POST UTME BOWEN UNIVERSITY 2019 Accounting | Objective

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Question 1
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 2
A company uses the single-entry system to record its transactions. The company's ledger shows a debit balance of ₦4,000 in the account 'Salaries Expense' and a credit balance of ₦3,000 in the account 'Cash'. What is the correct journal entry to record the adjustment for the difference between the two accounts?
A. ₦1,000 debit to Salaries Expense and ₦1,000 credit to Cash
B. ₦1,000 debit to Cash and ₦1,000 credit to Salaries Expense
C. ₦1,000 debit to Salaries Expense and ₦1,000 credit to Accounts Payable
D. ₦1,000 debit to Cash and ₦1,000 credit to Accounts Payable
Question 3
A company uses the single-entry system of accounting. The company's accountant has recorded the following transactions in the journal: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | | 1,000 | | 15 Jan | Rent paid | 200 | | | 20 Jan | Purchase of office supplies | | 150 | | 25 Jan | Cash paid to employees | | 800 | What is the total amount of cash received from customers and cash paid to employees?
A. ₦1,800
B. ₦2,000
C. ₦1,500
D. ₦1,200
Question 4
A partnership is formed between two individuals, A and B. A invests ₦50,000 and B invests ₦30,000. The profit is divided in the ratio 3:2. Calculate the share of profit of A.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 5
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Bank | | 500 | | 3 | Cash | | 800 | What is the correct cash book entry for transaction 3?
A. Debit Cash ₦800, Credit Bank ₦800
B. Debit Bank ₦800, Credit Cash ₦800
C. Debit Cash ₦800, Credit Bank ₦800
D. Debit Bank ₦800, Credit Cash ₦800
Question 6
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After 2 years, the profit is divided in the ratio 3:2. Calculate the share of profit of partner B.
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 7
A company uses the double-entry system to record its transactions. The company's trial balance shows a debit balance of ₦1,500 in the account 'Office Equipment' and a credit balance of ₦1,200 in the account 'Office Supplies'. What is the correct journal entry to record the adjustment for the difference between the two accounts?
A. ₦300 debit to Office Equipment and ₦300 credit to Office Supplies
B. ₦300 debit to Office Supplies and ₦300 credit to Office Equipment
C. ₦300 debit to Office Equipment and ₦300 credit to Cash
D. ₦300 debit to Office Supplies and ₦300 credit to Cash
Question 8
In a partnership account, the capital of a partner is increased by ₦50,000. If the original capital of the partner was ₦200,000, what is the new capital of the partner?
A. ₦250,000
B. ₦200,000
C. ₦250,500
D. ₦200,500
Question 9
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. They share profits and losses in the ratio 3:2. If the profit for the year is ₦250,000, how much will A receive?
A. ₦225,000
B. ₦175,000
C. ₦225,000
D. ₦175,000
Question 10
A company uses the double-entry system to record its transactions. The company's trial balance shows a debit balance of ₦3,000 in the account 'Depreciation Expense' and a credit balance of ₦2,500 in the account 'Accumulated Depreciation'. What is the correct journal entry to record the adjustment for the difference between the two accounts?
A. ₦500 debit to Depreciation Expense and ₦500 credit to Accumulated Depreciation
B. ₦500 debit to Accumulated Depreciation and ₦500 credit to Depreciation Expense
C. ₦500 debit to Depreciation Expense and ₦500 credit to Cash
D. ₦500 debit to Accumulated Depreciation and ₦500 credit to Cash
Question 11
A company uses the single-entry system to record its transactions. The company's ledger shows a debit balance of ₦2,000 in the account 'Rent Expense' and a credit balance of ₦1,500 in the account 'Cash'. What is the correct journal entry to record the adjustment for the difference between the two accounts?
A. ₦500 debit to Rent Expense and ₦500 credit to Cash
B. ₦500 debit to Cash and ₦500 credit to Rent Expense
C. ₦500 debit to Rent Expense and ₦500 credit to Accounts Payable
D. ₦500 debit to Cash and ₦500 credit to Accounts Payable
Question 12
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After 2 years, the profit is divided in the ratio 2:3. Calculate the share of profit of partner A.
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 13
A company uses the single entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The company pays interest annually. If the debentures are redeemed after 5 years, what is the total amount paid to the debenture holders?
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,500,000
D. ₦1,600,000
Question 15
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1,000 | | | Accounts Payable | | 1,500 | | Sales Revenue | | 10,000 | | Cost of Goods Sold | 8,000 | | What is the total amount of assets and liabilities?
A. ₦11,500
B. ₦12,000
C. ₦11,000
D. ₦10,500

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