POST UTME WELLSPRING UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions for the year: 1. Purchased office equipment for ₦120,000 2. Sold office equipment for ₦80,000 3. Purchased a vehicle for ₦200,000 4. Sold a vehicle for ₦150,000 5. Purchased a building for ₦500,000 6. Sold a building for ₦400,000 Determine the gain or loss on the disposal of assets.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 2
A company uses the double-entry system of accounting. Which of the following is an example of a journal entry?
A. Debit Cash and Credit Accounts Payable.
B. Credit Cash and Debit Accounts Payable.
C. Debit Accounts Payable and Credit Cash.
D. Credit Accounts Payable and Debit Cash.
Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦5,000 | | 3 Jan | Cash | | ₦8,000 | | 4 Jan | Bank | ₦12,000 | | | 5 Jan | Cash | | ₦6,000 | Calculate the cash balance on 5 January.
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 4
A bank reconciliation statement is prepared to reconcile the differences between the bank statement and the cash book. Which of the following is a common reason for the difference?
A. Cheques issued but not presented for payment.
B. Cheques deposited but not yet credited.
C. Bank charges not recorded in the cash book.
D. All of the above.
Question 5
A company uses a double-entry system. The following transactions occurred during the year: Debit: ₦10,000, ₦5,000, ₦8,000 Credit: ₦3,000, ₦2,000, ₦6,000 What is the total amount of cash available at the end of the year?
A. ₦21,000
B. ₦22,000
C. ₦23,000
D. ₦24,000
Question 6
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦500,000 and a useful life of 5 years. If the asset is depreciated by 10% per annum, what is the annual depreciation charge?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company's income statement shows the following revenues: sales ₦100,000, interest income ₦10,000, and dividends income ₦5,000. What is the total revenue?
A. ₦115,000
B. ₦120,000
C. ₦125,000
D. ₦130,000
Question 8
A company uses a double-entry system. The following transactions occurred during the year: Debit: ₦10,000, ₦5,000, ₦8,000 Credit: ₦3,000, ₦2,000, ₦6,000 What is the total amount of cash available at the end of the year?
A. ₦21,000
B. ₦22,000
C. ₦23,000
D. ₦24,000
Question 9
A partnership is formed by three partners, A, B, and C, who contribute ₦50,000, ₦30,000, and ₦20,000 respectively. If the profit is divided in the ratio 2:3:4, find the share of profit of partner B.
A. ₦24,000
B. ₦36,000
C. ₦48,000
D. ₦60,000
Question 10
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the shares were sold for 5 each, calculate the total amount received from the sale of shares.
A. ₦30,000,000
B. ₦50,000,000
C. ₦60,000,000
D. ₦70,000,000
Question 11
A company has the following transactions for the year: 1. Purchased office equipment for ₦120,000 2. Sold office equipment for ₦80,000 3. Purchased a vehicle for ₦200,000 4. Sold a vehicle for ₦150,000 5. Purchased a building for ₦500,000 6. Sold a building for ₦400,000 Determine the gain or loss on the disposal of assets.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
In a partnership account, the capital of each partner is recorded on the debit side of the capital account. Which of the following is true about the capital account?
A. The capital account is a nominal account.
B. The capital account is a real account.
C. The capital account is a temporary account.
D. The capital account is a permanent account.
Question 13
A company has the following transactions for the year: 1. Purchased office equipment for ₦120,000 2. Sold office equipment for ₦80,000 3. Purchased a vehicle for ₦200,000 4. Sold a vehicle for ₦150,000 5. Purchased a building for ₦500,000 6. Sold a building for ₦400,000 Determine the gain or loss on the disposal of assets.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company's cash book shows the following transactions: cash received from customers ₦50,000, cash paid to suppliers ₦20,000, and cash paid to employees ₦15,000. What is the net increase in cash?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
A partnership is formed between two individuals, John and Mary, who contribute ₦200,000 and ₦300,000 respectively. The partnership agreement states that the profits will be shared in the ratio 2:3. If the partnership earns a profit of ₦150,000, how much will John receive?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000

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