POST UTME FUTA 2018 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 difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
A. The company has not recorded a deposit of ₦30,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The company has not recorded a sale of ₦30,000.
D. The company has not recorded a purchase of ₦30,000.
Question 2
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | ₦10,000 | | | 2 | Goods | | ₦15,000 | | 3 | Cash | | ₦5,000 | What is the total amount of cash paid?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 3
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurs a direct labor cost of ₦10,000 and a direct material cost of ₦15,000. The Assembly department incurs a direct labor cost of ₦8,000 and a direct material cost of ₦12,000. What is the total cost of production for the company?
A. ₦43,000
B. ₦51,000
C. ₦59,000
D. ₦67,000
Question 4
A company's trial balance shows a debit balance of ₦5,000 in the account 'Salaries and Wages'. However, the company's accounting records show that it has paid all its employees. What is the correct journal entry to correct this error?
A. ₦5,000 debit to Salaries and Wages and ₦5,000 credit to Cash
B. ₦5,000 debit to Salaries and Wages and ₦5,000 credit to Profit or Loss
C. ₦5,000 debit to Cash and ₦5,000 credit to Salaries and Wages
D. ₦5,000 debit to Salaries and Wages and ₦5,000 credit to Accounts Payable
Question 5
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦50,000. What is the reason for this discrepancy?
A. The company has not recorded a sale of ₦250,000.
B. The company has not recorded a purchase of ₦250,000.
C. The company has not recorded a depreciation charge of ₦250,000.
D. The company has not recorded a provision for bad debts of ₦250,000.
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦300,000, Interest Expense ₦15,000, Interest Income ₦12,000, Net Income ₦100,000, Retained Earnings ₦250,000, Salaries Expense ₦80,000, Sales Revenue ₦600,000, and Utilities Expense ₦30,000. What is the correct order of the accounts in the general ledger?
A. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
B. Assets, Liabilities, Equity, Revenues, Dividends, Expenses
C. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
D. Assets, Liabilities, Equity, Dividends, Revenues, Expenses
Question 7
A company's ledger shows the following balances: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦30,000. What is the company's total equity?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦300,000, Interest Expense ₦15,000, Interest Income ₦12,000, Net Income ₦100,000, Retained Earnings ₦250,000, Salaries Expense ₦80,000, Sales Revenue ₦600,000, and Utilities Expense ₦30,000. What is the correct order of the accounts in the general ledger?
A. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
B. Assets, Liabilities, Equity, Revenues, Dividends, Expenses
C. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
D. Assets, Liabilities, Equity, Dividends, Revenues, Expenses
Question 9
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Goods | ₦10,000 | | | 2 | Cash | | ₦15,000 | | 3 | Goods | | ₦5,000 | What is the total amount of goods sold?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 10
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Equipment ₦300,000, Interest Expense ₦15,000, Interest Income ₦12,000, Net Income ₦100,000, Retained Earnings ₦250,000, Salaries Expense ₦80,000, Sales Revenue ₦600,000, and Utilities Expense ₦30,000. What is the correct order of the accounts in the general ledger?
A. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
B. Assets, Liabilities, Equity, Revenues, Dividends, Expenses
C. Assets, Liabilities, Equity, Revenues, Expenses, Dividends
D. Assets, Liabilities, Equity, Dividends, Revenues, Expenses
Question 11
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Sales | ₦100,000 | | | Purchases | | ₦150,000 | | Wages | ₦20,000 | | | Rent | | ₦30,000 | What is the total of the trial balance?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 12
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 13
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Goods | ₦10,000 | | | 2 | Cash | | ₦15,000 | | 3 | Goods | | ₦5,000 | What is the total amount of goods purchased?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦30,000 | | | 5 Jan | Cash | | ₦25,000 | What is the balance of the bank account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 15
A partnership has two partners, A and B, with the following capital accounts:
A. A: ₦ 50,000; B: ₦ 30,000
B. A: ₦ 30,000; B: ₦ 50,000
C. A: ₦ 40,000; B: ₦ 20,000
D. A: ₦ 20,000; B: ₦ 40,000

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