POST UTME UNIOSUN 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book showed a balance of ₦20,000. The bank statement showed a balance of ₦25,000. Calculate the difference and explain the reason for the difference.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company has the following ledger balances: Cash 10,000, Accounts Receivable 20,000, Inventory 30,000, and Equipment 40,000. What is the total value of the company's assets?
A. 100,000
B. 120,000
C. 140,000
D. 160,000
Question 3
A company issued 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 4
A company's balance sheet as at 31st December 20X7 showed current assets of ₦200,000 and non-current assets of ₦300,000. The company's balance sheet as at 31st December 20X8 showed current assets of ₦250,000 and non-current assets of ₦350,000. Calculate the increase in the company's total assets.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 5
A company's double entry system shows the following transactions: debit of ₦1,000, credit of ₦500, debit of ₦800, credit of ₦200. Calculate the net balance in the double entry system.
A. ₦300
B. ₦400
C. ₦500
D. ₦600
Question 6
A company's cash book shows a credit balance of ₦15,000 in the cash account. However, the bank statement shows a debit balance of ₦10,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque that has not been presented for payment.
B. The company has deposited cash into the bank that has not been credited to the cash account.
C. The company has paid a bill that has not been debited from the cash account.
D. The company has received a refund from a supplier that has not been credited to the cash account.
Question 7
A company's balance sheet as at 31st December 2019 is as follows: Assets: Cash: ₦500,000 Bank: ₦200,000 Liabilities: Share Capital: ₦1,000,000 Reserves: ₦300,000 What is the company's net worth?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 8
A company has two types of shares: ordinary and preference. The ordinary shares have a par value of ₦10 each, while the preference shares have a par value of ₦20 each. If the company issues 1,000 ordinary shares and 500 preference shares, calculate the total amount of share capital.
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 9
A company's control account in the ledger shows a balance of ₦1,000,000. The trial balance shows a credit balance of ₦800,000 for the same account. What is the correct balance of the control account?
A. ₦1,000,000
B. ₦800,000
C. ₦1,200,000
D. ₦1,800,000
Question 10
A company's trial balance shows the following balances: debit of ₦5,000, credit of ₦3,000, debit of ₦2,000, credit of ₦1,500. Calculate the total amount of assets.
A. ₦8,500
B. ₦9,000
C. ₦9,500
D. ₦10,000
Question 11
A partnership has two partners, A and B. The capital accounts of A and B are 50,000 and 30,000 respectively. If the profit for the year is 20,000, how much will each partner receive as their share of profit?
A. 10,000 and 10,000
B. 12,000 and 8,000
C. 15,000 and 5,000
D. 18,000 and 2,000
Question 12
A company's ledger shows the following balances: debit of ₦5,000, credit of ₦3,000, debit of ₦2,000, credit of ₦1,500. Calculate the total amount of assets.
A. ₦8,500
B. ₦9,000
C. ₦9,500
D. ₦10,000
Question 13
A company uses the double-entry system of accounting. The company's ledger shows the following transactions: Debit: ₦10,000, Credit: ₦20,000. What is the correct balance of the company's equity?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
A bank's cash book shows a balance of ₦500,000. The bank reconciliation statement shows a difference of ₦20,000 between the cash book balance and the bank statement balance. What is the correct balance of the bank's cash?
A. ₦520,000
B. ₦480,000
C. ₦500,000
D. ₦480,000
Question 15
A company has the following single-entry records: Cash 10,000, Accounts Receivable 20,000, and Inventory 30,000. What is the total value of the company's assets?
A. 60,000
B. 70,000
C. 80,000
D. 90,000

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