POST UTME FUTA 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's depreciation policy is to depreciate its assets by 10% per annum. If the company's asset is valued at ₦10,000, what will be its value after 2 years?
A. ₦8,100
B. ₦9,000
C. ₦9,900
D. ₦10,000
Question 2
A company's cash book as at 31st December 2022 is shown below:
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book during the year:
A. ₦1,500
B. ₦2,000
C. ₦1,800
D. ₦2,500
Question 4
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, and Common Stock ₦100,000. What is the net income of the company?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 5
A company's trial balance as at 31st December 2022 is shown below:
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 6
A company's cash book shows the following transactions:
A. ₦1,500
B. ₦2,000
C. ₦1,800
D. ₦2,500
Question 7
A company uses the perpetual inventory system. The following transactions occurred during the month of January: January 1: Purchased 100 units of goods at ₦100 each. January 5: Sold 50 units of goods at ₦150 each. January 10: Purchased 50 units of goods at ₦120 each. January 15: Sold 25 units of goods at ₦160 each. January 20: Purchased 75 units of goods at ₦130 each. January 25: Sold 50 units of goods at ₦170 each. January 31: Purchased 25 units of goods at ₦140 each. Calculate the cost of goods sold for the month of January.
A. ₦15,000
B. ₦16,000
C. ₦17,000
D. ₦18,000
Question 8
A company has the following trial balance: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000. What is the net income of the company?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 9
A company's bank reconciliation statement as at 31st December 2022 is shown below:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 10
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦12,000
Question 11
A company uses the straight-line method of depreciation. If the cost of the asset is ₦200,000 and its residual value is ₦50,000, what is the annual depreciation?
A. ₦25,000
B. ₦30,000
C. ₦20,000
D. ₦15,000
Question 12
A company's trial balance as at 31st December 2022 is shown below:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 13
A company has the following transactions: Purchase of goods for ₦100,000, sale of goods for ₦150,000, and purchase of goods for ₦80,000. What is the total value of liabilities?
A. ₦230,000
B. ₦250,000
C. ₦220,000
D. ₦200,000
Question 14
A company uses the weighted average method to value its inventory. If the inventory consists of 100 units of Item A at ₦10 each and 50 units of Item B at ₦20 each, what is the total value of the inventory?
A. ₦1,500
B. ₦1,800
C. ₦2,000
D. ₦2,500
Question 15
A company's cash book shows a debit balance of ₦150,000. The bank statement shows a credit balance of ₦180,000. The difference is due to a bank overdraft. Calculate the overdraft.
A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦120,000

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