POST UTME IGBINEDION UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. The debentures were sold for ₦120 each. Calculate the total amount received from the sale of debentures.
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 2
A company's cash book showed a balance of ₦30,000. However, the bank statement showed a balance of ₦25,000.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 3
A partnership of three persons has a capital of ₦500,000. Their profit-sharing ratio is 2:3:5. If the profit for the year is ₦150,000, calculate the share of each partner.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 4
A company issued 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. The debentures were sold for ₦120 each. Calculate the total amount received from the sale of debentures.
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 5
A company's balance sheet as at 31st December 2016 is as follows: | Assets | ₦ | Liabilities | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 50,000 | | Office Equipment | 30,000 | Creditors | 15,000 | Profit | 20,000 | | Investments | 40,000 | | | | | | | | | | | If the company issues 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share, and also issues 5,000 ₦ 100 debentures at 5% interest, what will be the new balance sheet?
A. ₦ 120,000
B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000
Question 6
What is the purpose of a cash book?
A. To record all cash transactions of the business
B. To record all credit transactions of the business
C. To record all sales and purchases of the business
D. To record all expenses and revenues of the business
Question 7
A company's ledger showed a balance of ₦80,000. The company's cash book showed a balance of ₦90,000. The company's cash book also showed a debit of ₦10,000 for a bank charge. What is the correct balance of the company's ledger?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 8
A company issued 10,000 shares of 1 par value at a premium of 50%.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 9
A company's cash book showed a balance of ₦50,000. However, the bank statement showed a balance of ₦60,000.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 10
In a partnership account, what is the correct order of preparation of the financial statements?
A. Trading and Profit and Loss Account, then Balance Sheet
B. Balance Sheet, then Trading and Profit and Loss Account
C. Trading and Profit and Loss Account, then Income Statement
D. Balance Sheet, then Income Statement
Question 11
A company's balance sheet shows that its total assets are ₦1,500,000 and its total liabilities are ₦1,000,000. What is the company's net worth?
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 12
A company issues 10,000 shares of Rs. 10 each at a premium of Rs. 5 per share. The amount received is to be divided between the share capital and the share premium account. If the company has to pay a dividend of 10% on the share capital, how much will be credited to the share premium account?
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 13
A company purchases a building for ₦1,000,000 and depreciates it by 5% per annum. Calculate the book value of the building after 2 years.
A. ₦950,000
B. ₦960,000
C. ₦970,000
D. ₦980,000
Question 14
A company's cash book shows the following transactions: Date | Particulars | Debit | Credit 01/01 | Cash | 1,000 | Bank 02/01 | Bank | 500 | Cash 03/01 | Cash | 200 | Purchases 04/01 | Purchases | 300 | Cash Prepare the bank reconciliation statement.
A. Bank Balance ₦ 1,500, Cash Balance ₦ 1,200
B. Bank Balance ₦ 1,200, Cash Balance ₦ 1,500
C. Bank Balance ₦ 1,000, Cash Balance ₦ 1,300
D. Bank Balance ₦ 1,300, Cash Balance ₦ 1,000
Question 15
A company issues 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issues 5,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 120,000
B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000

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