POST UTME ACHIEVERS UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following is a trial balance for XYZ Ltd. as at 31st December 2021.
A. ₦1,500,000
B. ₦2,000,000
C. ₦1,000,000
D. ₦500,000
Question 2
A company uses the perpetual inventory system. On January 1, it had 500 units of inventory on hand at a cost of 10 per unit. During the month, 200 units were sold, and 150 units were purchased at a cost of 12 per unit. What is the total cost of goods available for sale?
A. ₦5,000
B. ₦6,000
C. ₦7,000
D. ₦8,000
Question 3
A company issued 10,000 ordinary shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 4
A company's balance sheet shows the following: ₦10,000 cash; ₦0,000 accounts receivable; ₦0,000 accounts payable. Prepare the balance sheet.
A. Balance Sheet: ₦10,000 cash; ₦0,000 accounts receivable; ₦0,000 accounts payable
B. Balance Sheet: ₦10,000 cash; ₦0,000 accounts payable; ₦0,000 accounts receivable
C. Balance Sheet: ₦10,000 cash; ₦0,000 accounts receivable; ₦0,000 accounts payable
D. Balance Sheet: ₦10,000 cash; ₦0,000 accounts payable; ₦0,000 accounts receivable
Question 5
A company's cash book shows the following transactions: ₦10,000 cash received from customers; ₦0,000 cash paid to suppliers; ₦0,000 cash paid to employees. Prepare the cash book and bank reconciliation statement.
A. Cash Book: ₦10,000; Bank Reconciliation Statement: ₦10,000
B. Cash Book: ₦10,000; Bank Reconciliation Statement: ₦0,000
C. Cash Book: ₦10,000; Bank Reconciliation Statement: ₦10,000
D. Cash Book: ₦10,000; Bank Reconciliation Statement: ₦0,000
Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 0.50 per share. The issue expenses were ₦ 5,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital ₦ 10,000, Credit Share Premium ₦ 5,000, Credit Issue Expenses ₦ 5,000
B. Debit Share Capital ₦ 10,000, Credit Share Premium ₦ 10,000
C. Debit Share Capital ₦ 10,000, Credit Share Premium ₦ 5,000, Credit Issue Expenses ₦ 5,000
D. Debit Share Capital ₦ 10,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 5,000
Question 7
A company uses the perpetual inventory system. On January 1, it had 500 units of inventory on hand at a cost of 10 per unit. During the month, 200 units were sold, and 150 units were purchased at a cost of 12 per unit. What is the total cost of goods sold?
A. ₦2,500
B. ₦3,000
C. ₦3,500
D. ₦4,000
Question 8
A company's single entry system for the year ended 31st December 2022 is as follows: Debit: Purchases £ 120,000 Credit: Sales £ 150,000 Determine the amount of profit or loss for the year.
A. £ 30,000
B. £ 40,000
C. £ 50,000
D. £ 60,000
Question 9
The following is a statement of cash flows for XYZ Ltd. as at 31st December 2021.
A. ₦1,500,000
B. ₦2,000,000
C. ₦1,000,000
D. ₦500,000
Question 10
The following is a statement of profit or loss for XYZ Ltd. as at 31st December 2021.
A. ₦1,500,000
B. ₦2,000,000
C. ₦1,000,000
D. ₦500,000
Question 11
The following is a statement of changes in equity for XYZ Ltd. as at 31st December 2021.
A. ₦1,500,000
B. ₦2,000,000
C. ₦1,000,000
D. ₦500,000
Question 12
A company has the following ledger accounts: Accounts Payable: ₦120,000, Sales Revenue: ₦150,000, Cost of Goods Sold: ₦80,000, and Common Stock: ₦100,000. What is the net income of the company?
A. ₦70,000
B. ₦30,000
C. ₦50,000
D. ₦20,000
Question 13
The following is a statement of comprehensive income for XYZ Ltd. as at 31st December 2021.
A. ₦1,500,000
B. ₦2,000,000
C. ₦1,000,000
D. ₦500,000
Question 14
A company has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st | Cash received from customers | | 1,000,000 | | 15th | Salaries paid | 500,000 | | | 20th | Rent paid | 200,000 | | | 25th | Utilities paid | 100,000 | | What is the total amount of cash paid for salaries and rent?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 15
A company uses the single-entry system of accounting. The company's ledger contains the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The company's trial balance shows a debit balance of ₦50,000 in the Cash account and a credit balance of ₦30,000 in the Accounts Payable account. What is the correct journal entry to record the sale of goods worth ₦20,000 on credit to a customer?
A. Debit Cash ₦20,000, Credit Sales Revenue ₦20,000
B. Debit Accounts Payable ₦20,000, Credit Sales Revenue ₦20,000
C. Debit Cost of Goods Sold ₦20,000, Credit Sales Revenue ₦20,000
D. Debit Cash ₦20,000, Credit Accounts Payable ₦20,000

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: