POST UTME FUTA 2021 Accounting | Objective

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Question 1
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ₦100,000; Accounts Payable ₦50,000; and Common Stock ₦200,000. What is the total equity of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 2
A company has a capital of ₦300,000 and a profit of ₦150,000. If the company's capital is to be increased by 15%, calculate the new capital.
A. ₦345,000
B. ₦345,000
C. ₦345,000
D. ₦345,000
Question 3
A company has the following bank statement: Debit 1,000, Credit 500. What is the net change in cash?
A. 500
B. 1,000
C. 1,500
D. 2,000
Question 4
A company has the following ledger accounts: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000. What is the total amount of assets?
A. 15,000
B. 20,000
C. 25,000
D. 30,000
Question 5
A company has a capital of ₦400,000 and a profit of ₦250,000. If the company's capital is to be increased by 20%, calculate the new capital.
A. ₦480,000
B. ₦480,000
C. ₦480,000
D. ₦480,000
Question 6
A company issued 5,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦4,500,000
B. ₦4,750,000
C. ₦5,000,000
D. ₦5,250,000
Question 7
A company has the following transactions for the year: Purchases: ₦100,000 (Raw materials), ₦50,000 (Work-in-progress), ₦20,000 (Finished goods) Sales: ₦150,000 (Goods sold), ₦40,000 (Services rendered) Prepare the cash flow statement.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 8
A company issues 5,000, 10% debentures of ₡00 each at a discount of ₥ per debenture. Calculate the total amount received from the issue of these debentures.
A. ₤5,000
B. ₥0,000
C. ₥5,000
D. ₦0,000
Question 9
A company's trading account shows a profit of ₦300,000. However, the profit and loss account shows a loss of ₦200,000. What is the correct profit or loss?
A. Profit of ₦100,000
B. Loss of ₦100,000
C. Profit of ₦200,000
D. Loss of ₦300,000
Question 10
A company has the following trial balance: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000. What is the total amount of assets?
A. 15,000
B. 20,000
C. 25,000
D. 30,000
Question 11
A company's financial statements show a net income of ₦1,000,000. The company's tax rate is 25%. What is the amount of income tax payable?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 12
A company issued 10,000 shares of ₦5 each at a premium of ₦2. The shares were sold for ₦7 each. Calculate the total amount received from the sale of shares.
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 13
A public sector organization has the following transactions for the year: Debit: ₦100,000 (Purchase of office equipment), ₦50,000 (Purchase of stationery), ₦20,000 (Rent paid), ₦30,000 (Salaries paid) Credit: ₦150,000 (Sale of goods), ₦40,000 (Sale of services), ₦10,000 (Interest received) Prepare the trial balance.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 14
A company has the following transactions for the year: Purchases: ₦100,000 (Raw materials), ₦50,000 (Work-in-progress), ₦20,000 (Finished goods) Sales: ₦150,000 (Goods sold), ₦40,000 (Services rendered) Prepare the profit and loss account.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 15
A company has a profit of ₦1,000,000. If the company's tax rate is 25%, calculate the amount of tax payable.
A. ₦250,000
B. ₦250,000
C. ₦250,000
D. ₦250,000

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