POST UTME ESUT 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The company's cash book also shows a debit balance of ₦30,000 in the 'Bank Overdraft' account. What is the correct balance in the company's cash book after reconciliation?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 2
A company's balance sheet shows a current liability of ₦50,000 and a non-current liability of ₦100,000. What is the total liability?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 3
A company uses a self-balancing ledger to record its transactions. If it records a debit of ₦10,000 to 'Accounts Payable' and a credit of ₦10,000 to 'Cash', what is the effect on the company's ledger balance?
A. An increase in the ledger balance
B. A decrease in the ledger balance
C. No change in the ledger balance
D. A decrease in the ledger balance and an increase in the control account
Question 4
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were credited to the Share Capital account. What is the total amount credited to the Share Capital account?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 5
A company has a control account for 'Accounts Payable' with a balance of ₦50,000. If it receives a payment of ₦20,000 from a customer, what is the new balance in the control account?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 6
A company's balance sheet shows a net worth of ₦500,000. The profit and loss account shows a net profit of ₦200,000. The trading account shows a profit of ₦300,000. What is the correct balance in the profit and loss account?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 7
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit-sharing ratio is 3:2. What is the share of profit of partner A?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 8
A company has the following trial balance: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. What is the total assets of the company?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 9
A company issues 1,000 debentures of ₦1,000 each at a premium of 5%. What is the total amount received from the sale of these debentures?
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 10
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦110,000. The difference of ₦10,000 is due to a dishonored cheque of ₦5,000 and a bank charge of ₦5,000. What is the correct journal entry to reconcile the cash book and bank statement?
A. ₦5,000 Debit Cash, ₦5,000 Credit Bank Charges
B. ₦5,000 Debit Bank Charges, ₦5,000 Credit Cash
C. ₦10,000 Debit Cash, ₦10,000 Credit Bank Charges
D. ₦10,000 Debit Bank Charges, ₦10,000 Credit Cash
Question 11
A company's manufacturing account shows a cost of ₦100,000 for direct materials and ₦80,000 for direct labor. The total production cost is ₦180,000. What is the value of the overheads?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company's accounting policy states that all assets are valued at cost. However, the company's financial statements show that the cost of a machine is ₦100,000. The machine is expected to last for 5 years and has a residual value of ₦20,000. What is the annual depreciation of the machine?
A. ₦15,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 13
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. What is the total equity of the company?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 14
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. What is the total equity of the company?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 15
The following is an extract from the financial statements of a public sector entity. Prepare a statement of changes in equity for the year ended 31st December 2022.
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000

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