POST UTME UNIOSUN 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance as of December 31, 2023, showed the following balances: Accounts Receivable 50,000; Accounts Payable 20,000; Common Stock 100,000; Retained Earnings 50,000. Prepare the company's balance sheet as of December 31, 2023.
A. Assets: 120,000; Liabilities: 20,000; Equity: 100,000
B. Assets: 120,000; Liabilities: 100,000; Equity: 20,000
C. Assets: 100,000; Liabilities: 20,000; Equity: 80,000
D. Assets: 80,000; Liabilities: 20,000; Equity: 60,000
Question 2
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from debenture holders and the amount of discount on the debentures.
A. ₦95,000
B. ₦100,000
C. ₦105,000
D. ₦110,000
Question 3
A company uses the weighted average method to value its inventory. The following data is available: Cost of Goods Sold ₦100,000, Beginning Inventory ₦20,000, Ending Inventory ₦30,000. Calculate the cost of goods sold.
A. ₦90,000
B. ₦90,000
C. ₦90,000
D. ₦90,000
Question 4
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders and the amount of premium received.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 5
A company's income statement shows the following data: Sales ₦200,000, Cost of Goods Sold ₦100,000, Gross Profit ₦50,000. Calculate the operating expenses.
A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000
Question 6
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company's net income is ₦20,000. What is the correct journal entry to record the net income?
A. Debit: Net Income ₦20,000; Credit: None
B. Debit: None; Credit: Net Income ₦20,000
C. Debit: Net Income ₦20,000; Credit: None
D. Debit: None; Credit: Net Income ₦20,000
Question 7
A company uses the double-entry system to record its transactions. The company's ledger shows the following balances: Cash ₦10,000, Accounts Payable ₦20,000, and Common Stock ₦50,000. What is the correct balance of the company's Accounts Payable account?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 8
A company issued 5,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦45,000
B. ₦45,000
C. ₦45,000
D. ₦45,000
Question 9
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000. Prepare a balance sheet.
A. ₦170,000
B. ₦170,000
C. ₦170,000
D. ₦170,000
Question 10
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. The correct balance is ₦120,000. What is the correct balance of the accounts payable account?
A. ₦125,000
B. ₦120,000
C. ₦115,000
D. ₦110,000
Question 11
A company has the following financial statements: | Statement | Amount | | --- | --- | | Cash Flow from Operations | ₦100,000 | | Cash Flow from Investing | ₦50,000 | | Cash Flow from Financing | ₦20,000 | | Net Change in Cash | | What is the correct amount for the Net Change in Cash account?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦170,000
Question 12
A company's trial balance shows the following balances: Cash ₦15,000, Accounts Payable ₦20,000, and Common Stock ₦50,000. The company's bank reconciliation statement shows a balance of ₦18,000. What is the correct balance of the company's Cash account?
A. ₦15,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 13
A partnership is formed between three individuals, A, B, and C, with initial capital contributions of ₦50,000, ₦30,000, and ₦20,000, respectively. After one year, the profits are divided in the ratio 3:2:1. If the total profit is ₦120,000, how much does A receive?
A. ₦36,000
B. ₦40,000
C. ₦48,000
D. ₦60,000
Question 14
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. The total amount received from the issue of shares is ₦250,000. Calculate the amount received from the issue of shares at the premium.
A. ₦62,500
B. ₦62,500
C. ₦62,500
D. ₦62,500
Question 15
A company produces two products, X and Y, using two machines, M1 and M2. The production process involves the following costs: | Product | Machine Hours | Labor Hours | Material Costs | | --- | --- | --- | --- | | X | 5 | 3 | ₦100 | | Y | 3 | 2 | ₦150 | The company operates for 120 hours and uses 40 labor hours. The total material cost is ₦18,000. What is the total cost of producing 30 units of product X?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000

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