POST UTME AL-HIKMAH UNIVERSITY 2024 Accounting | Objective

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Question 1
A company issues 1,000, 9% debentures of ₦100 each. The debentures are redeemable at a premium of 5%. Calculate the total premium payable.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: Purchased office supplies for ₦10,000, sold goods for ₦50,000, and paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Cash ₦50,000, Credit Sales ₦50,000
C. Debit Salaries ₦20,000, Credit Cash ₦20,000
D. Debit Office Supplies ₦10,000, Credit Sales ₦10,000
Question 3
A company's balance sheet shows an asset of ₦150,000 with a carrying value of ₦120,000. What is the amount of depreciation expense that should be recorded for the year?
A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦25,000
Question 4
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦100,000. What is the correct order of the accounts in the trial balance?
A. Accounts Payable, Sales Revenue, Cost of Goods Sold, Net Income
B. Sales Revenue, Cost of Goods Sold, Accounts Payable, Net Income
C. Cost of Goods Sold, Accounts Payable, Sales Revenue, Net Income
D. Net Income, Accounts Payable, Sales Revenue, Cost of Goods Sold
Question 5
A company's trading account shows a profit of ₦200,000. The profit and loss account shows a loss of ₦50,000. The balance sheet shows a decrease in assets of ₦100,000. Calculate the total equity.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 6
A company's trial balance as of December 31, 2023, is as follows: Accounts Payable ₦50,000, Common Stock ₦100,000, Retained Earnings ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000. Prepare the adjusting entries for the following: (a) depreciation of office equipment, (b) unearned revenue.
A. Debit Office Equipment ₦10,000, Credit Depreciation Expense ₦10,000
B. Debit Unearned Revenue ₦50,000, Credit Sales Revenue ₦50,000
C. Debit Depreciation Expense ₦10,000, Credit Accumulated Depreciation ₦10,000
D. Debit Accounts Payable ₦50,000, Credit Common Stock ₦50,000
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦100,000. What is the correct order of the accounts in the trial balance?
A. Accounts Payable, Sales Revenue, Cost of Goods Sold, Net Income
B. Sales Revenue, Cost of Goods Sold, Accounts Payable, Net Income
C. Cost of Goods Sold, Accounts Payable, Sales Revenue, Net Income
D. Net Income, Accounts Payable, Sales Revenue, Cost of Goods Sold
Question 8
A company's cash book shows a debit balance of ₦120,000. The bank statement shows a credit balance of ₦150,000. The difference between the two balances is due to a dishonored cheque of ₦20,000. What is the correct journal entry to rectify the discrepancy?
A. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
B. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
C. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
D. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
Question 9
A company uses the perpetual inventory system. If the cost of goods sold is ₦150,000 and the beginning inventory is ₦50,000, what is the total inventory cost?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 10
A company's trial balance shows the following balances: 'Debtors ₦50,000', 'Creditors ₦30,000', and 'Capital ₦100,000'. What is the total value of the company's equity?
A. ₦80,000
B. ₦120,000
C. ₦180,000
D. ₦220,000
Question 11
The following transactions occurred during the month of January: (a) purchased office equipment for ₦50,000, (b) sold goods for ₦100,000, (c) paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
B. Debit Cash ₦100,000, Credit Sales ₦100,000
C. Debit Salaries ₦20,000, Credit Cash ₦20,000
D. Debit Office Equipment ₦50,000, Credit Sales ₦50,000
Question 12
A company's bank reconciliation statement shows the following: 'Bank balance ₦50,000', 'Cheques outstanding ₦20,000', and 'Deposits in transit ₦10,000'. What is the correct balance of the company's bank account?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 13
A company's bank reconciliation statement shows the following discrepancies: a missing deposit of ₦20,000, an NSF check of ₦15,000, and an outstanding check of ₦10,000. What is the corrected cash balance?
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 14
A company uses the perpetual inventory system. If the cost of goods sold is ₦150,000 and the beginning inventory is ₦50,000, what is the ending inventory?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 15
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦5,000 | | | 5 Jan | Cash | | ₦25,000 | What is the cash balance on 5 Jan?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000

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