POST UTME DELSU 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 2
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. The company uses the straight-line method of depreciation. What is the annual depreciation expense?
A. ₦90,000
B. ₦92,000
C. ₦95,000
D. ₦97,000
Question 3
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. £ 10,000
B. £ 50,000
C. £ 60,000
D. £ 70,000
Question 4
A company uses the double entry system to record its transactions. The company's ledger accounts are as follows: Debitors ¡ 50,000, Creditors ¡ 30,000, Capital ¡ 100,000. What is the total amount of the company's assets?
A. ¡ 80,000
B. ¡ 120,000
C. ¡ 180,000
D. ¡ 220,000
Question 5
A government agency is responsible for collecting taxes. The agency has a budget of ₦1,000,000 to be allocated among three departments: A, B, and C. The budget for department A is 30% of the total budget, department B is 25%, and department C is 45%. What is the budget for department C?
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 6
A public sector organization has a budget of ₦ 1,000,000 for the year. The actual expenditure for the year is ₦ 900,000. What is the variance?
A. ₦ 50,000
B. ₦ 100,000
C. ₦ 150,000
D. ₦ 200,000
Question 7
A company's financial statements are as follows: Assets ¡ 500,000, Liabilities ¡ 200,000, Equity ¡ 300,000. What is the company's net worth?
A. ¡ 200,000
B. ¡ 300,000
C. ¡ 400,000
D. ¡ 500,000
Question 8
A company has the following transactions: Purchased goods on credit for ₦100,000; sold goods on credit for ₦120,000; and returned goods worth ₦10,000 to the supplier. What is the net effect on the company's cash account?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 9
A company has the following transactions: Purchased goods on credit for ₦150,000; sold goods on credit for ₦180,000; and returned goods worth ₦15,000 to the supplier. What is the net effect on the company's cash account?
A. ₦15,000
B. ₦30,000
C. ₦45,000
D. ₦60,000
Question 10
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales £ 50,000, Cost of Goods Sold £ 30,000. Prepare a corrected trial balance.
A. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 60,000 Cost of Goods Sold £ 30,000
B. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 30,000
C. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 20,000
D. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 40,000
Question 11
A company has a cash book balance of ₦ 50,000 and a bank statement balance of ₦ 60,000. The bank reconciliation statement shows a difference of ₦ 10,000. What is the reason for this difference?
A. Cheques issued but not yet presented for payment
B. Cheques deposited but not yet credited
C. Bank charges not yet recorded
D. Interest on bank balance not yet recorded
Question 12
A company uses the straight-line method of depreciation. The cost of the asset is ¡ 100,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ¡ 10,000
B. ¡ 20,000
C. ¡ 30,000
D. ¡ 40,000
Question 13
A company has two partners: A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. The company makes a profit of ₦150,000. If the profit is divided in the ratio 2:3, how much will Partner A receive?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 14
A company uses the double entry system of accounting. The company's journal entries for the month of January are as follows: Debit Cash ₦50,000, Credit Accounts Payable ₦50,000. If the company's ledger balances are: Cash ₦100,000, Accounts Payable ₦50,000, what is the company's net income for the month?
A. ₦0
B. ₦50,000
C. ₦100,000
D. ₦150,000
Question 15
A public sector organization has the following transactions: ¡ 10,000 received from the government, ¡ 5,000 paid to suppliers, ¡ 3,000 paid to employees. What is the net effect on the organization's cash balance?
A. ¡ 2,000 increase
B. ¡ 2,000 decrease
C. ¡ 8,000 increase
D. ¡ 8,000 decrease

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: