POST UTME UNIPORT 2024 Accounting | Objective

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Question 1
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's debt-to-equity ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 2
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's current ratio?
A. 2:1
B. 3:1
C. 4:1
D. 5:1
Question 3
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's profit is ₦100,000. How much profit will each partner receive?
A. Partner A will receive ₦60,000 and partner B will receive ₦40,000.
B. Partner A will receive ₦40,000 and partner B will receive ₦60,000.
C. Partner A will receive ₦80,000 and partner B will receive ₦20,000.
D. Partner A will receive ₦20,000 and partner B will receive ₦80,000.
Question 4
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1/1/2024 | Cash | 10,000 | | | 1/1/2024 | Bank | | 10,000 | | 15/1/2024 | Cash | | 8,000 | | 20/1/2024 | Bank | 12,000 | | | 25/1/2024 | Cash | | 15,000 | What is the balance in the bank account?
A. ₦2,000
B. ₦5,000
C. ₦8,000
D. ₦10,000
Question 5
A company uses the weighted average method to value its inventory. The company's inventory consists of 100 units of item A, 200 units of item B, and 300 units of item C. The cost of item A is ₦150 per unit, item B is ₦200 per unit, and item B is ₦250 per unit. If the total cost of the inventory is ₦1,500,000, what is the total value of the inventory using the weighted average method?
A. ₦1,400,000
B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000
Question 6
A company uses the job-order costing method. The following data are available: | Job No. | Cost | | --- | --- | | 101 | ₦10,000 | | 102 | ₦15,000 | | 103 | ₦20,000 | What is the total cost of production for the year?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 7
A company issued 10,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 8
A company's trading account shows a profit of ₦100,000. The company's profit and loss account shows a net profit of ₦150,000. The company's balance sheet shows a net worth of ₦200,000. What is the reason for the difference between the trading account profit and the net worth?
A. The company has made a non-trading income.
B. The company has made a non-trading expense.
C. The company has made a capital gain.
D. The company has made a capital loss.
Question 9
A company issued 5,000 shares of ₦10 par value at a premium of ₦5 per share. The total amount received from the issue of shares is ₦250,000. Calculate the amount of share capital and the amount of share premium.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 10
A company uses the weighted average method to value its inventory. The company's inventory consists of 100 units of item A, 200 units of item B, and 300 units of item C. The cost of item A is ₦150 per unit, item B is ₦200 per unit, and item B is ₦250 per unit. If the total cost of the inventory is ₦1,500,000, what is the total value of the inventory using the weighted average method?
A. ₦1,400,000
B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000
Question 11
A company's cash book shows a debit balance of ₦120,000. The bank statement shows a credit balance of ₦150,000. The difference between the cash book balance and the bank statement balance is ₦30,000. What is the reason for this difference?
A. The company has made a payment to a supplier.
B. The company has received a payment from a customer.
C. The company has deposited cash into the bank.
D. The company has withdrawn cash from the bank.
Question 12
A company's balance sheet as at 31st December 2023 is as follows: Share Capital: ₦1,000,000; Retained Earnings: ₦500,000; Dividends: ₦200,000. Prepare the company's statement of changes in equity as at 31st December 2023.
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000
Question 13
A company purchased a building for ₦2,000,000. The building has a useful life of 10 years and a residual value of ₦200,000. Calculate the annual depreciation using the straight-line method.
A. ₦180,000
B. ₦182,000
C. ₦185,000
D. ₦188,000
Question 14
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 15
A company has the following trial balance: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦50,000. Prepare the adjusted trial balance.
A. Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦50,000
B. Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦0
C. Accounts Payable ₦0, Sales Revenue ₦100,000, Cost of Goods Sold ₦50,000
D. Accounts Payable ₦50,000, Sales Revenue ₦0, Cost of Goods Sold ₦50,000

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