POST UTME BELLS UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a cash book with the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | 10,000 | | | 1/2 | Sales | | 20,000 | | 1/3 | Purchase | 8,000 | | | 1/4 | Cash | | 5,000 | What is the balance of the cash book?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 2
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount and the amount received by the company.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 3
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership's net income for the year is ₦120,000, what is Partner A's share of the net income?
A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 4
A manufacturing company produces 10,000 units of a product in a month. The total cost of production is ₦500,000, which includes direct materials of ₦150,000 and direct labor of ₦100,000. What is the variable overhead absorption rate per unit?
A. ₦5
B. ₦10
C. ₦15
D. ₦20
Question 5
A company's trial balance shows the following accounts: Cash ₦100,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Equipment ₦400,000. What is the total value of the company's assets?
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 6
The following is an extract from the financial statements of XYZ Limited for the year ended December 31, 2020:
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,500,000
Question 7
A partnership has two partners, A and B. The capital of the partnership is ₦500,000, divided into 5,000 shares of ₦100 each. Partner A has 2,000 shares and partner B has 3,000 shares. If the profit is divided in the ratio 2:3, what is the share of profit of partner A?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 8
A company maintains a cash book and a general ledger. The following transactions occurred during the month of January: Purchased office supplies for ₦10,000 cash. Sold goods for ₦50,000 on credit. What is the total amount of cash recorded in the cash book at the end of January?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 9
A company has a capital of ₦1,000,000 divided into 10,000 shares of ₦100 each. The company issues 5,000 shares at a premium of ₦20 per share. Calculate the amount of premium received.
A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦500,000
Question 10
A company's trial balance shows a debit balance of ₦20,000 in the account 'Salaries Expense'. What is the correct journal entry to correct this error?
A. Debit Salaries Expense ₦20,000, Credit Salaries Payable ₦20,000
B. Debit Salaries Payable ₦20,000, Credit Salaries Expense ₦20,000
C. Debit Salaries Expense ₦20,000, Credit Salaries Expense ₦20,000
D. Debit Salaries Payable ₦20,000, Credit Salaries Payable ₦20,000
Question 11
A company has a capital of ₦1,000,000 and a profit of ₦500,000. Calculate the company's retained earnings.
A. ₦1,500,000
B. ₦1,000,000
C. ₦500,000
D. ₦0
Question 12
A company's trial balance shows a debit balance of ₦10,000 in the account 'Rent Received'. What is the correct journal entry to correct this error?
A. Debit Rent Received ₦10,000, Credit Rent Paid ₦10,000
B. Debit Rent Paid ₦10,000, Credit Rent Received ₦10,000
C. Debit Rent Received ₦10,000, Credit Rent Expense ₦10,000
D. Debit Rent Expense ₦10,000, Credit Rent Received ₦10,000
Question 13
The following is an extract from the financial statements of ABC Limited for the year ended December 31, 2020:
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 14
A company prepares a trial balance at the end of the year. The following accounts are listed: Assets: ₦100,000 Liabilities: ₦50,000 Equity: ₦30,000 What is the total amount of assets recorded in the trial balance?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 15
A company's assets are valued at ₦100,000. The company's management wants to depreciate the assets using the straight-line method. What is the annual depreciation charge?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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