POST UTME EKSU 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦20,000
B. ₦24,000
C. ₦28,000
D. ₦32,000
Question 2
A company's balance sheet as at 31st December 2021 shows a current asset of ₦2,000,000 and a non-current asset of ₦3,000,000. The company's current liability is ₦1,500,000 and its non-current liability is ₦2,000,000. What is the company's net worth as at 31st December 2021?
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 3
A manufacturing company produces two products, A and B. The cost of production for product A is ₦5,000 and for product B is ₦3,000. If the company produces 100 units of product A and 200 units of product B, what is the total cost of production?
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 4
A company uses the double-entry system. The company's beginning balance is ₦150,000, and the company has the following transactions: | Date | Transaction | Debit | Credit | | --- | --- | --- | --- | | 1 | Purchase of goods | ₦60,000 | ₦0 | | 2 | Sale of goods | ₦0 | ₦80,000 | | 3 | Purchase of equipment | ₦30,000 | ₦0 | | 4 | Payment of cash | ₦0 | ₦100,000 | What is the company's ending balance?
A. ₦180,000
B. ₦190,000
C. ₦200,000
D. ₦210,000
Question 5
A company's trading account for the year ended 31st December 2021 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2021 shows a current asset of ₦2,000,000 and a non-current asset of ₦3,000,000. The company's current liability is ₦1,500,000 and its non-current liability is ₦2,000,000. What is the company's net worth as at 31st December 2021?
A. ₦2,000,000
B. ₦3,000,000
C. ₦4,000,000
D. ₦5,000,000
Question 6
A company uses the single-entry system. The company's beginning balance is ₦100,000, and the company has the following transactions: | Date | Transaction | Debit | Credit | | --- | --- | --- | --- | | 1 | Purchase of goods | ₦50,000 | ₦0 | | 2 | Sale of goods | ₦0 | ₦60,000 | | 3 | Purchase of equipment | ₦20,000 | ₦0 | | 4 | Payment of cash | ₦0 | ₦80,000 | What is the company's ending balance?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 7
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 210,000
B. ₦ 220,000
C. ₦ 230,000
D. ₦ 240,000
Question 8
A company's trading account for the year ended 31st December 2021 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2021 shows a current asset of ₦2,000,000 and a non-current asset of ₦3,000,000. The company's current liability is ₦1,500,000 and its non-current liability is ₦2,000,000. What is the company's net worth as at 31st December 2021?
A. ₦2,000,000
B. ₦3,000,000
C. ₦4,000,000
D. ₦5,000,000
Question 9
A government agency has the following transactions:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 10
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
B. ₦50,000,000
C. ₦60,000,000
D. ₦70,000,000
Question 11
A company produces two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor to produce, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 200 units of product X and 150 units of product Y, what is the total labor cost for the day?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 12
A company's trial balance shows an error of ₦5,000 in the accounts payable account. The correct balance should be ₦20,000. What is the correct balance in the accounts receivable account?
A. ₦15,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 13
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Sales | | 2,000 | | 3 | Purchases | 1,500 | | | 4 | Cash | | 500 | What is the balance in the cash account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 14
A company has the following transactions for the month of January: Jan 1: Cash 10,000 Jan 5: Purchase of office equipment 5,000 Jan 10: Sale of goods 20,000 Jan 15: Purchase of inventory 15,000 Jan 20: Sale of goods 30,000 Jan 25: Purchase of office equipment 8,000 Jan 31: Sale of goods 25,000 What is the total cash balance at the end of January?
A. ₦63,000
B. ₦65,000
C. ₦67,000
D. ₦69,000
Question 15
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of goods sold is ₦1,200,000. The beginning inventory is ₦300,000, and the ending inventory is ₦400,000. What is the cost of goods sold using the weighted average method?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

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