POST UTME UNILORIN 2023 Accounting | Objective

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Question 1
A company uses the single entry system of accounting. The following transactions were recorded in the accounting period: Depreciation on a machine: ₦15,000 Interest on a loan: ₦20,000 Rent for the year: ₦30,000 What is the total amount of expenses recorded in the accounting period?
Correct A. ₦65,000
B. ₦55,000
C. ₦45,000
D. ₦35,000

Correct Answer: A

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Question 2
A company's trial balance as at 31st December 2022 is as follows: Debtors: ₦120,000 Creditors: ₦80,000 Bills Receivable: ₦40,000 Bills Payable: ₦20,000 What is the total amount of assets recorded in the trial balance?
Correct A. ₦160,000
B. ₦140,000
C. ₦120,000
D. ₦100,000

Correct Answer: A

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Question 3
A company's cash book as at 31st December 2022 is as follows: Cash at Bank: ₦50,000 Cash in Hand: ₦20,000 Cheques Deposited: ₦30,000 Cheques Issued: ₦40,000 What is the total amount of cash recorded in the cash book?
Correct A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000

Correct Answer: A

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Question 4
A company's balance sheet as at 31st December 2022 is as follows: Fixed Assets: ₦200,000 Current Assets: ₦150,000 Total Assets: ₦350,000 What is the total amount of liabilities recorded in the balance sheet?
A. ₦250,000
Correct B. ₦200,000
C. ₦150,000
D. ₦100,000

Correct Answer: B

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Question 5
A company's profit and loss account as at 31st December 2022 is as follows: Sales: ₦500,000 Cost of Goods Sold: ₦300,000 Gross Profit: ₦200,000 What is the net profit recorded in the profit and loss account?
Correct A. ₦150,000
B. ₦120,000
C. ₦100,000
D. ₦80,000

Correct Answer: A

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Question 6
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the cost of goods sold for the year?
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 7
A company uses the periodic inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the cost of goods sold for the year?
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 8
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the cost of goods available for sale for the year?
Correct A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000

Correct Answer: A

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Question 9
A company uses the periodic inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the cost of goods available for sale for the year?
Correct A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000

Correct Answer: A

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Question 10
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the total cost of goods sold and ending inventory for the year?
Correct A. ₦90,000 and ₦22,000
B. ₦100,000 and ₦20,000
C. ₦110,000 and ₦28,000
D. ₦120,000 and ₦30,000

Correct Answer: A

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Question 11
A company uses the perpetual inventory system. On January 1, 2023, it had 500 units of a product in stock, costing ₦50 each. During the year, 300 units were sold for ₦150 each, and 200 units were purchased for ₦60 each. Calculate the cost of goods sold for the year.
A. ₦18,000
Correct B. ₦20,000
C. ₦22,000
D. ₦24,000

Correct Answer: B

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Question 12
A company has the following transactions related to its cash account: January 1: Cash balance ₦10,000 January 10: Cash sales ₦5,000 January 15: Cash purchase ₦2,000 January 20: Bank deposit ₦3,000 January 25: Cash withdrawal ₦1,000 Prepare a bank reconciliation statement as of January 31.
A. ₦12,000
B. ₦14,000
Correct C. ₦16,000
D. ₦18,000

Correct Answer: C

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Question 13
A company's trial balance as of December 31, 2022, is as follows: Debit ₦10,000 ₦20,000 ₦30,000 ₦40,000 ₦50,000 ₦60,000 ₦70,000 ₦80,000 ₦90,000 ₦100,000 Credit ₦10,000 ₦20,000 ₦30,000 ₦40,000 ₦50,000 ₦60,000 ₦70,000 ₦80,000 ₦90,000 ₦100,000 Identify the errors in the trial balance.
A. ₦10,000
B. ₦20,000
C. ₦30,000
Correct D. ₦40,000

Correct Answer: D

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Question 14
A company uses the job order costing system. The following data is available for the year: Direct Materials: ₦100,000 Direct Labor: ₦150,000 Overhead: ₦200,000 Calculate the total cost of goods manufactured for the year.
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 15
A company has the following transactions related to its accounts payable: January 1: Accounts payable ₦10,000 January 10: Payment to supplier ₦5,000 January 15: New purchase ₦2,000 January 20: Payment to supplier ₦3,000 January 25: New purchase ₦1,000 Prepare the accounts payable ledger as of January 31.
A. ₦12,000
B. ₦14,000
Correct C. ₦16,000
D. ₦18,000

Correct Answer: C

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Question 16
A company uses the double-entry system to record transactions. If a customer pays ₥0,000 cash for goods worth ₥0,000, what is the effect on the accounting equation?
A. Assets increase by ₥0,000 and liabilities decrease by ₥0,000
Correct B. Assets increase by ₥0,000 and equity increases by ₥0,000
C. Assets decrease by ₥0,000 and liabilities increase by ₥0,000
D. Assets decrease by ₥0,000 and equity decreases by ₥0,000

Correct Answer: B

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Question 17
A government agency prepares a budget for the upcoming fiscal year. The budget includes ₥0,000 for salaries, ₥0,000 for maintenance, and ₥0,000 for capital expenditures. What is the total budget amount?
A. ₥0,000
B. ₥0,000
C. ₥0,000
Correct D. ₥0,000

Correct Answer: D

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Question 18
A company prepares a trial balance. The debit column totals ₥0,000 and the credit column totals ₥0,000. What is the purpose of the trial balance?
Correct A. To identify errors in the accounting records
B. To prepare the financial statements
C. To calculate the net income
D. To determine the cash balance

Correct Answer: A

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Question 19
A company uses the straight-line method to depreciate its assets. The asset cost ₥0,000 and has a useful life of 5 years. What is the annual depreciation amount?
A. ₥0,000
B. ₥0,000
C. ₥0,000
Correct D. ₥0,000

Correct Answer: D

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Question 20
A company prepares a balance sheet. The assets total ₥0,000, liabilities total ₥0,000, and equity totals ₥0,000. What is the accounting equation?
Correct A. Assets = Liabilities + Equity
B. Assets - Liabilities = Equity
C. Liabilities - Assets = Equity
D. Equity - Liabilities = Assets

Correct Answer: A

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Question 21
A company manufactures two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 240 hours of direct labor and 360 hours of indirect labor, how many units of product X and Y should be produced to maximize profit?
A. X = 60, Y = 40
B. X = 40, Y = 60
Correct C. X = 50, Y = 50
D. X = 30, Y = 70

Correct Answer: C

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Question 22
A company has the following transactions in its cash book: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | | 100,000 | | 15 Jan | Cash paid to suppliers | 50,000 | | | 20 Jan | Cash received from bank | | 20,000 | | 25 Jan | Cash paid to employees | 30,000 | | | 31 Jan | Cash received from customers | | 40,000 | What is the cash balance on 31 Jan?
A. ₦120,000
Correct B. ₦140,000
C. ₦160,000
D. ₦180,000

Correct Answer: B

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Question 23
A company has the following transactions in its bank reconciliation statement: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Bank balance | | 10,000 | | 15 Jan | Cheque deposited | | 5,000 | | 20 Jan | Cheque issued | | 3,000 | | 25 Jan | Bank interest | | 2,000 | | 31 Jan | Bank balance | | 12,000 | What is the bank balance on 31 Jan?
Correct A. ₦12,000
B. ₦13,000
C. ₦14,000
D. ₦15,000

Correct Answer: A

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Question 24
A company has the following transactions in its trading account: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Sales | | 100,000 | | 15 Jan | Purchases | 50,000 | | | 20 Jan | Sales | | 80,000 | | 25 Jan | Purchases | 30,000 | | | 31 Jan | Sales | | 120,000 | What is the profit for the year?
A. ₦60,000
B. ₦80,000
Correct C. ₦100,000
D. ₦120,000

Correct Answer: C

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Question 25
A company has the following transactions in its balance sheet: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Assets | | 100,000 | | 15 Jan | Liabilities | 50,000 | | | 20 Jan | Assets | | 80,000 | | 25 Jan | Liabilities | 30,000 | | | 31 Jan | Assets | | 120,000 | What is the equity for the year?
A. ₦60,000
B. ₦80,000
Correct C. ₦100,000
D. ₦120,000

Correct Answer: C

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