POST UTME CALEB UNIVERSITY 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of 1 par value at a premium of 2 per share. If the company received a total of 20,000 from the sale of these shares, what is the total amount of the premium received?
A. 10,000
B. 12,000
C. 14,000
D. 16,000
Question 2
A company has the following transactions: Purchased office equipment for 10,000; sold office equipment for 8,000; purchased office supplies for 1,500. What is the net increase in office equipment?
A. 1,000
B. 2,000
C. 3,000
D. 4,000
Question 3
A company issued 5,000, 10% debentures of ₦100 each. Calculate the total amount received from debenture holders.
A. ₦500,000
B. ₦500,000
C. ₦500,000
D. ₦500,000
Question 4
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Returns inwards: ₦20,000 Returns outwards: ₦30,000 Carriage inwards: ₦40,000 Carriage outwards: ₦20,000 Credit: Discount received: ₦10,000 Discount allowed: ₦15,000 What is the gross profit for the year?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 5
A company's trading account for the year ended 31st December 2022 is as follows: Debit: ₦500,000; Credit: ₦400,000. Prepare the trading account.
A. ₦100,000
B. ₦100,000
C. ₦100,000
D. ₦100,000
Question 6
A company's bank statement showed a balance of ₦150,000. The company's cash book showed a balance of ₦180,000. The bank statement included a debit of ₦20,000 for a NSF check. What is the correct balance of the company's cash book?
A. ₦160,000
B. ₦180,000
C. ₦160,000
D. ₦180,000
Question 7
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the share issue.
A. ₦105,000
B. ₦110,000
C. ₦105,000
D. ₦110,000
Question 8
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 9
A company's bank statement shows a balance of ₦50,000, but its cash book shows a balance of ₦60,000. The bank statement also shows a debit of ₦10,000 for a cheque that has been returned. What is the correct balance of the company's cash?
A. ₦55,000
B. ₦50,000
C. ₦60,000
D. ₦65,000
Question 10
A business has the following transactions in its incomplete records: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | 10,000 | | | 1/2 | Sales | | 15,000 | | 1/3 | Purchase | 8,000 | | | 1/4 | Cash | | 12,000 | What is the total amount of cash at the end of the period?
A. ₦22,000
B. ₦20,000
C. ₦18,000
D. ₦25,000
Question 11
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦180,000. The bank statement also shows a debit of ₦20,000 for a dishonored cheque. What is the correct balance of the company's cash book?
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500
Question 13
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Sales | | ₦15,000 | | 3 Jan | Purchases | ₦8,000 | | | 4 Jan | Cash | | ₦12,000 | What is the balance in the cash account?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Sales | | ₦15,000 | | 3 Jan | Purchases | ₦8,000 | | | 4 Jan | Cash | | ₦12,000 | What is the balance in the cash account?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 15
A company's profit and loss account for the year ended 31st December 2022 is as follows: Trading profit: ₦200,000; Interest: ₦50,000. Calculate the company's net profit.
A. ₦250,000
B. ₦250,000
C. ₦250,000
D. ₦250,000

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