POST UTME CALEB UNIVERSITY 2017 Accounting | Objective

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Question 1
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 error?
A. Debit the Rent Received account by ₦15,000
B. Credit the Rent Received 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 Cash account by ₦15,000
Question 2
A company has two partners: A and B. The capital contributions of the partners are as follows: A ₦100,000 and B ₦50,000. The profit-sharing ratio is 3:2. What is the share of profit of partner A?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 3
A company purchases a machine for ₦500,000 and sells it 2 years later for ₦600,000. Calculate the profit made from the sale of the machine, assuming the company uses the straight-line method of depreciation.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 4
A company's balance sheet shows a non-current asset of ₦200,000 and a non-current liability of ₦180,000. The company's net working capital is:
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦20,000
Question 5
A government agency has a fixed asset of ₦10 million, which is depreciated by 10% per annum. What is the carrying value of the asset after 3 years?
A. ₦7,100,000
B. ₦8,100,000
C. ₦9,100,000
D. ₦10,100,000
Question 6
A company purchases a building for ₦1,500,000 and depreciates it using the straight-line method over a useful life of 10 years. Calculate the annual depreciation charge if the building is expected to have a residual value of ₦150,000.
A. ₦135,000
B. ₦145,000
C. ₦155,000
D. ₦165,000
Question 7
A company's trial balance shows a debit balance of ₦12,000 in the account 'Rent Received' and a credit balance of ₦8,000 in the account 'Rent Paid'. The correct journal entry to record this transaction is:
A. ₦4,000 debit to Rent Paid and ₦4,000 credit to Rent Received
B. ₦4,000 debit to Rent Received and ₦4,000 credit to Rent Paid
C. ₦8,000 debit to Rent Paid and ₦12,000 credit to Rent Received
D. ₦12,000 debit to Rent Received and ₦8,000 credit to Rent Paid
Question 8
A company has the following ledger balances: Cash ₦50,000, Debtors ₦100,000, Creditors ₦20,000, and Capital ₦200,000. Prepare the balance sheet for the company.
A. Cash ₦50,000, Debtors ₦100,000, Creditors ₦20,000, Capital ₦200,000
B. Cash ₦50,000, Debtors ₦100,000, Creditors ₦20,000, Capital ₦250,000
C. Cash ₦50,000, Debtors ₦100,000, Creditors ₦20,000, Capital ₦300,000
D. Cash ₦50,000, Debtors ₦100,000, Creditors ₦20,000, Capital ₦250,000
Question 9
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 10
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦100,000 and a quantity of 100 units. The work-in-progress inventory has a cost of ₦150,000 and a quantity of 50 units. The finished goods inventory has a cost of ₦200,000 and a quantity of 200 units. What is the total value of the inventory?
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 11
A company's balance sheet as at December 31, 2022, shows the following: Equity Share Capital ₦100,000, Retained Earnings ₦50,000, and Accumulated Depreciation ₦20,000. What is the net worth of the company?
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 12
A company's balance sheet shows a current asset of ₦150,000 and a current liability of ₦120,000. The company's working capital is:
A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦30,000
Question 13
A business has the following balances in its ledger accounts:
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 14
A partnership is formed between three individuals, A, B, and C, with initial capital contributions of ₦100,000, ₦80,000, and ₦120,000 respectively. During the year, the partnership earns a profit of ₦240,000 and incurs expenses of ₦120,000. The profit is divided in the ratio 2:3:4. Calculate the amount of profit to be distributed to partner C.
A. ₦48,000
B. ₦60,000
C. ₦72,000
D. ₦80,000
Question 15
A partnership has 3 partners: A, B, and C. The capital contributions of A, B, and C are ₦50,000, ₦30,000, and ₦20,000 respectively. If the profit is divided in the ratio 3:2:1, what is the share of profit of partner A?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000

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