POST UTME EKSU 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit-sharing ratio is 3:2. What is the amount of profit to be distributed to partner A?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 2
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital ₦ 20,000, Credit Cash ₦ 20,000
B. Debit Share Capital ₦ 30,000, Credit Cash ₦ 30,000
C. Debit Share Capital ₦ 20,000, Credit Cash ₦ 15,000
D. Debit Share Capital ₦ 30,000, Credit Cash ₦ 15,000
Question 3
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital ₦ 20,000, Credit Cash ₦ 20,000
B. Debit Share Capital ₦ 30,000, Credit Cash ₦ 30,000
C. Debit Share Capital ₦ 20,000, Credit Cash ₦ 15,000
D. Debit Share Capital ₦ 30,000, Credit Cash ₦ 15,000
Question 4
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference of ₦10,000 is due to a bank charge. Prepare a bank reconciliation statement.
A. ₦50,000
B. ₦60,000
C. ₦10,000
D. ₦70,000
Question 5
A government agency is considering the adoption of a new accounting system. The agency's current system is based on cash accounting, while the proposed system is based on accrual accounting. Which of the following is a key advantage of the accrual accounting system?
A. Improved matching of revenues and expenses
B. Simplified financial reporting
C. Increased transparency
D. Reduced accounting complexity
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦80,000, Sales Revenue ₦120,000, Cost of Goods Sold ₦60,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦240,000
B. ₦220,000
C. ₦200,000
D. ₦180,000
Question 7
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦210,000
Question 8
A company has the following data: Depreciable Asset 100,000; Useful Life 5 years; Residual Value 20,000. What is the annual depreciation expense?
A. 16,000
B. 18,000
C. 20,000
D. 22,000
Question 9
A company has the following trial balance: Debit 100,000; Credit 120,000. What is the correct journal entry to rectify the error?
A. Debit 20,000 to Cash; Credit 20,000 to Accounts Payable
B. Debit 20,000 to Accounts Payable; Credit 20,000 to Cash
C. Debit 20,000 to Accounts Receivable; Credit 20,000 to Cash
D. Debit 20,000 to Cash; Credit 20,000 to Accounts Receivable
Question 10
A company's trading account for the year ended 31st December 2022 is as follows: Debtors: ₦120,000 Credit Sales: ₦500,000 Cash Sales: ₦200,000 Discount Allowed: ₦15,000 Returns Inwards: ₦10,000 What is the total value of sales for the year?
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 11
A company's trading account shows a profit of ₦200,000. The profit and loss account shows a net profit of ₦250,000. What is the amount of the company's dividend?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 12
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each at a discount of ₦5 per debenture. What is the total amount received from the issue of shares and debentures?
A. ₦15,500
B. ₦16,000
C. ₦16,500
D. ₦17,000
Question 13
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦1,500,000 (Cash) ₦800,000 (Debtors) ₦300,000 (Stock) ₦200,000 (Prepaid Rent) Liabilities: ₦1,000,000 (Creditors) ₦500,000 (Loans) What is the total value of the company's assets?
A. ₦2,300,000
B. ₦2,500,000
C. ₦2,700,000
D. ₦3,000,000
Question 14
A company uses the double-declining balance method to depreciate its assets. If the asset's cost is ₦100,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000
Question 15
A company's cash book shows a balance of ₦80,000. The bank statement shows a balance of ₦60,000. The difference is due to a bank overdraft of ₦20,000. What is the correct balance in the cash book?
A. ₦80,000
B. ₦60,000
C. ₦100,000
D. ₦120,000

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