POST UTME UNIOSUN 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method of depreciation. The cost of the asset is ₦100,000 and its useful life is 5 years. What is the annual depreciation expense?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 2
A company uses the single entry system of accounting. The following transactions were recorded in the year: Depreciation on a machine: ₦10,000 Depreciation on a building: ₦20,000 Purchase of a new machine: ₦50,000 Sale of an old machine: ₦30,000 What is the total depreciation for the year?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A government agency has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦10,000 | | | 5-Jan | Accounts Payable | | ₦5,000 | | 10-Jan | Sales Revenue | | ₦20,000 | | 15-Jan | Cost of Goods Sold | ₦15,000 | | | 20-Jan | Net Income | | ₦5,000 | What is the correct journal entry to record the transactions?
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
B. Debit Sales Revenue ₦5,000, Credit Cost of Goods Sold ₦5,000
C. Debit Net Income ₦5,000, Credit Cost of Goods Sold ₦5,000
D. Debit Cash ₦5,000, Credit Accounts Payable ₦5,000
Question 4
A company's cash book shows the following transactions: Debit: ₦1,000, Credit: ₦2,000. What is the net effect of these transactions on the company's cash balance?
A. ₦1,000 increase
B. ₦1,000 decrease
C. ₦2,000 increase
D. ₦2,000 decrease
Question 5
A company's bank reconciliation statement shows the following discrepancies: Bank balance: ₦5,000, Cash balance: ₦3,000. What is the reason for the discrepancy?
A. Bank error
B. Cash error
C. Both bank and cash errors
D. Neither bank nor cash error
Question 6
A public sector organization has the following transactions: Revenue: ₦10,000, Expenditure: ₦8,000. What is the net effect of these transactions on the organization's financial position?
A. ₦2,000 surplus
B. ₦2,000 deficit
C. ₦8,000 surplus
D. ₦8,000 deficit
Question 7
A company manufactures two products, A and B. The selling price of A is ₦150 per unit, and the selling price of B is ₦200 per unit. The variable costs of A and B are ₦80 and ₦100 per unit, respectively. The fixed costs of the company are ₦50,000 per month. If the company sells 100 units of A and 80 units of B in a month, what is the profit of the company?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 8
A partnership has two partners: John and Mary. John's capital account has a balance of ₦50,000 and Mary's capital account has a balance of ₦30,000. If the partnership has a total capital of ₦100,000, what is the ratio of John's capital to Mary's capital?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 9
A company prepares its financial statements in accordance with the accrual accounting method. The company's trial balance at the end of the year shows the following balances:
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 10
The following transactions were recorded by a public sector organization during the year:
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 11
In a public sector accounting system, what is the primary purpose of the cash book?
A. To record all financial transactions of the government
B. To prepare the annual budget of the government
C. To maintain a record of cash receipts and payments
D. To prepare the financial statements of the government
Question 12
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 13
A company has the following trial balance: Accounts Payable: ₦50,000; Accounts Receivable: ₦30,000; and Common Stock: ₦100,000. Prepare the balance sheet.
A. ₦180,000
B. ₦180,000
C. ₦180,000
D. ₦180,000
Question 14
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦10,000 and a useful life of 5 years. What is the annual depreciation charge?
A. ₦2,000
B. ₦1,667
C. ₦1,500
D. ₦1,000
Question 15
A company has a manufacturing department with the following costs: direct materials of ₦50,000, direct labor of ₦30,000, and overhead of ₦20,000. What is the total cost of goods manufactured?
A. ₦100,000
B. ₦120,000
C. ₦100,000
D. ₦80,000

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