POST UTME AAUA 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows a total assets of ₦500,000 and total liabilities of ₦200,000. The company's net worth is ₦300,000. What is the company's equity?
A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000
Question 2
A company issues 1,000 shares of common stock at ₦10 per share. If the company also issues 500 shares of preferred stock at ₦20 per share, what is the total amount of cash received from the issuance of stock?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 3
A company's departmental accounts for the year ended 31st December 2022 are as follows: Department A: Sales ₦100,000 Cost of Goods Sold ₦60,000 Profit ₦40,000 Department B: Sales ₦80,000 Cost of Goods Sold ₦40,000 Profit ₦40,000 Calculate the total profit for the year.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 4
A company's assets are valued as follows:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 5
A company has the following cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 2 Jan | Equipment | | 8,000 | | 3 Jan | Cash | | 2,000 | What is the total amount of cash debited in the cash book?
A. 12,000
B. 10,000
C. 8,000
D. 6,000
Question 6
A company uses the weighted average method to value its inventory. If the company has three types of inventory with the following quantities and costs: Type A (100 units, ₦50 per unit), Type B (200 units, ₦75 per unit), and Type C (300 units, ₦25 per unit), what is the total value of the inventory?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 7
A company uses the single entry system and records all its transactions in a journal. The journal shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 2 Jan | Equipment | | 8,000 | | 3 Jan | Cash | | 2,000 | What is the total amount of cash debited in the journal?
A. 12,000
B. 10,000
C. 8,000
D. 6,000
Question 8
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Equipment | | 8,000 | | Bank | | 2,000 | What is the total amount of assets?
A. 12,000
B. 10,000
C. 8,000
D. 6,000
Question 9
A government agency uses the accrual basis of accounting. It records the following transactions: Debit Salaries ₦50,000, Credit Salaries Expense ₦50,000. What is the effect of this transaction on the agency's financial statements?
A. Increase in Salaries and decrease in Salaries Expense
B. Decrease in Salaries and increase in Salaries Expense
C. No effect on Salaries and Salaries Expense
D. Increase in Salaries Expense and decrease in Salaries
Question 10
A company has the following bank reconciliation statement: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Bank | 10,000 | | | 2 Jan | Equipment | | 8,000 | | 3 Jan | Bank | | 2,000 | What is the total amount of bank overdraft?
A. 12,000
B. 10,000
C. 8,000
D. 6,000
Question 11
A company has two departments: A and B. Department A has a budget of ₦100,000, and it has spent ₦80,000. Department B has a budget of ₦80,000, and it has spent ₦60,000. What is the total budget of the company?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 12
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Accounts Payable | | 8,000 | | Sales | | 12,000 | | Cost of Goods Sold | | 8,000 | What is the total amount of cash received?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 13
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2022:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5% debentures of ₦100 each. Prepare the journal entries for the issue of shares and debentures.
A. Debit Share Capital ₦100,000, Credit Cash ₦100,000
B. Debit Share Capital ₦500,000, Credit Cash ₦500,000
C. Debit Share Capital ₦500,000, Credit Cash ₦500,000 and Debit Debentures ₦500,000
D. Debit Share Capital ₦500,000, Credit Cash ₦500,000 and Credit Debentures ₦500,000
Question 15
A company issued 5,000, 12% debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦520,000
C. ₦540,000
D. ₦560,000

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