POST UTME ELIZADE UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 shares of 1 par value at a premium of 25%.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company's cash book showed a credit balance of ₦ 50,000. The bank statement showed a debit balance of ₦ 20,000. The company's cash book was reconciled with the bank statement. The difference between the two balances was due to a dishonoured cheque of ₦ 30,000. Calculate the correct balance of the company's cash book.
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000
Question 3
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦120,000 and a weightage of 30%. The work-in-progress has a cost of ₦180,000 and a weightage of 40%. The finished goods have a cost of ₦150,000 and a weightage of 30%. What is the total value of the inventory?
A. ₦450,000
B. ₦540,000
C. ₦630,000
D. ₦720,000
Question 4
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 6 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 5
A trader bought 200 units of a product at ₦ 120 per unit. He then sold 150 units at ₦ 150 per unit and the remaining units at ₦ 180 per unit. Calculate the total profit made by the trader.
A. ₦ 18,000
B. ₦ 20,000
C. ₦ 22,000
D. ₦ 24,000
Question 6
A company's trial balance showed the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. Prepare the company's Balance Sheet.
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 7
A company uses the double-entry system of accounting. The following transactions are recorded: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Purchase of raw materials | ₦10,000 | | | 2 | Sale of finished goods | | ₦15,000 | | 3 | Purchase of machinery | ₦20,000 | | | 4 | Sale of services | | ₦5,000 | What is the net effect on the company's assets?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 8
A company has the following transactions: Purchased office supplies for 1,000, Purchased equipment for 10,000, and Paid salaries of 5,000. Prepare the accounting equation to record these transactions.
A. Assets 16,000, Liabilities 0, Equity 16,000
B. Assets 16,000, Liabilities 0, Equity 16,000
C. Assets 16,000, Liabilities 0, Equity 16,000
D. Assets 16,000, Liabilities 0, Equity 16,000
Question 9
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The bank statement also shows a debit of ₦30,000 for a dishonored cheque. What is the correct balance in the cash book?
A. ₦150,000
B. ₦180,000
C. ₦120,000
D. ₦90,000
Question 10
A company has a departmental account with the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Purchase of raw materials | ₦10,000 | | | 2 | Sale of finished goods | | ₦15,000 | | 3 | Purchase of machinery | ₦20,000 | | | 4 | Sale of services | | ₦5,000 | What is the net profit of the department?
A. ₦25,000
B. ₦30,000
C. ₦20,000
D. ₦15,000
Question 11
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000 Returns outwards: ₦50,000 Returns inwards: ₦20,000 Cost of goods sold: ₦900,000 Opening stock: ₦150,000 Closing stock: ₦200,000 Calculate the gross profit for the year.
A. ₦450,000
B. ₦400,000
C. ₦350,000
D. ₦300,000
Question 12
A company has the following trial balance: ₦100,000 debit; ₦150,000 credit; ₦200,000 debit; ₦250,000 credit. What is the total value of the company's assets?
A. ₦350,000
B. ₦450,000
C. ₦550,000
D. ₦650,000
Question 13
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. ₦12,500
B. ₦12,000
C. ₦11,500
D. ₦11,000
Question 14
A company has the following transactions: Purchased office supplies for 1,000, Purchased equipment for 10,000, and Paid salaries of 5,000. Prepare the financial statements to record these transactions.
A. Office Supplies 1,000, Equipment 10,000, Salaries Expense 5,000
B. Office Supplies 1,000, Equipment 10,000, Salaries Expense 5,000
C. Office Supplies 1,000, Equipment 10,000, Salaries Expense 5,000
D. Office Supplies 1,000, Equipment 10,000, Salaries Expense 5,000
Question 15
A company has the following transactions: Purchased office supplies for 1,000, Purchased equipment for 10,000, and Paid salaries of 5,000. Prepare the accounting equation to record these transactions.
A. Assets 16,000, Liabilities 0, Equity 16,000
B. Assets 16,000, Liabilities 0, Equity 16,000
C. Assets 16,000, Liabilities 0, Equity 16,000
D. Assets 16,000, Liabilities 0, Equity 16,000

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