POST UTME ESUT 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | | 800 | What is the balance of the cash book?
A. ₦1,200
B. ₦1,500
C. ₦1,800
D. ₦2,000
Question 2
A company's profit and loss account shows a gross profit of ₦80,000 and a net profit of ₦40,000. What is the value of the company's operating expenses?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Calculate the total amount received from the sale of these shares.
A. ₦75,000,000
B. ₦75,500,000
C. ₦76,000,000
D. ₦76,500,000
Question 4
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000 and credit Bank ₦10,000. What is the effect of this transaction on the company's cash balance?
A. The cash balance increases by ₦10,000.
B. The cash balance decreases by ₦10,000.
C. The cash balance remains the same.
D. The cash balance increases by ₦20,000.
Question 5
A company uses the double-declining balance method to depreciate its assets. The asset has a cost of ₦300,000 and a useful life of 5 years. What is the annual depreciation?
A. ₦60,000
B. ₦62,500
C. ₦65,000
D. ₦67,500
Question 6
A company's trial balance as at December 31, 2023, is as follows: Debit ₦ 1,000,000 Credit ₦ 800,000 Identify the error in the trial balance.
A. The debit balance is ₦200,000 more than the credit balance.
B. The credit balance is ₦200,000 more than the debit balance.
C. The debit balance is ₦100,000 more than the credit balance.
D. The credit balance is ₦100,000 more than the debit balance.
Question 7
A company issued 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦1,050,000
B. ₦1,000,000
C. ₦1,050,500
D. ₦1,050,000
Question 8
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?
A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 9
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦150,000 and its current liabilities are ₦75,000, what is the company's quick ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 10
A company's trial balance shows a debit balance of ₦20,000 in the 'Salaries Expense' account. However, the company's ledger shows a credit balance of ₦15,000 in the 'Salaries Expense' account. What is the correct journal entry to correct this error?
A. ₦20,000 debit to 'Salaries Expense' and ₦15,000 credit to 'Salaries Expense'
B. ₦20,000 credit to 'Salaries Expense' and ₦15,000 debit to 'Salaries Expense'
C. ₦20,000 debit to 'Salaries Expense' and ₦15,000 credit to 'Cash'
D. ₦20,000 credit to 'Salaries Expense' and ₦15,000 debit to 'Cash'
Question 11
A company's bank statement showed a balance of £ 5,000. However, the company's cash book showed a balance of £ 3,000. What is the correct bank reconciliation?
A. Bank Overdraft £ 2,000, Bank Charges £ 1,000, Unpresented Cheques £ 2,000
B. Bank Overdraft £ 2,000, Bank Charges £ 1,000
C. Bank Overdraft £ 2,000, Unpresented Cheques £ 2,000
D. Bank Overdraft £ 2,000, Bank Charges £ 1,000, Unpresented Cheques £ 1,000
Question 12
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Calculate the total amount received from the sale of these shares.
A. ₦75,000,000
B. ₦75,500,000
C. ₦76,000,000
D. ₦76,500,000
Question 13
A company uses the straight-line method of depreciation. If the cost of the asset is ₦50,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦10,000
B. ₦8,000
C. ₦6,000
D. ₦4,000
Question 14
A company's profit and loss account shows a net profit of ₦40,000 and a gross profit of ₦80,000. What is the value of the company's operating expenses?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 15
A company's cash book and bank statement show the following transactions: ₦10,000 deposited on 1st January ₦5,000 withdrawn on 15th January ₦8,000 deposited on 20th January ₦3,000 withdrawn on 25th January Calculate the difference between the cash balance and bank balance on 31st January.
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000

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