POST UTME UNIPORT 2018 Accounting | Objective

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Question 1
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 ₦ 100 debentures. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 120,000
Correct B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000

Correct Answer: B

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Question 2
A partnership has two partners, A and B. A invested ₦ 50,000 and B invested ₦ 30,000. The profit-sharing ratio is 3:2. Calculate the profit share of A.
Correct A. ₦ 18,000
B. ₦ 20,000
C. ₦ 22,000
D. ₦ 24,000

Correct Answer: A

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Question 3
A company has a cash book with the following transactions: Date | Debit | Credit 01/01/2022 | ₦ 10,000 | ₦ 5,000 02/01/2022 | ₦ 8,000 | ₦ 12,000 03/01/2022 | ₦ 15,000 | ₦ 20,000 Calculate the cash balance on 03/01/2022.
A. ₦ 3,000
B. ₦ 5,000
Correct C. ₦ 7,000
D. ₦ 9,000

Correct Answer: C

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Question 4
A company has the following ledger balances: Debit | Credit ₦ 50,000 | ₦ 30,000 ₦ 20,000 | ₦ 10,000 ₦ 15,000 | ₦ 5,000 Calculate the total assets of the company.
A. ₦ 95,000
Correct B. ₦ 100,000
C. ₦ 105,000
D. ₦ 110,000

Correct Answer: B

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Question 5
A company has the following bank statement: Date | Debit | Credit 01/01/2022 | ₦ 10,000 | ₦ 5,000 02/01/2022 | ₦ 8,000 | ₦ 12,000 03/01/2022 | ₦ 15,000 | ₦ 20,000 Calculate the bank balance on 03/01/2022.
A. ₦ 3,000
B. ₦ 5,000
Correct C. ₦ 7,000
D. ₦ 9,000

Correct Answer: C

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Question 6
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 6 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
Correct B. ₦60,000,000
C. ₦90,000,000
D. ₦120,000,000

Correct Answer: B

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Question 7
A trader bought goods worth ₦50,000 and sold them at a profit of 25%. Calculate the selling price of the goods.
Correct A. ₦62,500
B. ₦60,000
C. ₦55,000
D. ₦58,750

Correct Answer: A

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Question 8
A company's balance sheet showed a total asset of ₦500,000 and a total liability of ₦300,000. What is the company's equity?
Correct A. ₦200,000
B. ₦150,000
C. ₦100,000
D. ₦50,000

Correct Answer: A

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Question 9
A company issued 5,000 debentures of ₦1,000 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
Correct A. ₦55,000
B. ₦50,000
C. ₦45,000
D. ₦40,000

Correct Answer: A

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Question 10
A company's profit and loss account showed a net profit of ₦150,000. The company's balance sheet showed a total asset of ₦500,000 and a total liability of ₦300,000. What is the company's equity?
Correct A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000

Correct Answer: A

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Question 11
A company uses the double entry system of accounting. The following transactions were recorded during the month of January:
A. Debit Cash and Credit Accounts Payable
Correct B. Debit Accounts Payable and Credit Cash
C. Debit Cash and Credit Accounts Receivable
D. Debit Accounts Receivable and Credit Cash

Correct Answer: B

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Question 12
The following is a trial balance for XYZ Limited as at 31st December, 2018:
A. ₦125,000
B. ₦150,000
Correct C. ₦175,000
D. ₦200,000

Correct Answer: C

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Question 13
A company has the following ledger balances as at 31st December, 2018:
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

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Question 14
The following is a balance sheet for XYZ Limited as at 31st December, 2018:
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 15
A company has the following ledger balances as at 31st December, 2018:
A. ₦75,000
B. ₦100,000
Correct C. ₦125,000
D. ₦150,000

Correct Answer: C

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Question 16
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance is ₦15,000. What is the correct balance in the accounts receivable account if the company's total assets are ₦250,000 and its total liabilities are ₦120,000?
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 17
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦12,000, what is the amount of the premium received?
A. ₦5,000
Correct B. ₦6,000
C. ₦7,000
D. ₦8,000

Correct Answer: B

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Question 18
A company's balance sheet shows total assets of ₦200,000 and total liabilities of ₦100,000. If the company's equity is ₦50,000, what is the amount of the retained earnings?
A. ₦20,000
B. ₦30,000
C. ₦40,000
Correct D. ₦50,000

Correct Answer: D

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Question 19
A company's trial balance shows an error of ₦2,000 in the accounts payable account. The correct balance is ₦20,000. What is the correct balance in the accounts receivable account if the company's total assets are ₦300,000 and its total liabilities are ₦150,000?
A. ₦25,000
B. ₦30,000
Correct C. ₦35,000
D. ₦40,000

Correct Answer: C

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Question 20
A company issues 500 shares of ₦20 each at a premium of ₦10 per share. If the company receives a cash payment of ₦10,000, what is the amount of the premium received?
A. ₦5,000
B. ₦6,000
Correct C. ₦7,000
D. ₦8,000

Correct Answer: C

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Question 21
A company has two partners, A and B, who share profits in the ratio 3:2. The capital of the company is divided in the ratio 5:3. What is the ratio of A's share of profit to his capital?
Correct A. 1:2
B. 2:3
C. 3:5
D. 5:8

Correct Answer: A

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Question 22
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | 200 | | | 4th Jan | Bank | | 300 | What is the balance of the cash book?
Correct A. ₦1200
B. ₦1500
C. ₦1800
D. ₦2000

Correct Answer: A

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Question 23
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | | 2000 | | Purchases | 1500 | | | Capital | | 3000 | What is the balance of the capital account?
Correct A. ₦3000
B. ₦3500
C. ₦4000
D. ₦4500

Correct Answer: A

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Question 24
A company's balance sheet shows the following balances: | Asset | Liability | Equity | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | | 2000 | | Purchases | 1500 | | | Capital | | 3000 | What is the total equity of the company?
Correct A. ₦6000
B. ₦6500
C. ₦7000
D. ₦7500

Correct Answer: A

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Question 25
A company's profit and loss account shows the following balances: | Revenue | Expense | | --- | --- | | Sales | 2000 | | Purchases | 1500 | | Capital | | 3000 | What is the net profit of the company?
A. ₦500
Correct B. ₦1000
C. ₦1500
D. ₦2000

Correct Answer: B

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