POST UTME CALEB UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency has a budget of ₦1,000,000 for the year. The agency has spent ₦800,000 on salaries and ₦150,000 on supplies. What is the amount of the agency's unspent budget?
A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦50,000
Question 2
A company's Journal showed the following transactions: 1st January, 2022, Purchase of Plant and Machinery ₦50,000; 10th January, 2022, Sale of Goods ₦20,000; 20th January, 2022, Purchase of Goods ₦30,000. Prepare the Journal for the year.
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 3
A company's Balance Sheet as at 31st December, 2022, showed the following balances: Share Capital ₦100,000, Retained Earnings ₦50,000, Accumulated Depreciation ₦20,000, Plant and Machinery ₦80,000, Investments ₦30,000. Prepare the Balance Sheet for the year.
A. ₦150,000
B. ₦120,000
C. ₦100,000
D. ₦80,000
Question 4
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦120,000, while the general ledger shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. What is the cause of the discrepancy?
A. The company has not recorded a bank overdraft.
B. The company has not recorded a bank deposit.
C. The company has not recorded a bank withdrawal.
D. The company has not recorded a bank reconciliation.
Question 5
A company's trial balance as at 31st December, 2022, showed the following balances: Purchases ₦150,000, Sales ₦200,000, Returns Outwards ₦10,000, Returns Inwards ₦5,000, Wages ₦30,000, Rent ₦20,000. Prepare the Trading and Profit and Loss Account for the year.
A. ₦40,000
B. ₦30,000
C. ₦20,000
D. ₦10,000
Question 6
A company's assets were valued at ₦100,000 in 2018. If the value of the assets increased by 20% in 2019, what is the value of the assets in 2019?
A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000
Question 7
A company issued 5,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 8
A company issued 5,000, 10% shares of ₦10 each. Calculate the amount of dividend payable annually.
A. ₦5,000
B. ₦10,000
C. ₦5,000
D. ₦10,000
Question 9
A company's balance sheet shows a decrease in inventory of ₦10,000. What is the effect on the company's net income?
A. Increase in net income by ₦10,000
B. Decrease in net income by ₦10,000
C. No effect on net income
D. Increase in net income by ₦20,000
Question 10
A company's Cash Book showed the following transactions: 1st January, 2022, Cash at Bank ₦50,000; 10th January, 2022, Cash at Bank ₦20,000; 20th January, 2022, Cash at Bank ₦30,000. Prepare the Cash Book for the year.
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 11
A company has the following transactions: Purchased office supplies for ₦10,000, Sold office supplies for ₦5,000, and Purchased a new computer for ₦20,000. What is the net effect on the company's cash balance?
A. ₦5,000 decrease
B. ₦10,000 decrease
C. ₦15,000 decrease
D. ₦20,000 decrease
Question 12
A company issued 10,000 debentures of ₦100 each at 5% interest. Calculate the total interest payable on the debentures for the first year.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 13
A company issued 5,000, 10% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦50,000
B. ₦25,000
C. ₦50,000
D. ₦25,000
Question 14
A company has the following ledger balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total equity of the company?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 15
A company's cash book shows a debit balance of ₦5,000 in the account 'Bank'. What is the correct journal entry to rectify this discrepancy?
A. Debit Bank by ₦5,000 and Credit Cash by ₦5,000
B. Debit Cash by ₦5,000 and Credit Bank by ₦5,000
C. Debit Bank by ₦5,000 and Credit Cash by ₦5,000
D. Credit Bank by ₦5,000 and Debit Cash by ₦5,000

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