POST UTME UNILORIN 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has three partners: A, B, and C. Partner A has a 30% interest in the partnership, Partner B has a 25% interest, and Partner C has a 45% interest. If the partnership has a profit of ₦120,000, how much will Partner A receive?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 2
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership has a net income of ₦50,000, what is the correct allocation of the net income to each partner?
A. Partner A: ₦30,000, Partner B: ₦20,000
B. Partner A: ₦20,000, Partner B: ₦30,000
C. Partner A: ₦40,000, Partner B: ₦10,000
D. Partner A: ₦10,000, Partner B: ₦40,000
Question 3
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦1,500,000 and its current liabilities are ₦750,000, what is the amount of its non-current liabilities?
A. ₦1,000,000
B. ₦1,250,000
C. ₦1,500,000
D. ₦1,750,000
Question 4
A company's balance sheet shows a total assets of ₦5,000,000 and a total liabilities of ₦3,000,000. What is the amount of its equity?
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 5
A company's balance sheet shows a total asset value of ₦600,000 and a total liability value of ₦400,000. What is the company's equity?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Received' account. However, the company's accounting records show that it has not received any rent from tenants. What is the correct treatment for this discrepancy?
A. Debit the 'Rent Received' account by ₦15,000
B. Credit the 'Rent Received' account by ₦15,000
C. Debit the 'Rent Received' account by ₦15,000 and credit the 'Rent Paid' account by ₦15,000
D. Credit the 'Rent Received' account by ₦15,000 and debit the 'Rent Paid' account by ₦15,000
Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, how much of the amount will be credited to the share premium account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 8
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. ₦15,000
B. ₦10,000
C. ₦12,000
D. ₦18,000
Question 9
A company issues 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. If the company receives a total of ₦1,000,000, how much of the amount will be credited to the debenture account?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 10
A company's trial balance shows a debit balance of ₦15,000 in the accounts payable account. However, the company's ledger shows a credit balance of ₦10,000 in the accounts payable account. What is the correct journal entry to correct this error?
A. ₦15,000 debit to accounts payable and ₦10,000 credit to accounts payable
B. ₦15,000 credit to accounts payable and ₦10,000 debit to accounts payable
C. ₦5,000 debit to accounts payable and ₦5,000 credit to accounts payable
D. ₦10,000 debit to accounts payable and ₦15,000 credit to accounts payable
Question 11
A company's ledger shows a balance of ₦40,000 in the accounts payable account. However, the trial balance shows a debit balance of ₦35,000 in the accounts payable account. What is the correct journal entry to correct this error?
A. ₦5,000 debit to accounts payable and ₦5,000 credit to purchases
B. ₦5,000 credit to accounts payable and ₦5,000 debit to purchases
C. ₦5,000 debit to purchases and ₦5,000 credit to accounts payable
D. ₦5,000 credit to purchases and ₦5,000 debit to accounts payable
Question 12
A company's trial balance shows a credit balance of ₦15,000 in the 'Salaries and Wages' account. However, the company's accounting records show that it has paid salaries and wages of ₦20,000. What is the correct treatment for this discrepancy?
A. Debit the 'Salaries and Wages' account by ₦15,000
B. Credit the 'Salaries and Wages' account by ₦15,000
C. Debit the 'Salaries and Wages' account by ₦15,000 and credit the 'Salaries and Wages Paid' account by ₦15,000
D. Credit the 'Salaries and Wages' account by ₦15,000 and debit the 'Salaries and Wages Paid' account by ₦15,000
Question 13
A company's profit and loss account shows a net loss of ₦100,000. If the company's trading account shows a loss of ₦150,000 and its non-trading income is ₦50,000, what is the amount of its non-trading expenses?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 14
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, how much of the amount will be credited to the share capital account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 15
A company's balance sheet shows a decrease in the 'Accumulated Depreciation' account of ₦20,000. What is the effect of this decrease on the company's net assets?
A. Increase in net assets by ₦20,000
B. Decrease in net assets by ₦20,000
C. No effect on net assets
D. Increase in net assets by ₦10,000

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