POST UTME CHRISTOPHER UNIVERSITY 2024 Accounting | Objective

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Question 1
A company's trading account for the year ended 31st December 2023 shows a profit of ₦500,000. The company's profit and loss account for the same period shows a net profit of ₦750,000. What is the amount of the company's non-trading income?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 2
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
A. ₦60,000
B. ₦48,000
C. ₦72,000
D. ₦90,000
Question 3
A manufacturing company uses a job costing system. The following data are available for Job No. 123: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Factory Overheads: ₦12,000. Calculate the total cost of the job.
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 4
Determine the value of x in the equation ( rac{x}{2} + 5 = 11 ).
A. 6
B. 12
C. 18
D. 24
Question 5
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. The difference of ₦30,000 is due to a dishonored cheque of ₦15,000 and a bank charge of ₦15,000. What is the correct balance in the cash book?
A. ₦250,000
B. ₦260,000
C. ₦270,000
D. ₦280,000
Question 6
A company prepares a trial balance. The trial balance shows the following balances: Cash ₦100,000, Accounts Receivable ₦50,000. What is the correct journal entry to record the transaction: Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000?
A. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000
B. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000
C. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000, Debit Accounts Receivable ₦20,000
D. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000, Credit Accounts Receivable ₦20,000
Question 7
A firm's trial balance showed an error of ₦1,000. The error was discovered in the journal entry dated 31st December. The journal entry was posted on 15th January. Calculate the correction to be made in the ledger accounts.
A. ₦1,000 debit
B. ₦1,000 credit
C. ₦500 debit and ₦500 credit
D. ₦500 debit and ₦500 credit on 15th January
Question 8
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦100,000, Common Stock ₦300,000, and Retained Earnings ₦200,000. What is the total amount of liabilities and equity?
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 9
In a manufacturing company, the following transactions occurred during the year: Purchased raw materials on credit for ₦150,000. Sold goods for ₦300,000 cash. Purchased machinery for ₦200,000 cash. Sold machinery for ₦250,000 cash. Paid ₦50,000 to a creditor. What is the total amount of cash received from customers?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 10
A company has the following trial balance: Accounts Payable: ₦20,000; Accounts Receivable: ₦15,000; Common Stock: ₦50,000; Dividends: ₦5,000; Equipment: ₦30,000; Fees Earned: ₦60,000; Interest Expense: ₦2,000; Interest Income: ₦1,000; Net Income: ₦10,000; Salaries Expense: ₦20,000; Sales: ₦80,000; Utilities Expense: ₦5,000. Prepare a balance sheet for the company.
A. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000}}
B. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000}}
C. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000, \"Equipment\": 30000}}
D. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000, \"Equipment\": 30000, \"Accounts Receivable\": 15000}}
Question 11
A company has the following ledger balances: Debtors: ₦150,000 Creditors: ₦50,000 Capital: ₦200,000 What is the total amount of the company's assets?
A. ₦400,000
B. ₦450,000
C. ₦500,000
D. ₦550,000
Question 12
A company purchased a building for ₦500,000. The building is expected to last for 10 years and has a residual value of ₦50,000. Calculate the annual depreciation charge using the straight-line method.
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 13
A company purchased a machine for ₦150,000. Depreciation is calculated using the straight-line method. If the machine is expected to last for 5 years, and the company uses a 20% residual value, what is the annual depreciation charge?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 14
A company's assets are ₦500,000, liabilities are ₦200,000, and equity is ₦300,000. What is the company's return on equity?
A. 50%
B. 60%
C. 70%
D. 80%
Question 15
A company's manufacturing account for the year ended 31st December 2023 shows a cost of goods sold of ₦1,000,000. The company's selling price per unit is ₦200. What is the company's contribution margin?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

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