POST UTME BELLS UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the total amount received from the issue of the preference shares.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 2
A public sector organization prepares its financial statements in accordance with the Cash Basis of Accounting. Which of the following accounts would be included in the financial statements?
A. Accrued Expenses
B. Prepaid Expenses
C. Deposits Received
D. Accounts Payable
Question 3
The following trial balance was extracted from the records of XYZ Ltd. at 31st December 2022. Prepare the company's balance sheet as at that date.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 4
A company uses the straight-line method to depreciate its assets. If the asset cost ₦250,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦50,000
B. ₦40,000
C. ₦30,000
D. ₦20,000
Question 5
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. If the company has a balance of ₦50,000 in the Cash account and a balance of ₦20,000 in the Accounts Payable account, what is the total amount of assets that the company has?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 6
A company uses the incomplete records method to record its transactions. The company has the following information: Cash = ₦30,000, Accounts Payable = ₦15,000, and Common Stock = ₦50,000. If the company has a balance of ₦20,000 in the Accounts Receivable account, what is the total amount of assets that the company has?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 7
The following are the details of the cash book of XYZ Ltd. for the year ended 31st December 2022.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 8
A company's cash book showed a balance of ₦500,000. The company's bank statement showed a balance of ₦600,000. The company's cash book showed a debit balance of ₦100,000. Calculate the company's bank reconciliation.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 9
A company's trading account for the year ended 31st December 20X7 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000. Calculate the gross profit for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 10
A company uses the FIFO method of inventory valuation. If the company purchases 100 units of inventory at ₦10 each and 50 units at ₦15 each, what is the cost of goods sold if the company sells 120 units?
A. ₦1,200
B. ₦1,500
C. ₦1,800
D. ₦2,100
Question 11
The following are the details of the self-balancing ledger of XYZ Ltd. for the year ended 31st December 2022.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 12
The following are the details of the equity of XYZ Ltd. at 31st December 2022.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 13
The following are the details of the liabilities of XYZ Ltd. at 31st December 2022.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 14
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 15
A company's cash book shows the following transactions: Cash received from customers: ₦100,000; Cash paid to suppliers: ₦80,000. What is the net cash inflow from customers?
A. ₦20,000
B. ₦20,000 credit
C. ₦20,000 debit
D. ₦20,000

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