POST UTME ACHIEVERS UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows an asset of ₦0,000. The trial balance shows an asset of ₦0,500. What is the correct amount of the asset?
A. ₦0,500
B. ₦0,000
C. ₦0,500.50
D. ₦0,000.50
Question 2
A company's trial balance shows an error of ₦0.50 in the debit side of the purchases account. The correct amount is ₦1,500. What is the correct amount of the purchases account?
A. ₦1,500.50
B. ₦1,500.00
C. ₦1,499.50
D. ₦1,499.00
Question 3
A company's balance sheet shows an asset of ₦0,000. The trial balance shows an asset of ₦0,500. What is the correct amount of the asset?
A. ₦0,500
B. ₦0,000
C. ₦0,500.50
D. ₦0,000.50
Question 4
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference of ₦30,000 is due to a dishonored cheque of ₦20,000 and an outstanding deposit of ₦10,000. What is the correct balance in the cash book?
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 5
A company has a double entry system and records the following transactions: purchase of goods ₦100,000, sale of goods ₦150,000, and cash received ₦50,000. What is the total amount of cash received?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 6
A company's bank reconciliation statement shows a difference of ₦5,000 between the company's records and the bank's statement. The company's cash book shows a balance of ₦20,000, while the bank's statement shows a balance of ₦25,000. What is the reason for the difference?
A. Bank error
B. Company error
C. Both bank and company error
D. Neither bank nor company error
Question 7
A company's assets are valued at ₦500,000. The company's liabilities are ₦200,000. What is the company's net worth?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 8
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's accounting records show that it has paid ₦20,000 in rent for the year. What is the correct journal entry to correct the error?
A. ₦15,000 debit to 'Rent Expense' and ₦20,000 credit to 'Cash'
B. ₦20,000 debit to 'Rent Expense' and ₦15,000 credit to 'Cash'
C. ₦15,000 credit to 'Rent Expense' and ₦20,000 debit to 'Cash'
D. ₦20,000 credit to 'Rent Expense' and ₦15,000 debit to 'Cash'
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each at a discount of ₦5 per debenture. What is the total amount of cash received from the issue of shares and debentures?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 10
A company's cash book shows a balance of ₦0,000. The bank statement shows a balance of ₦0,500. What is the correct balance of the cash book?
A. ₦0,500
B. ₦0,000
C. ₦0,500.50
D. ₦0,000.50
Question 11
A company's cash book shows the following transactions: Date | Particulars | Debit | Credit -----|-------------|-------|-------- 01/01| Cash | ₦10,000 | 01/02| Bank | ₦5,000 | 01/03| Cash | ₦8,000 | 01/04| Bank | ₦3,000 | Determine the balance in the cash book.
A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000
Question 12
A manufacturing company uses the process costing method to account for its production costs. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦100,000, which includes direct materials of ₦50,000 and direct labor of ₦30,000. The Assembly department has a total cost of ₦150,000, which includes direct materials of ₦75,000 and direct labor of ₦40,000. What is the total cost of production for the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 13
A company uses the weighted average method to value its inventory. The company's inventory consists of the following items:
A. Item A: ₦10,000, Item B: ₦20,000, Item C: ₦30,000
B. Item A: ₦20,000, Item B: ₦10,000, Item C: ₦30,000
C. Item A: ₦30,000, Item B: ₦20,000, Item C: ₦10,000
D. Item A: ₦30,000, Item B: ₦10,000, Item C: ₦20,000
Question 14
A company has a single entry system and records the following transactions: purchases of goods ₦100,000, sales of goods ₦150,000, and cash received ₦50,000. What is the total amount of cash received?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 15
A manufacturing company has the following costs: Direct Materials ₦50,000, Direct Labor ₦30,000, Overhead ₦20,000. What is the total cost of production?
A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000

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