POST UTME UNN 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's accounting policy requires that depreciation be calculated using the straight-line method. If a machine has a useful life of 5 years and a cost of ₦ 50,000, what is the annual depreciation expense?
A. ₦ 10,000
B. ₦ 12,500
C. ₦ 15,000
D. ₦ 20,000
Question 2
A company's trading account for the year ended 31st December 2023 is as follows: Sales: ₦ 500,000 Purchases: ₦ 300,000 Returns Outwards: ₦ 20,000 Returns Inwards: ₦ 10,000 What is the gross profit for the year?
A. ₦ 190,000
B. ₦ 200,000
C. ₦ 210,000
D. ₦ 220,000
Question 3
A company has the following balances in its ledger: Cash ₹50,000, Accounts Payable ₹20,000, Sales ₹1,00,000, Cost of Goods Sold ₹80,000. Prepare the Balance Sheet.
A. ₹1,50,000
B. ₹1,60,000
C. ₹1,70,000
D. ₹1,80,000
Question 4
A company has a control account for its cash account. The following transactions affect the cash account: Debit: Cash ₦ 10,000, Credit: Purchases ₦ 10,000. What is the effect of this transaction on the control account?
A. The control account will be debited and the Purchases account will be credited.
B. The control account will be credited and the Purchases account will be debited.
C. The control account will be debited and the Purchases account will be credited, resulting in an increase in the company's assets.
D. The control account will be credited and the Purchases account will be debited, resulting in a decrease in the company's assets.
Question 5
A company issued 10,000, 5% debentures of ₦100 each at a discount of 5%. The company also issued 5,000, 10% preference shares of ₦50 each at a premium of 10%. Calculate the total amount received from the issue of debentures and preference shares.
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000
Question 6
A company has the following transactions during the year: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦50,000 to a creditor. Prepare the trading and profit and loss account for the year.
A. Trading Account: ₦20,000; Profit and Loss Account: ₦70,000
B. Trading Account: ₦30,000; Profit and Loss Account: ₦80,000
C. Trading Account: ₦40,000; Profit and Loss Account: ₦90,000
D. Trading Account: ₦50,000; Profit and Loss Account: ₦100,000
Question 7
A company uses the single entry system. The following transactions are recorded in the journal: 1. Purchased office equipment for ₦ 120,000. 2. Sold goods for ₦ 150,000. 3. Purchased raw materials for ₦ 80,000. 4. Paid salaries of ₦ 30,000. What is the total amount of assets recorded in the ledger?
A. ₦ 230,000
B. ₦ 270,000
C. ₦ 300,000
D. ₦ 330,000
Question 8
A company uses a self-balancing ledger to record transactions. The following journal entry is made: Debit: Sales ₦ 10,000, Credit: Accounts Receivable ₦ 10,000. What is the effect of this transaction on the self-balancing ledger?
A. The Sales account will be debited and the Accounts Receivable account will be credited.
B. The Sales account will be credited and the Accounts Receivable account will be debited.
C. The Sales account will be debited and the Accounts Receivable account will be credited, resulting in an increase in the company's assets.
D. The Sales account will be credited and the Accounts Receivable account will be debited, resulting in a decrease in the company's assets.
Question 9
A company has the following transactions: Purchased ₦100,000 cash, Sold goods for ₦120,000, Purchased goods for ₦80,000, and Paid salaries ₦30,000. What is the net cash flow?
A. +₦50,000
B. +₦20,000
C. +₦10,000
D. +₦5,000
Question 10
A company has the following balance sheet: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the return on equity?
A. 0.6
B. 0.7
C. 0.8
D. 0.9
Question 11
A company has the following cash flow statement: Cash from Operations ₦500,000, Cash from Investing ₦200,000, and Cash from Financing ₦100,000. What is the net change in cash?
A. +₦800,000
B. +₦700,000
C. +₦600,000
D. +₦500,000
Question 12
A company's balance sheet as at 31st December 2023 is as follows: Assets: ₦ 500,000 Liabilities: ₦ 200,000 Capital: ₦ 300,000 What is the total amount of equity?
A. ₦ 300,000
B. ₦ 400,000
C. ₦ 500,000
D. ₦ 600,000
Question 13
A company issued 10,000 shares of ₹10 each at a premium of ₹5 per share. The issue expenses were ₹20,000. Calculate the amount of share capital.
A. ₹1,00,000
B. ₹1,20,000
C. ₹1,50,000
D. ₹1,80,000
Question 14
A company has the following transactions: Purchased goods for ₦50,000 on credit. Sold goods for ₦60,000 on credit. Paid cash of ₦10,000 for rent. Prepare a cash book and a sales ledger account.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 15
A company's trial balance shows an error of ₦15,000 in the accounts payable account. The correct balance should be ₦120,000. What is the correct balance in the accounts receivable account?
A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦125,000

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