POST UTME COAL CITY UNIVERSITY 2025 Accounting | Objective

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Question 1
A company has the following transactions: Purchased a machine for ₦500,000; Depreciated the machine by 10% at the end of the first year; Sold the machine for ₦450,000 at the end of the second year. Calculate the gain or loss on the sale of the machine.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 2
A company has the following transactions related to its manufacturing operations: | Date | Description | Units Produced | Units Sold | Units in WIP | Units in Finished Goods | | --- | --- | --- | --- | --- | --- | | Jan 1 | Beginning balance | 0 | 0 | 500 | 0 | | Jan 15 | Production | 200 | 0 | 700 | 500 | | Feb 1 | Sale | 0 | 100 | 600 | 400 | | Mar 1 | Production | 300 | 0 | 900 | 600 | | Apr 1 | Sale | 0 | 150 | 750 | 450 | | May 1 | Production | 250 | 0 | 1000 | 750 | | Jun 1 | Sale | 0 | 200 | 800 | 550 | | Jul 1 | Production | 350 | 0 | 1150 | 800 | | Aug 1 | Sale | 0 | 250 | 900 | 550 | | Sep 1 | Production | 400 | 0 | 1300 | 900 | | Oct 1 | Sale | 0 | 300 | 1000 | 700 | | Nov 1 | Production | 450 | 0 | 1450 | 1000 | | Dec 1 | Sale | 0 | 350 | 1100 | 700 | What is the total number of units in work-in-progress (WIP) at the end of the year?
A. 1450
B. 1500
C. 1550
D. 1600
Question 3
A company's bank statement as of December 31, 2025, shows a balance of ₦50,000. However, the company's cash account in the general ledger shows a balance of ₦75,000. The bank statement also shows a debit memo of ₦10,000 and a credit memo of ₦5,000. What is the correct balance of the company's cash account?
A. ₦60,000
B. ₦65,000
C. ₦70,000
D. ₦75,000
Question 4
A company uses the job order costing system. On January 1, 2025, it had a work-in-progress balance of ₦0. During the year, it incurred the following costs on Job 101: Direct Materials: ₦10,000 Direct Labor: ₦20,000 Overhead: ₦30,000 What is the total cost of Job 101?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 5
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product on hand, valued at ₦1,500 each. During the year, 300 units were sold, and 200 units were purchased for ₦2,000 each. If the company uses the weighted average method to value its inventory, what is the total value of the inventory on December 31, 2025?
A. ₦600,000
B. ₦650,000
C. ₦700,000
D. ₦750,000
Question 6
A company's trial balance shows the following accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Accounts Payable | | ₦30,000 | | Sales Revenue | ₦100,000 | | | Cost of Goods Sold | | ₦80,000 | What is the company's net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company's bank statement as of December 31, 2025, shows a balance of ₦50,000. However, the company's cash account in the general ledger shows a balance of ₦75,000. The bank statement also shows a debit memo of ₦10,000 and a credit memo of ₦5,000. What is the correct balance of the company's cash account?
A. ₦60,000
B. ₦65,000
C. ₦70,000
D. ₦75,000
Question 8
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product on hand with a cost of ₦120 per unit. During the year, 300 units were sold, and 200 units were purchased at a cost of ₦130 per unit. The company uses the weighted average method to value its inventory. What is the total cost of goods sold for the year?
A. ₦36,000
B. ₦38,000
C. ₦40,000
D. ₦42,000
Question 9
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product B can be produced?
A. 60
B. 80
C. 100
D. 120
Question 10
A company's balance sheet as at 31st December, 2024 shows: Equity, ₦500,000; Liabilities, ₦300,000. Calculate the company's net worth.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 11
A partnership is formed between three individuals: John, Mary, and David. John invests ₦500,000, Mary invests ₦300,000, and David invests ₦200,000. If the partnership earns a profit of ₦150,000, how much will each partner receive?
A. John: ₦50,000, Mary: ₦30,000, David: ₦20,000
B. John: ₦40,000, Mary: ₦20,000, David: ₦30,000
C. John: ₦30,000, Mary: ₦20,000, David: ₦40,000
D. John: ₦20,000, Mary: ₦30,000, David: ₦40,000
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount.
A. ₦450,000 and ₦25,000
B. ₦475,000 and ₦25,000
C. ₦450,000 and ₦50,000
D. ₦475,000 and ₦50,000
Question 13
A partnership has two partners, A and B. Partner A invests ₦200,000 and partner B invests ₦300,000. The partnership earns a profit of ₦100,000. How much will partner A receive as their share of the profit?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product on hand, valued at ₦1,500 each. During the year, 300 units were sold, and 200 units were purchased for ₦2,000 each. If the company uses the FIFO method to value its inventory, what is the total value of the inventory on December 31, 2025?
A. ₦600,000
B. ₦650,000
C. ₦700,000
D. ₦750,000
Question 15
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, Dividends ₦20,000, Retained Earnings ₦150,000. What is the total amount of the company's equity?
A. ₦670,000
B. ₦690,000
C. ₦710,000
D. ₦730,000

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