POST UTME AAUA 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's control account shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | | 5,000 | | 15th Jan | Bank | 5,000 | | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the company's cash balance at the end of the month?
A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000
Question 2
A company's profit and loss account shows the following: | Particulars | ₦ | Particulars | ₦ | | --- | --- | --- | --- | | Sales | 100,000 | Cost of Goods Sold | 80,000 | | Gross Profit | 20,000 | Operating Expenses | 10,000 | | Net Profit | 10,000 | | | What is the company's net profit?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
A company's single entry system shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | | 5,000 | | 15th Jan | Bank | 5,000 | | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the company's cash balance at the end of the month?
A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000
Question 4
A company's balance sheet as at 31st December, 2017 is as follows: ₦100,000; ₦50,000; ₦20,000. Prepare the balance sheet.
A. ₦100,000; ₦50,000; ₦20,000
B. ₦100,000; ₦50,000; ₦20,000
C. ₦100,000; ₦50,000; ₦20,000
D. ₦100,000; ₦50,000; ₦20,000
Question 5
A partnership has two partners, A and B. Partner A has a 60% share of the profits, while partner B has a 40% share. If the total profits are ₦120,000, how much will partner A receive?
A. ₦72,000
B. ₦76,800
C. ₦80,640
D. ₦84,480
Question 6
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦5,500
B. ₦5,500.00
C. ₦5,500.00
D. ₦5,500.00
Question 7
A company's trial balance shows the following balances: Debtors ₦50,000, Creditors ₦20,000, Capital ₦100,000, Profit and Loss Account ₦30,000. What is the total assets of the company?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 8
A company's incomplete records show the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | | 5,000 | | 15th Jan | Bank | 5,000 | | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the company's cash balance at the end of the month?
A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000
Question 9
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Stock | 30,000 | Share Capital | 40,000 | | Debtors | 15,000 | Creditors | 10,000 | What is the total amount of the company's assets?
A. ₦55,000
B. ₦65,000
C. ₦75,000
D. ₦85,000
Question 10
A company's departmental accounts show the following balances: Sales ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000. What is the net profit?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 11
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total cost of goods sold?
A. ₦8,500
B. ₦9,500
C. ₦10,500
D. ₦11,500
Question 12
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance on the profit and loss account at the beginning of the year was ₦200,000. The company's retained earnings at the beginning of the year were ₦500,000. The company declared a dividend of ₦300,000 during the year. What is the company's retained earnings at the end of the year?
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,600,000
D. ₦1,900,000
Question 13
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total revenue?
A. ₦7,500
B. ₦8,500
C. ₦9,500
D. ₦10,500
Question 14
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total asset?
A. ₦15,000
B. ₦16,000
C. ₦17,000
D. ₦18,000
Question 15
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total liability?
A. ₦5,000
B. ₦6,000
C. ₦7,000
D. ₦8,000

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