POST UTME AAUA 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B. The capital contributions of the partners are as follows: A: ₦600,000 B: ₦400,000 The profit-sharing ratio is 3:2. What is the amount of profit to be shared by partner A?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 2
A company's trial balance shows the following accounts: Sales Revenue, Cost of Goods Sold, and Net Income. The trial balance shows a balance of ₦100,000 in the Sales Revenue account and a balance of ₦80,000 in the Cost of Goods Sold account. What is the amount of the company's net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A company has the following transactions: 1. Purchased goods for ₦700,000 on credit. 2. Sold goods for ₦900,000 on credit. 3. Paid cash of ₦500,000 to settle a debt. What is the total amount of cash paid by the company?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 4
A company has the following financial statements: Trading Account: Sales: ₦1,200,000 Cost of Goods Sold: ₦900,000 Gross Profit: ₦300,000 Profit and Loss Account: Gross Profit: ₦300,000 Operating Expenses: ₦150,000 Net Profit: ₦150,000 Balance Sheet: Assets: ₦1,200,000 Liabilities: ₦900,000 Equity: ₦300,000 What is the amount of net profit shown in the financial statements?
A. ₦150,000
B. ₦300,000
C. ₦450,000
D. ₦600,000
Question 5
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 20,000
B. ₦ 25,000
C. ₦ 30,000
D. ₦ 35,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?
A. Debit Rent Paid by ₦5,000 and Credit Rent Received by ₦5,000
B. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000
C. Debit Rent Received by ₦20,000 and Credit Rent Paid by ₦20,000
D. Debit Rent Paid by ₦20,000 and Credit Rent Received by ₦20,000
Question 7
A partnership business has two partners, A and B. Their capital accounts are ₦ 50,000 and ₦ 30,000 respectively. The profit for the year is ₦ 20,000. If A's share of profit is ₦ 12,000, calculate B's share of profit.
A. ₦ 8,000
B. ₦ 10,000
C. ₦ 12,000
D. ₦ 14,000
Question 8
A company's bank reconciliation statement shows the following discrepancies: a difference of ₦1,000 between the company's cash book balance and the bank statement balance, and a difference of ₦500 between the company's cash book balance and the bank statement balance. What is the company's new cash balance?
A. ₦12,000
B. ₦11,000
C. ₦10,000
D. ₦9,000
Question 9
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product A and product B should the company produce to maximize profit?
A. Product A: 30 units, Product B: 40 units
B. Product A: 40 units, Product B: 30 units
C. Product A: 50 units, Product B: 20 units
D. Product A: 20 units, Product B: 50 units
Question 10
A manufacturing company has the following production costs: Direct Materials: ₦100,000 Direct Labour: ₦150,000 Overhead: ₦200,000 What is the total production cost?
A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000
Question 11
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at a premium of 5% after 5 years. Calculate the amount of the premium.
A. ₦500,000
B. ₦1,000,000
C. ₦2,000,000
D. ₦5,000,000
Question 12
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The ledger shows a balance of ₦50,000 in the Cash account and a balance of ₦30,000 in the Accounts Payable account. What is the total amount of the company's assets?
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000
Question 13
A company has the following asset valuation: Asset: ₦500,000 Accumulated Depreciation: ₦200,000 What is the net book value of the asset?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 14
A company uses the single-entry system of accounting. The following transactions occurred during the year: 1. Purchased office equipment for ₦120,000. 2. Sold goods for ₦500,000. 3. Purchased raw materials for ₦300,000. 4. Paid salaries of ₦200,000. 5. Collected cash from customers for ₦400,000. What is the total amount of cash received from customers?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 15
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 3 hours of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of product A and 80 units of product B, what is the total labor cost for the day?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: