POST UTME UNIPORT 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trading account for the year ended December 31, 2022, is as follows:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 2
A company's balance sheet shows an asset of ₦100,000 in the 'Office Equipment' account. If the asset is depreciated by 20% per annum, what is the value of the asset after 3 years?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 3
A company's cash book shows the following balances: Debit balance: ₦50,000 Credit balance: ₦30,000 What is the correct balance of the cash book?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 4
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 5,000. Calculate the total amount received from the issue of shares.
A. ₦ 20,000
B. ₦ 25,000
C. ₦ 30,000
D. ₦ 35,000
Question 5
A partnership has two partners, A and B. The partnership's trial balance as of December 31, 2022, shows the following balances: A's capital, ₦100,000; B's capital, ₦150,000; and the profit for the year, ₦20,000. What is the correct distribution of the profit among the partners?
A. A: ₦10,000; B: ₦10,000.
B. A: ₦12,000; B: ₦8,000.
C. A: ₦15,000; B: ₦5,000.
D. A: ₦20,000; B: ₦0.
Question 6
A company's balance sheet as at 31st December, 2022 is as follows: | Asset | ₦ | Liability | ₦ | Equity | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 50,000 | Accounts Payable | 30,000 | Retained Earnings | 20,000 | | Accounts Receivable | 40,000 | Notes Payable | 20,000 | Common Stock | 30,000 | | Inventory | 80,000 | Total Liabilities | 50,000 | Total Equity | 80,000 | | Total Assets | 170,000 | | | | | Identify the error in the balance sheet.
A. The total assets do not equal the total liabilities and equity.
B. The retained earnings is not zero.
C. The accounts payable is not zero.
D. The common stock is not zero.
Question 7
A company's trial balance shows a credit balance of ₦20,000 in the 'Salaries Payable' account. Prepare the necessary journal entry to correct this error.
A. ₦20,000 debit to 'Salaries Payable' and ₦20,000 credit to 'Salaries Expense'
B. ₦20,000 debit to 'Salaries Expense' and ₦20,000 credit to 'Salaries Payable'
C. ₦20,000 debit to 'Salaries Payable' and ₦20,000 credit to 'Cash'
D. ₦20,000 debit to 'Cash' and ₦20,000 credit to 'Salaries Payable'
Question 8
A company's balance sheet as at 31st December 20X8 is as follows: Assets: ₦ 100,000 (cash) ₦ 50,000 (debtors) ₦ 20,000 (prepaid rent) Liabilities: ₦ 80,000 (creditors) ₦ 10,000 (loans) What is the total amount of liabilities?
A. ₦ 90,000
B. ₦ 100,000
C. ₦ 110,000
D. ₦ 120,000
Question 9
A company's balance sheet as at December 31, 2022, is as follows:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 10
A company's cash book shows the following transactions: i. Purchased office equipment for ₦120,000. ii. Sold goods for ₦150,000. iii. Purchased goods for ₦80,000. iv. Paid salaries of ₦50,000. Prepare the cash book for the year, showing the balance of cash at the end of the year.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 11
A company has the following balances in its ledger: Cash, ₦50,000; Accounts Receivable, ₦30,000; Inventory, ₦40,000; and Equipment, ₦100,000. What is the total assets?
A. ₦220,000.
B. ₦230,000.
C. ₦240,000.
D. ₦250,000.
Question 12
A company's profit and loss account for the year ended 31st December 20X8 is as follows: Trading profit: ₦ 50,000 Non-trading income: ₦ 10,000 Total profit: ₦ 60,000 What is the net profit from non-trading activities?
A. ₦ 10,000
B. ₦ 15,000
C. ₦ 20,000
D. ₦ 25,000
Question 13
A company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. What is the total revenue?
A. ₦80,000.
B. ₦90,000.
C. ₦100,000.
D. ₦110,000.
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦25,000
C. ₦12,500
D. ₦62,500
Question 15
A company's trading account for the year ended December 31, 2022, shows a profit of ₦120,000. The company's balance sheet as at December 31, 2022, shows a current liability of ₦80,000 and a non-current liability of ₦150,000. Determine the company's net profit for the year.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000

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