POST UTME ELIZADE UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance as at 31st December 2021 shows the following balances: Debtors ₦1,200,000, Creditors ₦800,000, and Capital ₦2,000,000. What is the company's net current asset position as at 31st December 2021?
A. ₦400,000
B. ₦1,200,000
C. ₦1,600,000
D. ₦2,000,000
Question 2
The following is the balance sheet of a company as at 31st December 2021.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 3
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a beginning work-in-process inventory of 100 units with a cost of 10 per unit. During the period, the department started 500 units and added 15 per unit to the work-in-process inventory. The Assembly department has a beginning work-in-process inventory of 200 units with a cost of 20 per unit. During the period, the department started 600 units and added 25 per unit to the work-in-process inventory. What is the total cost of goods available for sale?
A. 15,500
B. 16,500
C. 17,500
D. 18,500
Question 4
A company uses the straight-line method of depreciation for its assets. If the asset has a cost of ₦1,200,000 and a residual value of ₦200,000, what is the annual depreciation charge if the asset is used for 5 years?
A. ₦160,000
B. ₦200,000
C. ₦240,000
D. ₦280,000
Question 5
The following is the trial balance of a company as at 31st December 2021.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 6
A company's profit and loss 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 liability of ₦800,000. What is the company's net worth as at 31st December 2021?
A. ₦1,700,000
B. ₦1,600,000
C. ₦1,300,000
D. ₦1,200,000
Question 7
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a beginning work-in-process inventory of 100 units with a cost of 10 per unit. During the period, the department started 500 units and added 15 per unit to the work-in-process inventory. The Assembly department has a beginning work-in-process inventory of 200 units with a cost of 20 per unit. During the period, the department started 600 units and added 25 per unit to the work-in-process inventory. What is the total cost of goods available for sale?
A. 15,500
B. 16,500
C. 17,500
D. 18,500
Question 8
A company has the following trial balance: Debit: Cash £ 10,000 Bank £ 5,000 Sales £ 20,000 Credit: Bank £ 15,000 Purchases £ 10,000 What is the balance on the cash account?
A. £ 10,000
B. £ 5,000
C. £ 15,000
D. £ 20,000
Question 9
A company's trial balance as at 31st December 2021 shows the following balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. The company also has a note payable of 8,000. What is the company's total assets?
A. 33,000
B. 35,000
C. 37,000
D. 39,000
Question 10
A partnership has three partners, A, B, and C. The partnership's capital account shows a balance of ₦1,000,000. Partner A's capital account shows a balance of ₦300,000. Partner B's capital account shows a balance of ₦400,000. Partner C's capital account shows a balance of ₦300,000. What is the ratio of Partner A's capital to Partner B's capital to Partner C's capital?
A. 3:4:3
B. 4:3:2
C. 2:3:4
D. 3:2:1
Question 11
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2020 is as follows: Debit Cash: ₦120,000 Accounts Payable: ₦50,000 Sales Revenue: ₦150,000 Credit Accounts Receivable: ₦30,000 Cost of Goods Sold: ₦80,000 What is the net income of the company for the year ended 31st December 2020?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company's bank reconciliation statement shows the following discrepancies: Bank balance: ₦50,000; Cash balance: ₦60,000; Outstanding cheques: ₦10,000. What is the correct bank balance?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2020 is as follows: Debit Cash: ₦120,000 Accounts Payable: ₦50,000 Sales Revenue: ₦150,000 Credit Accounts Receivable: ₦30,000 Cost of Goods Sold: ₦80,000 What is the net income of the company for the year ended 31st December 2020?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦120,000. The company's bank statement shows a balance of ₦150,000. What is the amount of the company's outstanding checks?
A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000
Question 15
A company uses the double-entry system of accounting. The company's trial balance as at 31st December 2021 shows the following balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. The company also has a note payable of 8,000. What is the company's total liabilities?
A. 13,000
B. 15,000
C. 17,000
D. 19,000

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: