POST UTME DELSU 2019 Accounting | Objective

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Question 1
A company's assets are valued as follows: Building: ₦500,000 Machinery: ₦300,000 Vehicles: ₦200,000 Furniture: ₦100,000 What is the total value of the company's assets?
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 2
A manufacturing company uses a job order costing system. It has two departments: Cutting and Assembly. The Cutting Department incurred the following costs during the month of January: direct materials ₦120,000, direct labor ₦80,000, and overhead ₦60,000. The Assembly Department incurred the following costs during the month of January: direct materials ₦150,000, direct labor ₦100,000, and overhead ₦80,000. What is the total cost of the Cutting Department for the month?
A. ₦260,000
B. ₦270,000
C. ₦280,000
D. ₦290,000
Question 3
A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦120,000 on credit; Purchased equipment for ₦50,000 in cash. What is the total amount of cash received from customers?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 4
A company has a cash book balance of ₦30,000 and a bank statement balance of ₦40,000. The bank statement shows a credit balance of ₦5,000 for an outstanding cheque. The cash book shows a debit balance of ₦3,000 for an uncleared cheque. Calculate the correct cash balance.
A. ₦35,000
B. ₦38,000
C. ₦40,000
D. ₦42,000
Question 5
A company has the following transactions: Purchased goods for ₦1,000,000; Sold goods for ₦1,500,000. Prepare the journal entries for these transactions.
A. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000
B. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Purchases = ₦1,500,000
C. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Sales = ₦1,500,000
D. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000
Question 6
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Sundry debtors £ 12,000 Credit: Sundry creditors £ 8,000 What is the net effect of the above transactions on the company's profit?
A. £ 4,000
B. £ 8,000
C. £ 12,000
D. £ 16,000
Question 7
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦75,000. The bank statement shows a credit balance of ₦10,000 for an outstanding cheque. The cash book shows a debit balance of ₦5,000 for an uncleared cheque. Calculate the correct cash balance.
A. ₦60,000
B. ₦65,000
C. ₦70,000
D. ₦75,000
Question 8
A company's bank reconciliation statement as at 31st December 2022 is as follows: Bank balance £ 10,000 Cash book balance £ 20,000 What is the difference between the bank balance and the cash book balance?
A. £ 10,000
B. £ 20,000
C. £ 30,000
D. £ 40,000
Question 9
A company issued 10,000 debentures of ₦100 each at a discount of 5%. The total amount received from the issue of debentures is ₦900,000. Calculate the amount of debenture capital and the amount of debenture discount.
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 10
A company's assets are valued as follows: Building: ₦500,000 Machinery: ₦300,000 Vehicles: ₦200,000 Furniture: ₦100,000 What is the total value of the company's assets?
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 11
A company's trial balance shows a credit balance of ₦20,000 in the account 'Dividends'. What is the correct journal entry to record this transaction?
A. ₦20,000 debit to Dividends
B. ₦20,000 credit to Dividends
C. ₦20,000 debit to Profit and Loss
D. ₦20,000 credit to Profit and Loss
Question 12
A company's balance sheet as at 31st December 2022 is as follows: Assets: Cash £ 10,000 Debtors £ 20,000 Stock £ 30,000 Total assets £ 60,000 Liabilities: Creditors £ 15,000 Capital £ 45,000 Total liabilities £ 60,000 What is the company's net worth?
A. £ 30,000
B. £ 45,000
C. £ 60,000
D. £ 75,000
Question 13
A company's trial balance showed the following balances: Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000. Prepare the company's income statement.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 14
A company's control account for the year ended 31st December 2022 is as follows: Debit: Sundry debtors £ 10,000 Credit: Sundry creditors £ 20,000 What is the net effect of the above transactions on the company's profit?
A. £ 10,000
B. £ 20,000
C. £ 30,000
D. £ 40,000
Question 15
A company issued 5,000 shares of 10 par value at a premium of 2 per share. The shares were sold for 15 each. Calculate the total amount received from the sale of shares.
A. ₦75,000,000
B. ₦75,500,000
C. ₦76,000,000
D. ₦76,500,000

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