POST UTME AAUA 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method of depreciation. The cost of an asset is ₦150,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 2
A company has the following transactions: Purchased goods for ₦50,000 on credit; Sold goods for ₦75,000 on credit; Purchased equipment for ₦20,000 in cash. Prepare the ledger accounts.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 3
A company's balance sheet as at 31st December 2023 shows the following: Share capital ₹5,000,000, Retained earnings ₹3,000,000, and Accumulated depreciation ₹1,500,000. Calculate the company's net worth.
A. ₦8,500,000
B. ₦9,000,000
C. ₦9,500,000
D. ₦10,000,000
Question 4
A company's control account shows the following transactions: Debit ₦100,000, Credit ₦150,000. What is the company's net change in the control account?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 5
A partnership has two partners, A and B. Their capital accounts are credited with 60% and 40% of the profits respectively. If the total profit is ₦120,000, how much will A's capital account be credited?
A. ₦72,000
B. ₦48,000
C. ₦60,000
D. ₦80,000
Question 6
A company issued 10,000 shares of 50% cumulative preference shares at ₦10 per share. The company also issued 50,000 ordinary shares at ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 7
A company's trial balance shows the following accounts: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Sales Revenue ₦500,000. What is the company's net income?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
A company uses the straight-line method to depreciate its assets. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦16,000
Question 9
A company uses the single-entry system of accounting. Prepare the journal entry to record the following transaction: Sale of goods for 10,000.
A. Debit Sales 10,000, Credit Cash 10,000
B. Debit Cash 10,000, Credit Sales 10,000
C. Debit Sales 10,000, Credit Purchases 10,000
D. Debit Purchases 10,000, Credit Sales 10,000
Question 10
A company's ledger shows the following transactions: 1st January 2023, Purchases ₹1,000,000; 15th January 2023, Purchases ₹500,000; 31st December 2023, Purchases ₹2,000,000. Calculate the company's purchases for the year.
A. ₦3,000,000
B. ₦3,500,000
C. ₦4,000,000
D. ₦4,500,000
Question 11
A company's assets are valued at ₦1,500,000. The company's liabilities are ₦800,000. What is the company's net worth?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 12
A company has a capital of ₦500,000 and a profit of ₦200,000. Calculate the new capital.
A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000
Question 13
A company has the following balance sheet: ₦100,000 in cash; ₦50,000 in accounts receivable; ₦20,000 in inventory; ₦30,000 in equipment. Calculate the total assets.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 14
A manufacturing company has the following departmental expenses: | Department | Expenses | | --- | --- | | Production | ₦50,000 | | Administration | ₦30,000 | | Selling | ₦20,000 | What is the total departmental expenses?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦100,000
Question 15
A company has the following profit and loss account: | Revenue | ₦150,000 | | Expenses | ₦100,000 | | Profit | ₦50,000 | What is the profit percentage?
A. 33.33%
B. 25%
C. 50%
D. 66.67%

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