POST UTME EKSU 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following balance sheet as at 31st December 2022: Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,50,000. Prepare the balance sheet.
A. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,50,000
B. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,00,000
C. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,50,000
D. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,00,000
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 3
A company's cash book shows a balance of ₦20,000 in the cash account. However, the bank statement shows a balance of ₦15,000. Prepare the bank reconciliation statement.
A. ₦5,000 bank overdraft
B. ₦5,000 bank credit
C. ₦5,000 cash in transit
D. ₦5,000 bank charges
Question 4
A company has the following ledger accounts: Cash (₦100,000), Accounts Payable (₦50,000), Sales Revenue (₦200,000), and Cost of Goods Sold (₦150,000). What is the company's net income?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 5
A partnership has two partners, A and B. Partner A's capital is ₦150,000 and Partner B's capital is ₦200,000. If the profit is ₦50,000, what is Partner A's share of the profit?
A. ₦20,000
B. ₦22,500
C. ₦25,000
D. ₦18,750
Question 6
A company uses the straight-line method of depreciation for its assets. If the asset has a useful life of 5 years and a residual value of ₦50,000, what is the annual depreciation charge if the asset cost ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 7
A company's financial statements for the year ended December 31, 2022, show the following balances: Cash ₦500,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Property, Plant, and Equipment ₦1,000,000. What is the total amount of assets on the balance sheet?
A. ₦2,000,000
B. ₦2,100,000
C. ₦2,200,000
D. ₦2,300,000
Question 8
A company's balance sheet showed a total assets of ₦500,000 and total liabilities of ₦300,000. Calculate the company's net worth.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 9
A trader's cash book showed a balance of ₦15,000. The bank statement showed a balance of ₦18,000. The difference was due to a dishonored cheque of ₦2,000 and an unrecorded credit of ₦1,000. Calculate the corrected balance in the cash book.
A. ₦14,000
B. ₦15,000
C. ₦16,000
D. ₦17,000
Question 10
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 11
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. ₦0,500
B. ₦1,000
C. ₦1,050
D. ₦1,500
Question 12
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that the profits will be shared in the ratio 3:2. If the net profit for the year is ₦750,000, what is the amount of profit that will be shared by A?
A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000
Question 13
A company's bank reconciliation statement shows a difference of ₦0.50 between the cash book balance and the bank statement balance. The correct balance of the cash account in the bank statement is ₦1,500. The correct balance of the cash account in the cash book should be:
A. ₦1,500.50
B. ₦1,500.00
C. ₦1,499.50
D. ₦1,501.00
Question 14
A company uses the percentage of completion method of accounting for its construction contracts. If the contract has a total contract price of ₦1,000,000 and the company has incurred ₦600,000 in costs to date, what is the amount of revenue that should be recognized for the period?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 15
A company's balance sheet shows a non-current asset of ₦100,000. However, the company's cash book shows a debit of ₦20,000 in the account 'Bank'. Prepare the journal entry to correct this error.
A. Debit Bank ₦20,000, Credit Non-Current Asset ₦20,000
B. Debit Non-Current Asset ₦20,000, Credit Bank ₦20,000
C. Debit Bank ₦20,000, Credit Cash ₦20,000
D. Debit Cash ₦20,000, Credit Bank ₦20,000

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