POST UTME CHRISTOPHER UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following: Sales ₦1,500,000, Cost of Goods Sold ₦1,200,000, and Gross Profit ₦300,000. Calculate the company's operating profit.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 2
A company's profit and loss account for the year ended 31 December 2021 is as follows:
A. ₦10,000,000
B. ₦15,000,000
C. ₦20,000,000
D. ₦25,000,000
Question 3
A company uses a self-balancing ledger to record its transactions. The ledger shows the following accounts: Sales ₦100,000, Purchases ₦80,000, and Capital ₦120,000. What is the correct balance of the company's profit and loss account?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 4
A company uses the single-entry system of accounting. The company has the following transactions for the year ended December 31, 2022: | Date | Transaction | | --- | --- | | January 1, 2022 | Cash | ₦100,000 | | February 15, 2022 | Sales Revenue | ₦50,000 | | March 31, 2022 | Cost of Goods Sold | ₦30,000 | | April 15, 2022 | Cash | ₦20,000 | | May 31, 2022 | Sales Revenue | ₦40,000 | | June 15, 2022 | Cost of Goods Sold | ₦25,000 | | July 31, 2022 | Cash | ₦15,000 | | August 15, 2022 | Sales Revenue | ₦35,000 | | September 30, 2022 | Cost of Goods Sold | ₦20,000 | | October 15, 2022 | Cash | ₦10,000 | | November 30, 2022 | Sales Revenue | ₦45,000 | | December 15, 2022 | Cost of Goods Sold | ₦22,500 | What is the total sales revenue for the year ended December 31, 2022?
A. ₦250,000
B. ₦275,000
C. ₦300,000
D. ₦325,000
Question 5
A government agency uses a public sector accounting system to record its transactions. The system shows the following accounts: Revenue ₦500,000, Expenditure ₦400,000, and Capital ₦200,000. What is the correct balance of the agency's financial position?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 6
A bank reconciliation statement shows a difference of ₦2,000 between the bank statement balance and the cash book balance. The bank statement balance is ₦15,000. What is the correct cash book balance?
A. ₦13,000
B. ₦14,000
C. ₦15,000
D. ₦16,000
Question 7
A company's trial balance as at 31 December 2021 is as follows:
A. ₦10,000,000
B. ₦15,000,000
C. ₦20,000,000
D. ₦25,000,000
Question 8
A company uses the job costing method to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department has a direct labor cost of ₦120,000 and an overhead cost of ₦80,000. The Assembly department has a direct labor cost of ₦150,000 and an overhead cost of ₦100,000. What is the total manufacturing cost of the company?
A. ₦370,000
B. ₦420,000
C. ₦470,000
D. ₦520,000
Question 9
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The company's accountant has identified the following errors: (i) an item of ₦2,000 was posted twice on the debit side, (ii) an item of ₦1,500 was posted twice on the credit side, and (iii) an item of ₦3,000 was posted on the wrong side. Calculate the correct net balance of the trial balance.
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦3,000
Question 10
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦12,500, while the general ledger shows a balance of ₦15,000. The bank statement shows a balance of ₦18,000. What is the correct balance of the company's cash account?
A. ₦12,500
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 11
A company has the following trial balance as at December 31, 2022: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦200,000 | | Cost of Goods Sold | ₦150,000 | | | Net Income | | ₦50,000 | | Total | ₦150,000 | ₦300,000 | What is the correct balance of the Cash account?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance should be ₦12,000. What is the correct balance in the accounts receivable account?
A. ₦10,500
B. ₦11,000
C. ₦12,500
D. ₦13,000
Question 13
A company purchased a machine for ₦ 120,000. The machine has a useful life of 5 years and a residual value of ₦ 20,000. Calculate the annual depreciation using the straight-line method.
A. ₦ 20,000
B. ₦ 22,000
C. ₦ 24,000
D. ₦ 26,000
Question 14
A company's trial balance showed a discrepancy of 1,000 between the debit and credit sides. The company's accountant suspected that the discrepancy was due to an error in the journal entry for the purchase of office equipment. The accountant prepared the following schedule to investigate the discrepancy:
A. The discrepancy is due to an error in the journal entry for the purchase of office equipment.
B. The discrepancy is due to an error in the journal entry for the sale of office equipment.
C. The discrepancy is due to an error in the journal entry for the purchase of office supplies.
D. The discrepancy is due to an error in the journal entry for the sale of office supplies.
Question 15
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's trial balance as at 31 December 2021 is as follows:
A. A's Capital ₡0,000, B's Capital ₧,000
B. A's Capital ₡0,000, B's Capital ₧,000, A's Drawing ₢,000, B's Drawing ₡,000
C. A's Capital ₡0,000, B's Capital ₧,000, A's Drawing ₢,000, B's Drawing ₡,000, A's Share of Profit ₣,000, B's Share of Profit ₢,000
D. A's Capital ₡0,000, B's Capital ₧,000, A's Drawing ₢,000, B's Drawing ₡,000, A's Share of Profit ₣,000, B's Share of Profit ₢,000, A's Share of Loss ₡,000, B's Share of Loss ₥00

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