POST UTME IGBINEDION UNIVERSITY 2018 Accounting | Objective

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Question 1
A company has the following transactions related to its control accounts: 1. Purchased raw materials for ₦100,000 2. Consumed raw materials in production: ₦80,000 3. Sold goods for ₦120,000 4. Paid wages to employees: ₦60,000 5. Deposited cash into the bank: ₦50,000 What is the total amount of cash deposited?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 2
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000 Beginning inventory: ₦300,000 Purchases: ₦900,000 Ending inventory: ₦200,000 What is the cost of goods sold?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 3
A company's depreciation policy is as follows:
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 4
A partnership is formed between two individuals, A and B, with a capital contribution of ₦200,000 and ₦300,000 respectively. After one year, the profit is divided in the ratio 2:3. What is the total profit for the year?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 5
A company's assets are valued as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 6
A company's cash book showed a balance of ₦50,000. The company's bank statement showed a balance of ₦60,000. The bank statement included a credit of ₦10,000 for a dishonored cheque. Calculate the correct balance of the company's cash book.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 7
A company's trial balance shows a discrepancy of ₦10,000 between the debit and credit balances. What is the correct procedure to investigate the discrepancy?
A. Compare the trial balance with the general ledger to identify any discrepancies
B. Reconcile the bank statement with the cash book to identify any errors
C. Verify the accuracy of the journal entries to identify any errors
D. Reconcile the accounts payable with the accounts receivable to identify any errors
Question 8
A company issued 20,000 shares of ₦20 par value at a premium of ₦10 per share. The total amount received from the issue of shares is:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 9
A company issued 10,000 shares of ₦10 par value at a premium of ₦5 per share. The total amount received from the issue of shares is:
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 10
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 Estimated useful life: 5 years Salvage value: ₦50,000 What is the annual depreciation expense?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 11
A company purchased a machine for ₦500,000. The machine has an estimated useful life of 5 years and a residual value of ₦50,000. Using the straight-line method, what is the annual depreciation for the first year?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 12
A company's trial balance as at 31st December 2022 is as follows:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 13
A company purchased a machine for ₦500,000. The machine is expected to have a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦92,000
C. ₦95,000
D. ₦98,000
Question 14
A company purchased a machine for ₦1,000,000. The machine has a useful life of 5 years and a residual value of ₦100,000. The annual depreciation is:
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 15
A company purchased a machine for ₦2,000,000. The machine has a useful life of 6 years and a residual value of ₦200,000. The annual depreciation is:
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000

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