POST UTME VERITAS UNIVERSITY 2022 Accounting | Objective

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Question 1
A company has the following transactions during the year ended December 31, 2022: Purchased office equipment for ₦200,000; Sold office equipment for ₦150,000; Purchased office supplies for ₦30,000; Sold office supplies for ₦20,000. Prepare the statement of stockholders' equity for the above transactions.
A. Common Stock ₦1,000,000, Retained Earnings ₦500,000
B. Common Stock ₦500,000, Retained Earnings ₦1,000,000
C. Common Stock ₦1,000,000, Retained Earnings ₦0
D. Common Stock ₦500,000, Retained Earnings ₦0
Question 2
A company has the following transactions during the year ended December 31, 2022: Purchased office equipment for ₦200,000; Sold office equipment for ₦150,000; Purchased office supplies for ₦30,000; Sold office supplies for ₦20,000. Prepare the statement of cash flows for the above transactions.
A. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦50,000
B. Cash Flows from Operating Activities ₦20,000, Cash Flows from Investing Activities ₦30,000
C. Cash Flows from Operating Activities ₦30,000, Cash Flows from Investing Activities ₦20,000
D. Cash Flows from Operating Activities ₦50,000, Cash Flows from Financing Activities ₦50,000
Question 3
A company has a single-entry accounting system and records the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash received from loans ₦20,000. What is the total amount of cash received?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 4
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦3,000,000 and a profit and loss account balance of ₦1,200,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦4,500,000
B. ₦4,200,000
C. ₦4,700,000
D. ₦4,300,000
Question 5
A company's balance sheet shows the following: Assets: ₦4,000,000; Liabilities: ₦3,500,000. Calculate the equity.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 6
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, while partner B has a 40% interest. If the partnership's profit is ₦180,000, how much will partner A receive as their share of the profit?
A. ₦108,000
B. ₦72,000
C. ₦90,000
D. ₦120,000
Question 7
A company has the following ledger balances as at December 31, 2022: Cash ₦500,000; Accounts Payable ₦200,000; Common Stock ₦1,000,000. Prepare the income statement for the company.
A. Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, Net Income ₦500,000
B. Revenue ₦500,000, Cost of Goods Sold ₦1,000,000, Net Income ₦-500,000
C. Revenue ₦1,000,000, Cost of Goods Sold ₦1,000,000, Net Income ₦0
D. Revenue ₦500,000, Cost of Goods Sold ₦500,000, Net Income ₦0
Question 8
A company uses the weighted average method to value its inventory. The following data are available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of ending inventory: ₦1,200,000; Beginning inventory: ₦800,000. Calculate the cost of goods sold using the weighted average method.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 9
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦3,000,000 and a profit and loss account balance of ₦1,200,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦4,500,000
B. ₦4,200,000
C. ₦4,700,000
D. ₦4,300,000
Question 10
A company has a trial balance that includes the following accounts: Sales, Cost of Goods Sold, and Net Income. The trial balance shows that Sales is ₦100,000, Cost of Goods Sold is ₦60,000, and Net Income is ₦40,000. What is the total amount of assets on the balance sheet?
A. ₦200,000
B. ₦240,000
C. ₦280,000
D. ₦320,000
Question 11
A company has the following ledger balances as at December 31, 2022: Cash ₦500,000; Accounts Payable ₦200,000; Common Stock ₦1,000,000. Prepare the balance sheet for the company.
A. Cash ₦500,000, Accounts Payable ₦200,000, Common Stock ₦1,000,000
B. Cash ₦500,000, Accounts Payable ₦1,000,000, Common Stock ₦200,000
C. Cash ₦1,000,000, Accounts Payable ₦500,000, Common Stock ₦200,000
D. Cash ₦500,000, Accounts Payable ₦200,000, Common Stock ₦500,000
Question 12
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Debtors | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | | | | | 45,000 | | 50,000 | What is the amount of stock?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company's profit and loss account shows the following: Sales: ₦1,500,000; Cost of Goods Sold: ₦1,200,000. Calculate the gross profit.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 14
A company uses the double-entry system of accounting. If the company debits an account for ₦15,000 and credits another account for ₦20,000, what is the net effect on the company's accounting equation?
A. Increases Assets, Increases Liabilities
B. Increases Assets, Decreases Liabilities
C. Increases Liabilities, Decreases Assets
D. Increases Equity, Decreases Liabilities
Question 15
A company's trading account shows the following transactions: Sales: ₦1,000,000; Purchases: ₦800,000. Calculate the gross profit.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000

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