POST UTME FUTA 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following is a statement of financial position for a company. Identify the amount of non-current liabilities.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 3
A company uses the straight-line method to depreciate its assets. The following data is available for the year ended December 31, 2022: Cost of asset: ₦500,000; Useful life: 5 years; Residual value: ₦50,000. Calculate the annual depreciation.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 4
A partnership has two partners, A and B. The partnership agreement states that profits and losses are shared in the ratio 3:2. If the partnership has a profit of 10,000, how much will each partner receive?
A. Partner A: 6,000, Partner B: 4,000
B. Partner A: 4,000, Partner B: 6,000
C. Partner A: 5,000, Partner B: 5,000
D. Partner A: 7,000, Partner B: 3,000
Question 5
The following is a statement of cash flows for a company. Identify the amount of cash generated from operating activities.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 6
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦2,500,000; Purchases: ₦1,800,000. Calculate the gross profit for the year.
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 7
A company issued 10,000, 5% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦1,100,000
B. ₦1,100,500
C. ₦1,100,000
D. ₦1,100,500
Question 8
A company's trading account for the year ended 31st December 20X7 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Carriage Inward: ₦50,000; Carriage Outward: ₦20,000. Calculate the cost of goods sold.
A. ₦1,230,000
B. ₦1,250,000
C. ₦1,270,000
D. ₦1,300,000
Question 9
A company's balance sheet shows a total asset value of ₦100,000 and a total liability value of ₦80,000. Calculate the company's equity.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
The following is an extract from the financial statements of the Federal Government of Nigeria for the year ended 31st December 2018. Prepare a statement of changes in equity for the year.
A. ₦1,500,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 11
A company maintains a cash book and bank reconciliation statement as at December 31, 2022. The following data is available: Cash balance as per cash book: ₦200,000; Bank balance as per bank statement: ₦250,000; Bank charges: ₦5,000. Calculate the difference between the cash balance as per the cash book and the bank balance as per the bank statement.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 12
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 13
A company has the following transactions: Sale of goods on account 20,000, Purchase of inventory 15,000. What is the correct journal entry to record these transactions?
A. Debit Accounts Receivable 20,000, Credit Sales Revenue 20,000
B. Debit Inventory 15,000, Credit Purchases 15,000
C. Debit Sales Revenue 20,000, Credit Accounts Receivable 20,000
D. Debit Purchases 15,000, Credit Inventory 15,000
Question 14
A company's profit and loss account shows a net profit of ₦50,000. However, the balance sheet shows a decrease in equity of ₦20,000. Calculate the company's retained earnings.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 15
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the year ended 31st December 2019:
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: