POST UTME ACHIEVERS UNIVERSITY 2022 Accounting | Objective

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Question 1
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. The company also issued 5% debentures of ₦10,000 at 5% discount. Prepare the share capital account and debenture account.
A. Share Capital Account: ₦1,000,000; Debenture Account: ₦10,000
Correct B. Share Capital Account: ₦1,050,000; Debenture Account: ₦09,500
C. Share Capital Account: ₦1,000,000; Debenture Account: ₦10,000
D. Share Capital Account: ₦1,050,000; Debenture Account: ₦09,500

Correct Answer: B

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Question 2
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.
Correct 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

Correct Answer: A

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Question 3
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
Correct 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

Correct Answer: C

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Question 4
A company's profit and loss account shows the following: ₦10,000 revenue; ₦0,000 expense. Prepare the profit and loss account.
Correct A. Profit and Loss Account: ₦10,000 revenue; ₦0,000 expense
B. Profit and Loss Account: ₦10,000 revenue; ₦0,000 expense
C. Profit and Loss Account: ₦10,000 revenue; ₦0,000 expense
D. Profit and Loss Account: ₦10,000 revenue; ₦0,000 expense

Correct Answer: A

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Question 5
A company's depreciation policy is to depreciate its assets by 10% per annum. If the asset cost ₦10,000, what is the asset's value after 5 years?
A. ₦0,000
B. ₦0,000
C. ₦0,000
Correct D. ₦0,000

Correct Answer: D

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Question 6
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Sundry Expenses £ 12,000 Wages £ 30,000 Rent £ 18,000 Credit: Sales £ 150,000 Purchases £ 120,000 Determine the net profit or loss for the year.
A. £ 18,000
B. £ 30,000
C. £ 12,000
Correct D. £ 42,000

Correct Answer: D

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Question 7
A company's balance sheet as at 31st December 2022 is as follows: Assets: Cash £ 20,000 Debtors £ 30,000 Stock £ 40,000 Creditors £ 10,000 Capital £ 50,000 Determine the amount of net current assets.
A. £ 50,000
B. £ 60,000
C. £ 70,000
Correct D. £ 80,000

Correct Answer: D

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Question 8
A company's control account 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
Correct D. £ 60,000

Correct Answer: D

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Question 9
A company's ledger account 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
Correct D. £ 60,000

Correct Answer: D

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Question 10
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
Correct D. £ 60,000

Correct Answer: D

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Question 11
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
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 12
A company purchased a machine for ₦1,200,000. At the end of the first year, the machine's value decreased by 20%. Calculate the depreciation for the first year.
A. ₦240,000
Correct B. ₦200,000
C. ₦180,000
D. ₦160,000

Correct Answer: B

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Question 13
A company's cash book showed a balance of ₦50,000. The bank statement showed a balance of ₦60,000. The difference was due to a bank error. Calculate the amount of the bank error.
A. ₦5,000
B. ₦10,000
C. ₦15,000
Correct D. ₦20,000

Correct Answer: D

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Question 14
A company issued 5,000 debentures of ₦1,000 each at a premium of ₦50 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦5,000,000
Correct B. ₦5,250,000
C. ₦5,500,000
D. ₦5,750,000

Correct Answer: B

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Question 15
A company's assets were valued at ₦1,500,000. The company's liabilities were ₦800,000. Calculate the company's equity.
A. ₦700,000
B. ₦800,000
C. ₦900,000
Correct D. ₦1,000,000

Correct Answer: D

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Question 16
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the company received a total of 35,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦35,000
Correct B. ₦32,000
C. ₦30,000
D. ₦28,000

Correct Answer: B

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Question 17
A government agency has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st | Cash received from taxpayers | | 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 received from taxpayers?
Correct A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000

Correct Answer: A

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Question 18
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 for the month?
A. ₦2,500
B. ₦3,000
Correct C. ₦3,500
D. ₦4,000

Correct Answer: C

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Question 19
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 received from customers?
Correct A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000

Correct Answer: A

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Question 20
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
Correct C. ₦7,000
D. ₦8,000

Correct Answer: C

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Question 21
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
Correct C. ₦900,000
D. ₦1,000,000

Correct Answer: C

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Question 22
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
Correct C. ₦3,500
D. ₦4,000

Correct Answer: C

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Question 23
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
Correct 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

Correct Answer: C

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Question 24
The following trial balance was extracted from the books of XYZ Ltd. at 31st December 2022.
Correct A. | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | 0 | | Bank | 0 | 5,000 | | Sales | 0 | 20,000 | | Purchases | 15,000 | 0 | | Capital | 0 | 25,000 | | Drawings | 5,000 | 0 | | Profit | 0 | 5,000 | | --- | --- | --- | | Total | 20,000 | 20,000 |
B. | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | 0 | | Bank | 0 | 5,000 | | Sales | 20,000 | 0 | | Purchases | 0 | 15,000 | | Capital | 25,000 | 0 | | Drawings | 0 | 5,000 | | Profit | 5,000 | 0 | | --- | --- | --- | | Total | 20,000 | 20,000 |
C. | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | 0 | | Bank | 0 | 5,000 | | Sales | 20,000 | 0 | | Purchases | 15,000 | 0 | | Capital | 25,000 | 0 | | Drawings | 5,000 | 0 | | Profit | 0 | 5,000 | | --- | --- | --- | | Total | 20,000 | 20,000 |
D. | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | 0 | | Bank | 0 | 5,000 | | Sales | 0 | 20,000 | | Purchases | 15,000 | 0 | | Capital | 0 | 25,000 | | Drawings | 5,000 | 0 | | Profit | 5,000 | 0 | | --- | --- | --- | | Total | 20,000 | 20,000 |

Correct Answer: A

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Question 25
The following are the balance sheet of XYZ Ltd. at 31st December 2022.
Correct A. | Asset | ₦ | Liability | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 5,000 | Share Capital | 25,000 | | Bank | 5,000 | Debentures | 10,000 | Profit | 5,000 | | Stock | 15,000 | Creditors | 5,000 | Drawings | 5,000 | | --- | --- | --- | --- | --- | --- | | Total | 30,000 | Total | 20,000 | Total | 35,000 |
B. | Asset | ₦ | Liability | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 10,000 | Share Capital | 25,000 | | Bank | 5,000 | Debentures | 5,000 | Profit | 5,000 | | Stock | 15,000 | Creditors | 5,000 | Drawings | 5,000 | | --- | --- | --- | --- | --- | --- | | Total | 30,000 | Total | 20,000 | Total | 35,000 |
C. | Asset | ₦ | Liability | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 5,000 | Share Capital | 25,000 | | Bank | 5,000 | Debentures | 10,000 | Profit | 5,000 | | Stock | 15,000 | Creditors | 5,000 | Drawings | 5,000 | | --- | --- | --- | --- | --- | --- | | Total | 30,000 | Total | 20,000 | Total | 35,000 |
D. | Asset | ₦ | Liability | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 10,000 | Share Capital | 25,000 | | Bank | 5,000 | Debentures | 5,000 | Profit | 5,000 | | Stock | 15,000 | Creditors | 5,000 | Drawings | 5,000 | | --- | --- | --- | --- | --- | --- | | Total | 30,000 | Total | 20,000 | Total | 35,000 |

Correct Answer: A

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