shares.
A. ₦,500
B. ₧,000
C. ₧,500
D. ₨,000
Question 10
A company produces two products, A and B. The company's manufacturing costs for the year are shown below. Identify the error in the manufacturing costs.
A. The direct materials cost for Product A is 10,000, but the direct labor cost for Product B is 15,000.
B. The direct materials cost for Product B is 15,000, but the direct labor cost for Product A is 10,000.
C. The direct labor cost for Product A is 20,000, but the direct materials cost for Product B is 25,000.
D. The direct labor cost for Product B is 25,000, but the direct materials cost for Product A is 20,000.
Question 11
A company's control account shows the following balance:
A. The company has a cash credit of ₦10,000.
B. The company has a cash debit of ₦10,000.
C. The company has a bank overdraft of ₦10,000.
D. The company has a bank loan of ₦10,000.
Question 12
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦120,000. The company's bank statement shows a credit balance of ₦150,000. What is the correct explanation for the difference?
A. The company has a bank overdraft of ₦30,000.
B. The company has a cash credit of ₦30,000.
C. The company has a bank loan of ₦30,000.
D. The company has a cash debit of ₦30,000.
Question 13
A company's balance sheet shows the following: | Asset | Liability | Equity | | --- | --- | --- | | 1,000,000 | 500,000 | 500,000 | What is the company's liquidity ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 14
A company uses the straight-line method of depreciation to depreciate its assets. If the asset cost ₦100,000 and has a useful life of 5 years, what is the annual depreciation?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 15
A company's balance sheet shows the following assets: Cash ₦50,000, Accounts Receivable ₦30,000, and Inventory ₦100,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

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