POST UTME CALEB UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions in its ledger: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Purchase of equipment | ₦100,000 | | | 2nd Jan | Sale of goods | | ₦150,000 | | 3rd Jan | Payment of wages | | ₦50,000 | | 4th Jan | Purchase of goods | ₦80,000 | | What is the total amount of assets?
A. ₦230,000
B. ₦240,000
C. ₦250,000
D. ₦260,000
Question 2
A company's depreciation policy is to depreciate its assets by 10% per annum. If the asset's original cost is ₦10,000, what is its value after 2 years?
A. ₦8,100
B. ₦8,200
C. ₦8,300
D. ₦8,400
Question 3
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare the company's income statement.
A. ₦50,000
B. ₦20,000
C. ₦200,000
D. ₦150,000
Question 4
A company has the following trial balance: Debit ₦80,000, Credit ₦60,000. What is the correct treatment of this account?
A. Debit the account and credit the account 'Accrued Expenses'
B. Credit the account and debit the account 'Accrued Expenses'
C. Debit the account and credit the account 'Cash'
D. Credit the account and debit the account 'Rent Paid'
Question 5
A company has the following transactions in its journal: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Purchase of equipment | ₦100,000 | | | 2nd Jan | Sale of goods | | ₦150,000 | | 3rd Jan | Payment of wages | | ₦50,000 | | 4th Jan | Purchase of goods | ₦80,000 | | What is the total amount of assets?
A. ₦230,000
B. ₦240,000
C. ₦250,000
D. ₦260,000
Question 6
A company's cash book shows the following transactions:
A. ₦1,500
B. ₦1,000
C. ₦1,200
D. ₦1,800
Question 7
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 320,000. Calculate the amount of share capital and the amount of share premium.
A. ₦320,000
B. ₦320,000
C. ₦320,000
D. ₦320,000
Question 8
A company uses the double-entry system to record transactions. The journal entry for the purchase of office supplies on credit is debited to Office Supplies Expense and credited to Accounts Payable. What is the correct ledger account to debit?
A. Office Supplies Expense
B. Accounts Payable
C. Cash
D. Office Supplies
Question 9
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦16,000
Question 10
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦100,000. What is the total equity of the company?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 11
A company's trial balance has the following accounts: Accounts Payable ₦100,000, Accounts Receivable ₦50,000, and Common Stock ₦500,000. What is the total equity of the company?
A. ₦550,000
B. ₦600,000
C. ₦650,000
D. ₦700,000
Question 12
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 320,000. Calculate the amount of share capital and the amount of share premium.
A. ₦320,000
B. ₦320,000
C. ₦320,000
D. ₦320,000
Question 13
A company purchases a machine for ₦120,000 and depreciates it by 10% per annum. What is the book value of the machine after 2 years?
A. ₦90,000
B. ₦108,000
C. ₦120,000
D. ₦132,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the total profit to be shared?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 15
A company has the following transactions: Purchased office supplies for ₦50,000, Paid salaries of ₦200,000, and Collected cash from customers of ₦300,000. What is the net increase in cash?
A. ₦50,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

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