POST UTME BSU 2024 Accounting | Objective

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Question 1
A company's cash book as of December 31, 2023, showed the following balances:
A. 10,000
B. 5,000
C. 15,000
D. 20,000
Question 2
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that it has not received any rent from its tenants. What is the correct treatment for this discrepancy?
A. Debit the 'Rent Received' account by ₦15,000 and credit the 'Rent Payable' account by ₦15,000.
B. Credit the 'Rent Received' account by ₦15,000 and debit the 'Rent Payable' account by ₦15,000.
C. Debit the 'Rent Received' account by ₦15,000 and credit the 'Cash' account by ₦15,000.
D. Credit the 'Rent Received' account by ₦15,000 and debit the 'Bank' account by ₦15,000.
Question 3
A company's balance sheet shows an increase in share capital of ₦50,000 and a decrease in reserves of ₦20,000. Calculate the net increase in shareholders' funds.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 4
A and B are partners in a firm sharing profits and losses in the ratio 3:2. The firm's capital is ₦200,000. A's capital is ₦80,000 and B's capital is ₦60,000. What is the value of A's share in the firm?
A. ₦120,000
B. ₦100,000
C. ₦80,000
D. ₦60,000
Question 5
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦100,000 and its current liabilities are ₦50,000, what is the company's quick ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 6
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. The difference is due to a discrepancy in the cash book. What is the reason for the discrepancy?
A. The cash book has not been updated to reflect the latest transactions.
B. The bank statement has not been updated to reflect the latest transactions.
C. There is a discrepancy in the cash book due to an error in recording a transaction.
D. The cash book has been reconciled with the bank statement, but there is a difference in the balances.
Question 7
A company's bank statement shows the following: | Date | Debit | Credit | Balance | | --- | --- | --- | --- | | 1 Jan | | ₦1,000 | ₦10,000 | | 2 Jan | ₦2,000 | | ₦8,000 | | 3 Jan | | ₦3,000 | ₦11,000 | | 4 Jan | ₦4,000 | | ₦7,000 | What is the bank reconciliation statement?
A. ₦4,000
B. ₦6,000
C. ₦8,000
D. ₦10,000
Question 8
A company's trial balance as of December 31, 2023, showed the following balances:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 9
A company uses the perpetual inventory system to record its inventory transactions. The company's inventory has a cost of ₦20,000 and a selling price of ₦30,000. What is the gross profit margin for the company?
A. 20%
B. 30%
C. 40%
D. 50%
Question 10
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent' account. However, the company's accounting records indicate that the rent for the year was ₦20,000. What is the correct treatment for this discrepancy in the company's financial statements?
A. Debit the 'Rent' account by ₦5,000 and credit the 'Accrued Expenses' account by ₦5,000.
B. Debit the 'Accrued Expenses' account by ₦5,000 and credit the 'Rent' account by ₦5,000.
C. Debit the 'Rent' account by ₦5,000 and credit the 'Cash' account by ₦5,000.
D. Debit the 'Accrued Expenses' account by ₦20,000 and credit the 'Rent' account by ₦20,000.
Question 11
A company's trial balance shows a credit balance of ₦20,000 in the 'Salaries' account. However, the company's accounting records indicate that the salaries for the year were ₦30,000. What is the correct treatment for this discrepancy in the company's financial statements?
A. Credit the 'Salaries' account by ₦10,000 and debit the 'Accrued Expenses' account by ₦10,000.
B. Debit the 'Accrued Expenses' account by ₦10,000 and credit the 'Salaries' account by ₦10,000.
C. Credit the 'Salaries' account by ₦10,000 and debit the 'Cash' account by ₦10,000.
D. Debit the 'Accrued Expenses' account by ₦20,000 and credit the 'Salaries' account by ₦20,000.
Question 12
A company uses the straight-line method to depreciate its assets. The company's assets have a useful life of 10 years and a residual value of ₦5,000. What is the annual depreciation charge for the company?
A. ₦4,500
B. ₦5,000
C. ₦5,500
D. ₦6,000
Question 13
A company's trial balance shows an error of ₦15,000 in the account 'Rent Paid' due to an omission. The correct balance in the account 'Rent Paid' is ₦45,000. What is the correct balance in the account 'Rent Earned'?
A. ₦30,000
B. ₦60,000
C. ₦45,000
D. ₦90,000
Question 14
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The capital accounts of A and B at the beginning of the year were ₦120,000 and ₦80,000 respectively. During the year, A withdrew ₦20,000 and B introduced ₦10,000. The profit for the year was ₦50,000. Prepare the partners' capital accounts for the year.
A. A's capital account: ₦130,000; B's capital account: ₦90,000
B. A's capital account: ₦140,000; B's capital account: ₦80,000
C. A's capital account: ₦120,000; B's capital account: ₦90,000
D. A's capital account: ₦140,000; B's capital account: ₦100,000
Question 15
A company's accounting policy requires that depreciation be calculated using the straight-line method. If the company purchased a machine for ₦120,000 and it has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦30,000
D. ₦18,000

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