POST UTME BOWEN UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company prepares a trial balance as of December 31, 2022. The trial balance shows the following balances:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Accounts Receivable 1,000 and Credit Cash 1,000
D. Debit Cash 1,000 and Credit Accounts Payable 1,000
Question 2
In a partnership, the capital contributions of the partners are as follows: A ₦100,000, B ₦80,000, and C ₦60,000. If the profit-sharing ratio is 3:2:1, what is the share of profit of partner A?
A. ₦30,000
B. ₦20,000
C. ₦15,000
D. ₦25,000
Question 3
A public sector organization has the following transactions: Purchase of goods for ₦1,000,000, payment of salaries ₦500,000, and payment of taxes ₦200,000. What is the total amount of cash outflows?
A. ₦1,700,000
B. ₦1,500,000
C. ₦1,200,000
D. ₦1,300,000
Question 4
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The company's cash book also shows a debit balance of ₦20,000 in the 'Office Equipment' account. The bank statement shows a credit balance of ₦15,000 in the same account. What is the correct balance in the 'Office Equipment' account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A company uses the double-entry system to record its transactions. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Accounts Receivable 1,000 and Credit Cash 1,000
D. Debit Cash 1,000 and Credit Accounts Payable 1,000
Question 6
A company has a departmental account for the 'Selling Department'. The account shows a debit balance of ₦20,000. The company's trial balance shows a credit balance of ₦15,000 in the same account. What is the correct balance in the 'Selling Department' account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 7
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and Partner B has a 40% interest. The partnership has a net income of 10,000. Calculate the share of net income for each partner.
A. Partner A: 6,000, Partner B: 4,000
B. Partner A: 4,000, Partner B: 6,000
C. Partner A: 5,000, Partner B: 5,000
D. Partner A: 7,000, Partner B: 3,000
Question 8
A company has the following cash book transactions: Purchase of goods for ₦100,000, payment of salaries ₦50,000, and payment of taxes ₦20,000. What is the total amount of cash outflows?
A. ₦170,000
B. ₦150,000
C. ₦120,000
D. ₦130,000
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit sharing ratio is 3:2. The profit for the year is ₦120,000. Calculate the profit to be distributed to A
A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦100,000. What is the company's net income?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 11
A company has the following trial balance: Debit Credit 10,000 12,000. What is the correct balance of the company's equity?
A. 22,000
B. 18,000
C. 20,000
D. 24,000
Question 12
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦100,000. What is the company's net income?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 13
A government agency has the following transactions: Cash received from taxpayers ₦100,000, Cash paid to suppliers ₦80,000, Cash received from interest on investments ₦20,000. Prepare the government agency's cash flow statement
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 14
A company's assets are valued at ₦500,000. However, the company's liabilities are ₦300,000. What is the company's net worth?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 15
In a self-balancing ledger, the control account is the account that is used to record the total of all the subsidiary accounts. Which of the following is a characteristic of a control account?
A. It is a nominal account.
B. It is a real account.
C. It is a temporary account.
D. It is a permanent account.

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