POST UTME UNIPORT 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's trial balance as at 31st December, 2020, showed a debit balance of ₦15,000 in the account 'Rent Received'. The correct balance should be a credit balance of ₦15,000. Pass the necessary journal entry to correct the error.
A. Debit Rent Received ₦15,000, Credit Rent Received ₦15,000
B. Debit Rent Received ₦15,000, Credit Profit and Loss Account ₦15,000
C. Debit Profit and Loss Account ₦15,000, Credit Rent Received ₦15,000
D. Debit Rent Received ₦15,000, Credit Bank ₦15,000
Question 2
A company has a self-balancing ledger. If the ledger balance is ₦100,000 and the ledger is debited by ₦30,000, what is the journal entry to record the transaction?
A. Debit Ledger A/c ₦30,000, Credit Control A/c ₦30,000
B. Debit Control A/c ₦30,000, Credit Ledger A/c ₦30,000
C. Debit Ledger A/c ₦30,000, Credit Bank A/c ₦30,000
D. Debit Bank A/c ₦30,000, Credit Ledger A/c ₦30,000
Question 3
The following trial balance of a manufacturing company is given. Prepare a balance sheet and an income statement for the year ended 31st December 2020.
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000
Question 4
A company's balance sheet shows the following balances: Cash ₦500,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Total Assets ₦1,500,000. What is the correct calculation of the company's Total Liabilities?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 5
A company's trial balance shows an error of ₦0.50 in the debit side of the Sales Returns account. The correct balance of the Sales Returns account is ₦1,500. What is the correct balance of the Sales Returns account after correcting the error?
A. ₦1,499.50
B. ₦1,500.50
C. ₦1,501.50
D. ₦1,502.50
Question 6
A company uses the following accounts: Purchases, Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, Net Profit. Prepare a statement of profit or loss for the year ended 31st December 2020.
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000
Question 7
A company's bank statement as at 31st December, 2020 is as follows: Debit Bank Charges 500 Credit Deposits 10,000 Prepare the bank reconciliation statement.
A. Bank Charges 500, Deposits 10,000
B. Bank Charges 500, Deposits 10,000
C. Bank Charges 500, Deposits 10,000
D. Bank Charges 500, Deposits 10,000
Question 8
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦22,000
D. ₦18,000
Question 9
A company's accounting policy requires that depreciation be calculated using the straight-line method. The company purchased a machine for ₦120,000 and expects it to last for 5 years. What is the annual depreciation charge?
A. ₦20,000
B. ₦24,000
C. ₦30,000
D. ₦36,000
Question 10
A company uses the perpetual inventory system. If the company purchases 1,000 units of inventory at ₦50 per unit, and the cost of goods sold is ₦80,000, what is the total cost of the inventory?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company uses the self-balancing ledger to record its financial transactions. Which of the following is a characteristic of the self-balancing ledger?
A. It is a subsidiary ledger.
B. It is a general ledger.
C. It is a non-self-balancing ledger.
D. It is a self-balancing ledger.
Question 12
A company has the following transactions: (1) Purchased goods for ₦100,000 on credit. (2) Sold goods for ₦150,000 on credit. (3) Paid salaries of ₦20,000. (4) Purchased a machine for ₦80,000 on credit. What is the total amount of assets on the balance sheet?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 13
A public sector organization uses the cash book to record all its financial transactions. Which of the following is a characteristic of the cash book?
A. It is a self-balancing ledger.
B. It is a non-self-balancing ledger.
C. It is a subsidiary ledger.
D. It is a general ledger.
Question 14
A company uses the double-entry system to record its financial transactions. Which of the following is a characteristic of the double-entry system?
A. It records each transaction twice.
B. It records each transaction once.
C. It records all transactions in a single ledger.
D. It records all transactions in a single journal.
Question 15
A partnership is formed between two individuals, A and B, with an initial capital of ₦500,000. After one year, the profit is shared in the ratio 3:2. If A's share of the profit is ₦180,000, what is the value of B's share?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000

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