POST UTME UNN 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | ₦20,000 | | | 4th Jan | Bank | | ₦25,000 | What is the balance in the cash book on 4th Jan?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 2
A company's trial balance shows a debit balance of ₦50,000 in the 'Office Equipment' account. However, the company's accountant has informed you that the correct balance should be a credit of ₦20,000. What is the correct journal entry to rectify this error?
A. ₦50,000 debit to 'Office Equipment' and ₦20,000 credit to 'Office Equipment'
B. ₦20,000 debit to 'Office Equipment' and ₦50,000 credit to 'Office Equipment'
C. ₦30,000 debit to 'Office Equipment' and ₦70,000 credit to 'Office Equipment'
D. ₦40,000 debit to 'Office Equipment' and ₦60,000 credit to 'Office Equipment'
Question 3
A company's balance sheet shows the following accounts: Cash ₦500,000, Accounts Payable ₦200,000, and Common Stock ₦1,000,000. What is the company's total liabilities?
A. ₦700,000
B. ₦600,000
C. ₦800,000
D. ₦900,000
Question 4
A company issued 10,000 shares of 1 par value at a premium of 3 per share. How much was the total amount received from the issue of shares?
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 5
A company's profit and loss account for the year ended 31st Dec 2019 is as follows: | Particulars | ₦ | ₦ | | --- | --- | --- | | Sales | | 200,000 | | Cost of Goods Sold | | 120,000 | | Gross Profit | | 80,000 | | Operating Expenses | | 20,000 | | Net Profit | | 60,000 | What is the gross profit percentage?
A. 40%
B. 50%
C. 60%
D. 80%
Question 6
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000, and its residual value is ₦50,000. Calculate the annual depreciation for the first year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 7
The following is an extract from the financial statements of a manufacturing company. Prepare a statement of profit or loss for the year ended 31st December 2018.
A. Statement of profit or loss for the year ended 31st December 2018
B. Statement of changes in equity for the year ended 31st December 2018
C. Statement of comprehensive income for the year ended 31st December 2018
D. Statement of financial position as at 31st December 2018
Question 8
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
A. ₦300,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 9
The following is an extract from the financial statements of a public sector entity. Prepare a statement of changes in equity for the year ended 31st December 2018.
A. Statement of changes in equity for the year ended 31st December 2018
B. Statement of comprehensive income for the year ended 31st December 2018
C. Statement of financial position as at 31st December 2018
D. Statement of cash flows for the year ended 31st December 2018
Question 10
A company's trial balance as at 31st December 20X8 showed a total debit balance of ₦10,000,000 and a total credit balance of ₦8,000,000. What is the company's net worth?
A. ₦2,000,000
B. ₦3,000,000
C. ₦4,000,000
D. ₦5,000,000
Question 11
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | ₦20,000 | | | 4th Jan | Bank | | ₦25,000 | What is the balance in the bank on 4th Jan?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 12
A company's trial balance shows the following accounts: Sales Revenue ₦1,200,000, Cost of Goods Sold ₦800,000, and Net Profit ₦200,000. What is the company's gross profit?
A. ₦400,000
B. ₦200,000
C. ₦300,000
D. ₦100,000
Question 13
A company has the following transactions: Purchased goods for ₦150,000 on credit, sold goods for ₦200,000 on credit, and paid ₦50,000 in cash. Prepare the journal entries for the above transactions.
A. Debit Purchases ₦150,000, Credit Accounts Payable ₦150,000
B. Debit Sales ₦200,000, Credit Accounts Receivable ₦200,000
C. Debit Cash ₦50,000, Credit Purchases ₦50,000
D. Debit Purchases ₦150,000, Credit Sales ₦200,000
Question 14
A company has a manufacturing department that produces a product at a cost of ₦50 per unit. The company sells the product at a price of ₦80 per unit. If the company produces 1,000 units, what is the gross profit?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
A company's trading account for the year ended 31st December 20X8 showed a profit of ₦1,500,000. The company's profit and loss account for the year ended 31st December 20X8 showed a profit of ₦2,000,000. What is the amount of the company's dividend paid to its shareholders?
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000

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