POST UTME COAL CITY UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦120,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦180,000
B. ₦160,000
C. ₦140,000
D. ₦120,000
Question 2
A company's trading account shows a profit of ₦200,000. The company's profit and loss account shows a net profit of ₦250,000. What is the company's net profit?
A. ₦400,000
B. ₦350,000
C. ₦300,000
D. ₦250,000
Question 3
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦120,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦180,000
B. ₦160,000
C. ₦140,000
D. ₦120,000
Question 4
A company's equity is as follows: Ordinary Share Capital: ₦1,500,000 Preference Share Capital: ₦800,000 What is the total value of the company's equity?
A. ₦2,300,000
B. ₦2,400,000
C. ₦2,500,000
D. ₦2,600,000
Question 5
A company's assets are as follows: Plant and Machinery: ₦1,500,000 Building: ₦2,000,000 Furniture: ₦800,000 What is the total value of the company's assets?
A. ₦4,300,000
B. ₦4,500,000
C. ₦4,700,000
D. ₦4,800,000
Question 6
A company issued 10,000 shares of ₹10 each at a premium of ₹5 per share. The total amount received from the issue of shares is ₹1,50,000. Calculate the amount received from the issue of shares at a premium.
A. ₹1,50,000
B. ₹75,000
C. ₹1,00,000
D. ₹1,25,000
Question 7
A company's manufacturing and departmental accounts for the year ended 31st December 2022 is as follows: Debit: Purchases: ₦1,000,000 Returns inwards: ₦20,000 Credit: Sales: ₦1,500,000 Returns outwards: ₦30,000 What is the net profit for the year?
A. ₦500,000
B. ₦520,000
C. ₦540,000
D. ₦560,000
Question 8
A company's public sector accounting for the year ended 31st December 2022 is as follows: Debit: Purchases: ₦1,000,000 Returns inwards: ₦20,000 Credit: Sales: ₦1,500,000 Returns outwards: ₦30,000 What is the net profit for the year?
A. ₦500,000
B. ₦520,000
C. ₦540,000
D. ₦560,000
Question 9
A company's balance sheet as at 31st December 2022 is as follows: Assets: Cash: ₦500,000 Debtors: ₦200,000 Stock: ₦300,000 Prepaid rent: ₦20,000 Liabilities: Creditors: ₦150,000 Loan: ₦100,000 What is the total value of the company's assets?
A. ₦1,030,000
B. ₦1,050,000
C. ₦1,070,000
D. ₦1,090,000
Question 10
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the company's net worth?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦400,000
Question 11
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the company's net worth?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦400,000
Question 12
A company's control account for the year ended 31st December 2022 is as follows: Debit: Purchases: ₦1,000,000 Returns inwards: ₦20,000 Credit: Sales: ₦1,500,000 Returns outwards: ₦30,000 What is the net profit for the year?
A. ₦500,000
B. ₦520,000
C. ₦540,000
D. ₦560,000
Question 13
A company's trial balance shows a debit balance of ₦50,000 in the 'Salaries and Wages' account. However, the company's accounting records show that the actual salaries paid for the year was ₦30,000. What is the correct journal entry to record the correction?
A. ₦20,000 debit to 'Salaries and Wages' and ₦20,000 credit to 'Profit and Loss Account'
B. ₦30,000 debit to 'Salaries and Wages' and ₦30,000 credit to 'Profit and Loss Account'
C. ₦50,000 debit to 'Salaries and Wages' and ₦50,000 credit to 'Profit and Loss Account'
D. ₦20,000 debit to 'Profit and Loss Account' and ₦20,000 credit to 'Salaries and Wages'
Question 14
A company's liabilities are as follows: Borrowings: ₦1,200,000 Creditors: ₦800,000 What is the total value of the company's liabilities?
A. ₦2,000,000
B. ₦2,100,000
C. ₦2,200,000
D. ₦2,300,000
Question 15
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Cost of goods sold: ₦1,500,000 Sales returns: ₦20,000 Credit: Sales: ₦2,000,000 Purchase returns: ₦30,000 What is the net profit for the year?
A. ₦500,000
B. ₦520,000
C. ₦540,000
D. ₦560,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: