POST UTME ESUT 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book for the year ended 31st December 2020 is as follows: Cash at Bank: ₦1,500,000; Cash in Hand: ₦200,000; Bank Overdraft: ₦50,000; Bank Loan: ₦20,000. Prepare the company's bank reconciliation statement.
A. ₦1,600,000; ₦1,700,000; ₦1,800,000; ₦1,900,000
B. ₦1,700,000; ₦1,800,000; ₦1,900,000; ₦2,000,000
C. ₦1,800,000; ₦1,900,000; ₦2,000,000; ₦2,100,000
D. ₦1,900,000; ₦2,000,000; ₦2,100,000; ₦2,200,000
Question 2
A company uses the single-entry method to record its transactions. The company's journal shows the following entries: Debit Cash = ₦10,000, Credit Accounts Payable = ₦5,000, Debit Accounts Receivable = ₦15,000, and Credit Common Stock = ₦50,000. What is the total amount of assets recorded in the journal?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 3
A company uses the FIFO method to value its inventory. The company's inventory has the following costs: ₦20,000, ₦25,000, and ₦30,000. If the company sells 2 units of inventory, what is the total cost of goods sold?
A. ₦55,000
B. ₦60,000
C. ₦65,000
D. ₦70,000
Question 4
A company has the following transactions: Purchase of goods for ₦100,000, Sale of goods for ₦150,000, and Return of goods for ₦20,000. What is the net effect on the company's profit?
A. ₦30,000
B. ₦50,000
C. ₦70,000
D. ₦90,000
Question 5
A company purchases a machine for ₦120,000 and sells it for ₦150,000. Calculate the gain or loss on the sale of the machine.
A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000
Question 6
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000
Question 7
A company purchases a machine for ₦80,000 and sells it for ₦100,000. Calculate the gain or loss on the sale of the machine.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 8
A partnership is formed between two partners, A and B, with a capital of ₦ 50,000 and ₦ 30,000 respectively. After one year, the profit is ₦ 15,000. If the profit is divided in the ratio 2:1, calculate the share of profit of partner A.
A. ₦ 10,000
B. ₦ 12,000
C. ₦ 15,000
D. ₦ 18,000
Question 9
A company issued 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 500 debentures of ₦100 each. What is the total amount of share capital and debentures issued?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 10
The following is a balance sheet for XYZ Limited as at December 31, 2021:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 11
A company issued 5,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 10,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 60,000
B. ₦ 65,000
C. ₦ 70,000
D. ₦ 75,000
Question 12
A company's balance sheet as at 31st December 2020 is as follows: ₦1,500,000; ₦1,200,000; ₦50,000; ₦20,000. Prepare the company's cash flow statement for the year.
A. ₦250,000; ₦300,000; ₦350,000; ₦400,000
B. ₦300,000; ₦350,000; ₦400,000; ₦450,000
C. ₦350,000; ₦400,000; ₦450,000; ₦500,000
D. ₦400,000; ₦450,000; ₦500,000; ₦550,000
Question 13
A company uses the single entry system to record its transactions. The following transactions were recorded in the year ended December 31, 2021:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
The following is a statement of profit or loss for XYZ Limited for the year ended December 31, 2021:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 15
A company's financial statements are prepared using the accrual basis of accounting. Which of the following is a characteristic of the accrual basis?
A. Matching of revenues and expenses with the period in which they are earned or incurred
B. Matching of cash inflows and outflows with the period in which they are received or paid
C. Matching of revenues with the period in which they are received
D. Matching of expenses with the period in which they are paid

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