POST UTME EKSU 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership agreement between two partners, John and Mary, states that John will receive 60% of the profits and Mary will receive 40%. If the total profit for the year is ₦120,000, how much will John receive?
A. ₦72,000
B. ₦48,000
C. ₦60,000
D. ₦80,000
Question 2
A company's financial statements for the year ended December 31, 2020, are as follows: Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦100,000, Net Income ₦100,000. Prepare a statement of cash flows.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 3
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 2,000. Calculate the amount received from the issue of shares.
A. ₦52,000
B. ₦55,000
C. ₦58,000
D. ₦61,000
Question 4
A public sector organization has a cash book balance of ₦500,000 and a bank statement balance of ₦600,000. The accounting records show a credit balance of ₦400,000. What is the correct explanation for the discrepancy?
A. The organization has made a mistake in recording the cash transactions.
B. The bank has made a mistake in recording the cash transactions.
C. The organization has made a mistake in recording the bank transactions.
D. The organization has made a mistake in recording the accounting transactions.
Question 5
A company uses the weighted average method of inventory valuation. If the cost of goods available for sale is ₦500,000, the beginning inventory is ₦100,000, and the ending inventory is ₦150,000, calculate the cost of goods sold.
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 6
A company issued 10,000 shares of 5 par value. If the market value of the shares is 15, what is the amount of shareholders' equity?
A. \50,000
B. \150,000
C. \200,000
D. \250,000
Question 7
A company's trial balance showed the following balances: Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦20,000, Cost of Goods Sold ₦15,000. Prepare a corrected trial balance.
A. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦20,000, Cost of Goods Sold ₦15,000
B. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦25,000, Cost of Goods Sold ₦20,000
C. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦20,000, Cost of Goods Sold ₦15,000
D. Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Sales Revenue ₦25,000, Cost of Goods Sold ₦20,000
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Accounts Receivable ₦50,000, and Common Stock ₦200,000. Prepare a balance sheet.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 9
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. The issue expenses were ₦10,000. Calculate the amount received from the issue of shares.
A. ₦52,000
B. ₦55,000
C. ₦58,000
D. ₦61,000
Question 10
A company has the following ledger accounts: Sales, Cost of Goods Sold, and Gross Profit. The company's trial balance shows a debit balance of ₦500,000 in the Sales account and a credit balance of ₦300,000 in the Cost of Goods Sold account. What is the balance in the Gross Profit account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 11
A company's cash book shows the following transactions: A deposit of ₦10,000, a withdrawal of ₦5,000, and a payment of ₦8,000 to a creditor. What is the correct bank reconciliation statement?
A. ₦3,000
B. ₦5,000
C. ₦10,000
D. ₦15,000
Question 12
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000. Prepare a corrected trial balance.
A. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000
B. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 25,000, Cost of Goods Sold £ 20,000
C. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000
D. Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 25,000, Cost of Goods Sold £ 20,000
Question 13
A government agency received a grant of ₦1,000,000 to implement a project. The agency spent ₦800,000 on the project and the remaining amount was unspent. Prepare a statement of changes in net assets.
A. ₦1,000,000
B. ₦800,000
C. ₦200,000
D. ₦0
Question 14
A company's cash book shows the following transactions: A deposit of ₦10,000, a withdrawal of ₦5,000, and a payment of ₦8,000 to a creditor. What is the correct bank reconciliation statement?
A. ₦3,000
B. ₦5,000
C. ₦10,000
D. ₦15,000
Question 15
A company's cash book shows a debit balance of ₦1,500,000. The bank statement shows a credit balance of ₦1,800,000. The company's accounting records show a credit balance of ₦1,200,000. What is the correct explanation for the discrepancy?
A. The company has made a mistake in recording the cash transactions.
B. The bank has made a mistake in recording the cash transactions.
C. The company has made a mistake in recording the bank transactions.
D. The company has made a mistake in recording the accounting transactions.

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: