POST UTME UNIOSUN 2021 Accounting | Objective

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Question 1
A company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦75,000. What is the correct journal entry to close the trading account?
A. ₦50,000 debit to Trading Account and ₦75,000 credit to Profit and Loss Account
B. ₦75,000 debit to Profit and Loss Account and ₦50,000 credit to Trading Account
C. ₦50,000 credit to Trading Account and ₦75,000 debit to Profit and Loss Account
D. ₦75,000 credit to Profit and Loss Account and ₦50,000 debit to Trading Account
Question 2
A company's balance sheet shows a total asset value of ₦150,000. The company's balance sheet also shows a total liability value of ₦75,000. What is the correct journal entry to record the depreciation of the assets?
A. ₦75,000 debit to Depreciation Expense and ₦75,000 credit to Accumulated Depreciation
B. ₦150,000 debit to Depreciation Expense and ₦150,000 credit to Accumulated Depreciation
C. ₦75,000 credit to Depreciation Expense and ₦75,000 debit to Accumulated Depreciation
D. ₦150,000 credit to Depreciation Expense and ₦150,000 debit to Accumulated Depreciation
Question 3
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦16,000
Question 4
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C, with quantities of 100, 200, and 300 units, respectively. The costs of these inventories are ₦100, ₦120, and ₦150 per unit, respectively. What is the weighted average cost per unit?
A. ₦120
B. ₦125
C. ₦130
D. ₦135
Question 5
A company's departmental account for the year ended 31st December 2020 is as follows: Sales: ₦1,000,000, Cost of Goods Sold: ₦600,000. Calculate the company's gross profit.
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 6
A company's cash book showed the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash received from bank ₦20,000. Prepare the company's cash book.
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
A company prepares a trial balance but discovers that the debit and credit totals do not agree. The debit total is ₦1,500,000 and the credit total is ₦1,800,000. What is the reason for the difference?
A. The company has not recorded all its transactions in the trial balance.
B. The company has made an error in the preparation of the trial balance.
C. The company has not included all its accounts in the trial balance.
D. The company has not checked the trial balance for errors.
Question 9
A manufacturing company produces 500 units of a product in a day. The product sells at ₦200 per unit. If the company's total fixed costs are ₦50,000 and the variable cost per unit is ₦80, what is the company's contribution margin?
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 10
A company's bank reconciliation statement showed the following discrepancies: Bank statement balance ₦100,000, Cash balance ₦80,000, and Outstanding checks ₦20,000. Prepare the company's bank reconciliation statement.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 11
A company's cash book shows the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of goods for ₦80,000 cash. (iii) Payment of rent for ₦20,000 by cheque. (iv) Purchase of goods for ₦60,000 by cheque. Determine the net cash received by the company from the above transactions.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 12
A company's single entry system showed the following transactions: Cash received from customers ₦150,000, Cash paid to suppliers ₦75,000, and Cash received from bank ₦30,000. Prepare the company's single entry system.
A. ₦245,000
B. ₦255,000
C. ₦265,000
D. ₦275,000
Question 13
A company's trial balance showed the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the company's income statement.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 14
A public sector organization has the following transactions for the year: ₦100,000 cash received from customers ₦150,000 cash paid to suppliers ₦200,000 cash received from government grant ₦300,000 cash paid to employees What is the net cash inflow from operating activities?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 15
A company's trading account shows a profit of ₦200,000. Its non-trading income is ₦50,000. What is the total profit of the company?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦250,000

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