POST UTME FUTA 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment
Question 2
A company uses the perpetual inventory system. The company's beginning inventory is ₦100,000, and the cost of goods available for sale is ₦500,000. The company sells ₦300,000 worth of goods. What is the company's ending inventory?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 3
A company has a departmental account for the year ended 31st December 2022. The departmental account shows a balance of ₦20,000 in the beginning of the year and a balance of ₦15,000 at the end of the year. If the departmental account has a credit balance of ₦5,000, what is the amount of the departmental account that has been transferred to the general ledger?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 4
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 5
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment
Question 6
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 7
A company's balance sheet as at 31st December 2021 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 8
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit for the year is ₦20,000, and the drawings of A and B are ₦5,000 and ₦3,000 respectively, what is the balance in A's capital account?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 10
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0
Question 11
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦10,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 12
A company's accounting policy is to value its inventory at the lower of cost and net realisable value. The company has two types of inventory: raw materials and finished goods. The raw materials are valued at ₦100,000 and the finished goods are valued at ₦200,000. What is the total value of the inventory?
A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000
Question 13
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment
Question 14
A bank's cash book shows a balance of ₦500,000. The bank statement shows a balance of ₦550,000. The bank reconciliation statement shows a difference of ₦20,000 due to outstanding checks. What is the correct balance in the bank's cash book?
A. ₦480,000
B. ₦500,000
C. ₦520,000
D. ₦540,000
Question 15
A company's trial balance shows the following accounts: Sales ₦1,000,000, Cost of Goods Sold ₦800,000, and Net Income ₦200,000. What is the correct amount of Gross Profit?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

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