POST UTME EKSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency has a budget of ₦500 million for the year. If the agency spends ₦300 million in the first half of the year and ₦200 million in the second half, what is the percentage of the budget spent in the second half of the year?
A. 40%
B. 30%
C. 50%
D. 60%
Question 2
A company's cash book shows a balance of ₦50,000 in the cash account. However, the bank statement shows a balance of ₦60,000. What is the correct bank reconciliation statement?
A. ₦10,000 credit to Bank and ₦10,000 debit to Cash
B. ₦10,000 debit to Bank and ₦10,000 credit to Cash
C. ₦10,000 credit to Bank and ₦10,000 credit to Cash
D. ₦10,000 debit to Bank and ₦10,000 debit to Cash
Question 3
A company's balance sheet shows a total asset value of ₦250,000 and a total liability value of ₦200,000. What is the company's equity value?
A. ₦25,000
B. ₦50,000
C. ₦100,000
D. ₦150,000
Question 4
A company's manufacturing department uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2023:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 5
A manufacturing company produces 500 units of a product per day. Each unit sells for ₦200. If the company operates for 25 days in a month, calculate the total sales for the month.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' while the ledger account shows a credit balance of ₦20,000. What is the correct journal entry to rectify this error?
A. ₦15,000 debit to Rent Received and ₦20,000 credit to Rent Received
B. ₦15,000 credit to Rent Received and ₦20,000 debit to Rent Received
C. ₦15,000 debit to Rent Received and ₦20,000 debit to Rent Received
D. ₦15,000 credit to Rent Received and ₦20,000 credit to Rent Received
Question 7
A company has the following ledger balances: Debit: Raw Materials ₦ 100,000, Work-in-Progress ₦ 80,000, and Factory Overheads ₦ 60,000. Credit: Purchases ₦ 100,000, Direct Labour ₦ 80,000, and Factory Overheads ₦ 60,000. What is the correct ledger account to be debited?
A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
D. Purchases
Question 8
A company's balance sheet shows a current ratio of 2:1. If the current assets are ₦500,000 and the current liabilities are ₦200,000, what is the total amount of long-term liabilities?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 9
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. What is the total amount received from the issue of shares?
A. ₦50,000,000
B. ₦52,000,000
C. ₦54,000,000
D. ₦56,000,000
Question 10
A company's balance sheet shows a total asset value of ₦200,000 and a total liability value of ₦150,000. What is the company's equity value?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 11
A company's trading account shows the following transactions: Sales Revenue = ₦100,000, Cost of Goods Sold = ₦80,000. What is the gross profit?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000. Credit: Purchases ₦ 50,000, Direct Labour ₦ 30,000, and Factory Overheads ₦ 20,000. What is the correct ledger account to be credited?
A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
D. Purchases
Question 13
A company has the following transactions for the month of January: Jan 1: Cash ₦100,000 Jan 5: Sales ₦50,000 Jan 10: Purchase ₦30,000 Jan 15: Sales ₦70,000 Jan 20: Purchase ₦20,000 Jan 25: Sales ₦40,000 Jan 31: Cash ₦80,000 Prepare a single entry journal for the month.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 14
A company has the following balance sheet: Assets: - Cash: ₦50,000 - Accounts receivable: ₦100,000 - Inventory: ₦200,000 - Equipment: ₦300,000 Liabilities: - Accounts payable: ₦150,000 - Long-term debt: ₦200,000 What is the company's net working capital?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 15
A company uses the straight-line method of depreciation for 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. ₦25,000
D. ₦30,000

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