POST UTME UNN 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency is required to prepare a statement of cash flows. The agency's cash balance at the beginning of the year was ₦1,000,000. During the year, it received ₦2,500,000 in cash from customers, paid ₦1,800,000 in cash to suppliers, and invested ₦1,200,000 in a new project. What is the net increase in cash for the year?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 2
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 15,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital ₦ 20,000, Credit Share Premium ₦ 20,000, Credit Issue Expenses ₦ 15,000
B. Debit Share Capital ₦ 10,000, Credit Share Premium ₦ 20,000, Credit Issue Expenses ₦ 15,000
C. Debit Share Capital ₦ 20,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 15,000
D. Debit Share Capital ₦ 10,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 15,000
Question 3
A company has the following trial balance: Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000. Prepare the balance sheet.
A. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
B. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
C. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
D. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
Question 4
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦8,000 | | 3rd Jan | Cash | | ₦12,000 | What is the correct bank reconciliation statement?
A. Bank Balance ₦8,000, Cash Balance ₦22,000
B. Bank Balance ₦16,000, Cash Balance ₦10,000
C. Bank Balance ₦8,000, Cash Balance ₦10,000
D. Bank Balance ₦16,000, Cash Balance ₦22,000
Question 5
A company has the following trial balance: Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000. Prepare the balance sheet.
A. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
B. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
C. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
D. Assets = ₦500,000; Liabilities = ₦200,000; Equity = ₦300,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. What is the correct journal entry to record the transfer of this amount to the 'Rent Income' account?
A. Debit Rent Received ₦15,000, Credit Rent Income ₦15,000
B. Debit Rent Income ₦15,000, Credit Rent Received ₦15,000
C. Debit Rent Received ₦15,000, Credit Cash ₦15,000
D. Debit Rent Income ₦15,000, Credit Cash ₦15,000
Question 7
A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦150,000 on credit; Purchased goods for ₦50,000 for cash. Prepare the journal entries for the transactions.
A. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
B. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
C. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
D. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
Question 8
A company has the following transactions related to its cash and bank accounts: Cash: ₦10,000 deposited, ₦5,000 withdrawn Bank: ₦8,000 deposited, ₦3,000 withdrawn What is the net change in the company's cash and bank accounts?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦10,000
Question 9
A trader purchases goods for ₦200,000 and sells them for ₦300,000. What is the profit made by the trader?
A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦300,000
Question 10
A company has the following trial balance: Debtors: ₦150,000 Creditors: ₦100,000 Capital: ₦500,000 What is the total amount of assets?
A. ₦650,000
B. ₦750,000
C. ₦850,000
D. ₦950,000
Question 11
A company has the following transactions related to its sales department: Sales revenue: ₦100,000 Cost of goods sold: ₦60,000 Gross profit: ₦40,000 What is the gross profit margin?
A. 40%
B. 50%
C. 60%
D. 70%
Question 12
A company has the following transactions affecting its cash account: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 2 Jan | Cash paid to suppliers | 0 | 5,000 | | 3 Jan | Cash received from sales | 8,000 | 0 | | 4 Jan | Cash paid to employees | 0 | 3,000 | What is the balance of the cash account on 4 Jan?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 13
A company has the following transactions related to its manufacturing department: Raw materials purchased: ₦50,000 Direct labor: ₦30,000 Overhead: ₦20,000 What is the total cost of the manufacturing department?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦200,000
Question 14
A public sector organization has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Purchase of goods | 10,000 | 0 | | 2 Jan | Sale of services | 0 | 20,000 | | 3 Jan | Payment of salaries | 0 | 15,000 | | 4 Jan | Receipt of grants | 0 | 10,000 | What is the total revenue of the organization on 4 Jan?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 15
A company uses the FIFO method to determine the cost of goods sold. On January 1, 2023, it had 500 units of a product in stock, valued at ₦50 each. During the year, 300 units were sold, and 200 units were purchased at ₦60 each. What is the total cost of goods sold for the year?
A. ₦17,000
B. ₦18,000
C. ₦19,000
D. ₦20,000

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