POST UTME UNIOSUN 2020 Accounting | Objective

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Question 1
A company's trial balance as at 31st December 2020 is as follows: Debit: Cash ₦50,000 Accounts Payable ₦20,000 Sales ₦100,000 Credit: Accounts Receivable ₦30,000 Common Stock ₦150,000 Salaries Expense ₦40,000 What is the correct balance of the company's common stock?
A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000
Question 2
In a partnership account, the capital of one partner is withdrawn and replaced by a loan from the same partner. What is the accounting treatment for this transaction?
A. The partner's capital account is debited and the loan account is credited.
B. The partner's capital account is credited and the loan account is debited.
C. The partner's capital account is neither debited nor credited, and the loan account is credited.
D. The partner's capital account is debited and the loan account is neither credited nor debited.
Question 3
A company's cash book shows the following transactions for the year ended December 31, 2020:
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 4
A company's cash book shows the following transactions: Date Particulars Debit Credit 1st Jan 2020 Cash ₦50,000 31st Dec 2020 Cash ₦100,000 What is the company's cash balance as at 31st December 2020?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 5
A company's profit for the year ended 31st December 2020 was ₦500,000. The company's retained earnings as at 1st January 2020 were ₦200,000. What is the company's retained earnings as at 31st December 2020?
A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000
Question 6
A company's cash book shows the following transactions for the year ended December 31, 2020:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company uses the single-entry system of accounting. The company has a cash balance of ₦200,000 and a credit balance of ₦300,000. What is the total equity of the company?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 8
A company issued 10,000 shares of ₦5 par value at ₦10 per share. If the company also issued 5,000 shares of ₦2 par value at ₦8 per share, what is the total amount received from the sale of shares?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 9
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for the difference?
A. The company has not recorded all its transactions in the cash book.
B. The bank has made an error in its statement.
C. The company has not reconciled its cash book with the bank statement.
D. The company has not deposited all its cash into the bank.
Question 10
A manufacturing company produces two products: X and Y. The production process involves the following costs:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company issued 10,000 shares of ₦5 par value at ₦10 per share. If the company also issued 5,000 shares of ₦2 par value at ₦8 per share, what is the total amount received from the sale of shares?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 12
A company's bank statement as at 31st December 2020 shows a balance of ₦50,000. The company's cash book shows a balance of ₦60,000. What is the correct balance of the company's bank account?
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 13
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. What is the total amount received from the debenture holders?
A. ₦95,000
B. ₦99,000
C. ₦100,000
D. ₦105,000
Question 14
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the company's asset has a useful life of 5 years, calculate the annual depreciation charge.
A. ₦ 20,000
B. ₦ 22,000
C. ₦ 24,000
D. ₦ 26,000
Question 15
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the reducing balance method.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000

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