POST UTME UNN 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the perpetual inventory system. On January 1, 2020, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. The company uses the weighted average method to value its inventory. Calculate the cost of goods sold for the year.
A. ₦36,000
B. ₦42,000
C. ₦48,000
D. ₦54,000
Question 2
A company has the following incomplete records:
A. 10,000
B. 20,000
C. 30,000
D. 40,000
Question 3
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | ₦8,000 | | | 4 Jan | Bank | | ₦12,000 | What is the balance in the cash account on 4 January?
A. ₦18,000
B. ₦22,000
C. ₦26,000
D. ₦30,000
Question 4
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 5
A company has a capital of ₦500,000 divided into 5,000 shares of ₦100 each. The company issued 2,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 6
A company's departmental accounts as at 31st December, 2020 is as follows: Department A | ₦1,000,000 Department B | ₦500,000 Department C | ₦200,000 Determine the total profit of the company.
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000
Question 7
A company's manufacturing account as at 31st December, 2020 is as follows: Direct Materials | ₦1,000,000 Direct Labour | ₦500,000 Overheads | ₦200,000 Determine the total cost of production.
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000
Question 8
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦5,000, what is the total depreciation charge for the 5-year period if the asset cost ₦100,000?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 9
A company issued 10,000 9% debentures of ₦100 each on January 1, 2020. Calculate the annual interest payable on the debentures.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 10
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦5,000, what is the annual depreciation charge if the asset cost ₦100,000?
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 11
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1,000 | | | Bank | | 500 | | Accounts Payable | | 2,000 | | Sales | | 3,000 | What is the total amount of the company's assets?
A. ₦4,000
B. ₦5,000
C. ₦6,000
D. ₦7,000
Question 12
A company has a building with a cost of ₦1,000,000 and a useful life of 10 years. The company uses the straight-line method to depreciate the building. What is the annual depreciation expense for the first year?
A. ₦100,000
B. ₦90,000
C. ₦80,000
D. ₦70,000
Question 13
A company uses the straight-line method of depreciation. The asset cost 10,000 and has a useful life of 5 years.
A. 2,000 per year
B. 4,000 per year
C. 6,000 per year
D. 8,000 per year
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 1,000 | What is the balance of the cash account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 15
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 1,000 | What is the balance of the accounts payable account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000

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