POST UTME BOWEN UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. If the company purchases additional inventory during the period for ₦800,000, what is the total cost of goods available for sale?
A. ₦1,800,000
B. ₦1,700,000
C. ₦1,600,000
D. ₦1,900,000
Question 2
A business has the following transactions: Purchased equipment for ₦100,000, Sold goods for ₦150,000. What is the net increase in assets?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 3
A company issued 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 4
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | ₦0 | | 5 Jan | Sales | ₦0 | ₦20,000 | | 10 Jan | Cash | ₦0 | ₦15,000 | What is the correct balance in the Cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 3 hours of indirect labor, while Product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day, 5 days a week, and the direct labor cost is ₦50 per hour, what is the total weekly cost of direct labor for both products?
A. ₦12,500
B. ₦15,000
C. ₦17,500
D. ₦20,000
Question 6
A company's financial statements show the following information: Net Income ₦50,000, Depreciation Expense ₦20,000, Accumulated Depreciation ₦30,000. What is the correct journal entry to record the depreciation?
A. ₦20,000 Debit: Depreciation Expense, ₦20,000 Credit: Accumulated Depreciation
B. ₦20,000 Debit: Accumulated Depreciation, ₦20,000 Credit: Depreciation Expense
C. ₦20,000 Debit: Depreciation Expense, ₦20,000 Credit: Net Income
D. ₦20,000 Debit: Net Income, ₦20,000 Credit: Depreciation Expense
Question 7
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: (1) Purchased office supplies for ₦10,000 cash. (2) Sold goods for ₦50,000 on credit. (3) Purchased a machine for ₦80,000 on credit. (4) Paid salaries of ₦30,000. What is the total debit balance in the ledger?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 8
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦120,000. The difference is due to a dishonored cheque of ₦20,000. What is the correct journal entry to record the dishonored cheque?
A. ₦20,000 Debit: Cash, ₦20,000 Credit: Dishonored Cheques
B. ₦20,000 Debit: Dishonored Cheques, ₦20,000 Credit: Cash
C. ₦20,000 Debit: Cash, ₦20,000 Credit: Bank
D. ₦20,000 Debit: Bank, ₦20,000 Credit: Cash
Question 9
A company's financial statements show the following information: Net Income ₦50,000, Dividends ₦20,000, Retained Earnings ₦30,000. What is the correct journal entry to record the dividends?
A. ₦20,000 Debit: Retained Earnings, ₦20,000 Credit: Dividends
B. ₦20,000 Debit: Dividends, ₦20,000 Credit: Retained Earnings
C. ₦20,000 Debit: Dividends, ₦20,000 Credit: Net Income
D. ₦20,000 Debit: Net Income, ₦20,000 Credit: Dividends
Question 10
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. If the company purchases additional inventory during the period for ₦800,000, what is the total cost of goods available for sale?
A. ₦1,800,000
B. ₦1,700,000
C. ₦1,600,000
D. ₦1,900,000
Question 11
A company has a departmental account for the manufacturing department. The account shows a balance of ₦50,000. What is the purpose of this account?
A. To record the cost of goods sold
B. To record the depreciation of assets
C. To record the profit or loss of the department
D. To record the increase in inventory
Question 12
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries ₦20,000, Received cash from customers ₦30,000. What is the total amount of cash received?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the year ended 31st December 2022: Direct Materials: ₦120,000 Direct Labour: ₦80,000 Overheads: ₦60,000 Selling Price per unit: ₦200 Number of units sold: 500 Determine the gross profit for the year.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 14
A government agency has the following transactions: Received revenue ₦50,000, Paid expenses ₦30,000, Transferred funds to another agency ₦20,000. What is the net increase in cash?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 15
A partnership has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦1,500,000, calculate the amount of profit that will be distributed to partner A.
A. ₦1,350,000
B. ₦1,200,000
C. ₦1,050,000
D. ₦900,000

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