POST UTME UNN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Debit Accounts Payable 5,000, Credit Cash 5,000. What is the effect of this transaction on the company's balance sheet?
A. Increase in Accounts Payable and decrease in Cash
B. Decrease in Accounts Payable and increase in Cash
C. No effect on Accounts Payable and Cash
D. Increase in Cash and decrease in Accounts Payable
Question 2
A company's cash book shows a balance of ₦20,000. However, the bank statement shows a balance of ₦25,000. What is the likely reason for the discrepancy?
A. The company has an outstanding cheque.
B. The bank has charged a fee for an overdraft.
C. The company has deposited cash but not yet recorded it in the cash book.
D. The company has an error in its cash book.
Question 3
A company's trading account for the year ended 31st Dec 2022 is as follows: | Particulars | Debit | Credit | | --- | --- | --- | | Sales | | 1,500,000 | | Purchases | 1,200,000 | | | Wages | 150,000 | | | Rent | | 50,000 | Calculate the company's gross profit for the year.
A. ₦1,350,000
B. ₦1,400,000
C. ₦1,450,000
D. ₦1,500,000
Question 4
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. What is the company's net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 5
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000. The beginning inventory is ₦200,000, and the cost of the current period's purchases is ₦1,300,000. If the company uses a 10% increase in the cost of goods sold as a weight, what is the value of the ending inventory?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 6
A company's balance sheet as at 31st Dec 2022 is as follows: | Particulars | ₦ | ₦ | | --- | --- | --- | | Share Capital | | 500,000 | | Profit & Loss A/c | | 200,000 | | Debtors | 150,000 | | | Creditors | | 100,000 | Calculate the company's total assets.
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 7
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦45,000. What is the likely reason for the discrepancy?
A. The company has an outstanding cheque.
B. The bank has charged a fee for an overdraft.
C. The company has deposited cash but not yet recorded it in the cash book.
D. The company has an error in its cash book.
Question 8
A company has the following transactions: Debit Cash 5,000, Credit Accounts Payable 5,000. What is the effect of this transaction on the company's balance sheet?
A. Increase in Cash and decrease in Accounts Payable
B. Decrease in Cash and increase in Accounts Payable
C. No effect on Cash and Accounts Payable
D. Increase in Accounts Payable and decrease in Cash
Question 9
A company's balance sheet shows a total asset value of ₦500,000. However, the total liability value is ₦300,000. What is the likely reason for the discrepancy?
A. The company has an error in its balance sheet.
B. The company has an asset that has not been recorded.
C. The company has a liability that has not been recorded.
D. The company has an equity that has not been recorded.
Question 10
A company's financial statements show a net income of ₦500,000. The company's cash flow statement shows a net cash inflow of ₦200,000. What is the correct amount of the company's cash balance?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 11
A company's trial balance shows a discrepancy of ₦1,000. What is the next step in the correction of errors?
A. Prepare a revised trial balance
B. Investigate the cause of the discrepancy
C. Make a journal entry to correct the discrepancy
D. Prepare a balance sheet
Question 12
A bank reconciliation statement shows a difference of ₦2,000 between the cash book balance and the bank statement balance. What is the possible cause of the difference?
A. Bank charges not recorded in the cash book
B. Cheques deposited into the bank but not yet credited
C. Cheques issued by the company but not yet presented for payment
D. Cash withdrawn from the bank but not yet recorded in the cash book
Question 13
The following trial balance of a company is given. Prepare the ledger accounts from the trial balance.
A. Assets: 100,000, Liabilities: 50,000, Equity: 50,000
B. Assets: 50,000, Liabilities: 100,000, Equity: 50,000
C. Assets: 50,000, Liabilities: 50,000, Equity: 100,000
D. Assets: 100,000, Liabilities: 50,000, Equity: 50,000
Question 14
A company has the following transactions recorded in its ledger: Debit: Sales ₦ 200,000; Credit: Bank ₦ 200,000. What is the effect of this transaction on the cash balance?
A. No effect
B. Increase by ₦ 200,000
C. Decrease by ₦ 200,000
D. Increase by ₦ 100,000
Question 15
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. Prepare the journal entries for the transactions.
A. Debit Purchases ₦50,000, Credit Cash ₦50,000
B. Debit Sales ₦70,000, Credit Cash ₦70,000
C. Debit Equipment ₦30,000, Credit Cash ₦30,000
D. Debit Purchases ₦50,000, Credit Sales ₦70,000

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