POST UTME ESUT 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance showed the following balances: Accounts Payable ₠ 50,000, Accounts Receivable ₠ 30,000, and Common Stock ₠ 100,000. Prepare a balance sheet for the company.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit for the year ended December 31, 2022 is ₦50,000. What is the amount of the drawing of A?
A. ₦20,000
B. ₦30,000
C. ₦20,000
D. ₦30,000
Question 3
A company purchased a piece of equipment for ₦150,000. The equipment has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation.
A. ₦25,000
B. ₦28,000
C. ₦30,000
D. ₦32,000
Question 4
A company has the following incomplete records: Purchases ₦1,200,000, Sales ₦1,500,000, and Cash ₦300,000. What is the company's net income?
A. ₦300,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,100,000
Question 5
A company's assets at the beginning of the year were ₦100,000. During the year, it purchased additional assets of ₦50,000 and sold assets of ₦20,000. Calculate the company's total assets at the end of the year.
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 6
A manufacturing company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Cost of goods sold: ₦1,200,000. What is the value of the closing inventory?
A. ₦300,000
B. ₦200,000
C. ₦300,000
D. ₦200,000
Question 7
A company has the following transactions: Purchased office supplies for ₦5,000, Paid salaries of ₦20,000, and Received cash from customers of ₦15,000. What is the total amount of cash received from customers?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 8
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. ₦ 10,000
B. ₦ 50,000
C. ₦ 55,000
D. ₦ 60,000
Question 9
A company's ledger showed a debit balance of ₦ 5,000. However, the trial balance showed a credit balance of ₦ 3,000. What is the correct balance of the company's ledger?
A. ₦ 2,000
B. ₦ 3,000
C. ₦ 5,000
D. ₦ 7,000
Question 10
A partnership has two partners, A and B. Partner A has a capital of ₦500,000 and a profit-sharing ratio of 3:2. Partner B has a capital of ₦750,000 and a profit-sharing ratio of 2:3. What is the ratio of profit sharing between the two partners?
A. 3:2
B. 2:3
C. 1:1
D. 4:3
Question 11
A company has the following Financial Statements: Trading Account, Profit and Loss Account, and Balance Sheet. What is the primary purpose of the Trading Account?
A. To show the revenues and expenses of the company
B. To show the assets, liabilities, and equity of the company
C. To show the cash and bank transactions of the company
D. To show the profit or loss of the company
Question 12
A company's trial balance shows the following accounts: Debitors ₦50,000, Creditors ₦30,000. What is the correct balance of the company's current assets?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 13
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the asset's original cost is ₦100,000, calculate the asset's value after 5 years.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company uses the Double Entry System of Accounting. What is the purpose of the Ledger Account?
A. To record all the transactions of the company
B. To record the assets, liabilities, and equity of the company
C. To record the revenues and expenses of the company
D. To record the cash and bank transactions of the company
Question 15
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

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