POST UTME IGBINEDION UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a control account for its accounts payable. The control account shows a balance of ₦200,000, and the subsidiary ledger shows a balance of ₦250,000. What is the correct balance of the accounts payable?
A. ₦200,000
B. ₦250,000
C. ₦350,000
D. ₦450,000
Question 2
A government agency has a budget of ₦1,000,000 for a project. It allocates ₦300,000 for salaries, ₦200,000 for equipment, and ₦150,000 for travel. Calculate the amount of money left for contingencies.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 3
A company issued 5,000, 10% debentures of ₦100 each. Calculate the total amount received from debenture holders.
A. ₦500,000
B. ₦450,000
C. ₦500,000
D. ₦450,000
Question 4
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000. What is the net income of the company?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 5
A partnership is formed between two partners, A and B, with a capital of ₦500,000 and ₦300,000 respectively. If the profit is shared in the ratio 3:2, calculate the share of profit of partner A.
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 6
A company has two partners, A and B, who share profits in the ratio 2:3. If the total profit for the year is ₦1,200,000, calculate the share of profit of partner B.
A. ₦600,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,200,000
Question 7
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦1,500,000, calculate the share of profit of partner A.
A. ₦1,350,000
B. ₦1,200,000
C. ₦900,000
D. ₦600,000
Question 8
A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦70,000, and returned goods worth ₦10,000 to the supplier. Prepare the ledger accounts for the above transactions.
A. Purchases Account: Debit ₦50,000, Credit ₦60,000; Sales Account: Debit ₦70,000, Credit ₦80,000; Returns Outward Account: Debit ₦10,000, Credit ₦20,000
B. Purchases Account: Debit ₦60,000, Credit ₦70,000; Sales Account: Debit ₦80,000, Credit ₦90,000; Returns Outward Account: Debit ₦20,000, Credit ₦30,000
C. Purchases Account: Debit ₦40,000, Credit ₦50,000; Sales Account: Debit ₦60,000, Credit ₦70,000; Returns Outward Account: Debit ₦10,000, Credit ₦20,000
D. Purchases Account: Debit ₦60,000, Credit ₦70,000; Sales Account: Debit ₦80,000, Credit ₦90,000; Returns Outward Account: Debit ₦20,000, Credit ₦30,000
Question 9
A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦70,000, and returned goods worth ₦10,000 to the supplier. Prepare the journal entry for the above transactions.
A. Debit Purchases ₦50,000, Credit Sales ₦70,000, Debit Returns Outward ₦10,000
B. Debit Purchases ₦60,000, Credit Sales ₦80,000, Debit Returns Outward ₦20,000
C. Debit Purchases ₦40,000, Credit Sales ₦60,000, Debit Returns Outward ₦10,000
D. Debit Purchases ₦60,000, Credit Sales ₦80,000, Debit Returns Outward ₦20,000
Question 10
A company issues 5,000, 12% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦550,000
B. ₦575,000
C. ₦600,000
D. ₦625,000
Question 11
A company's cash book showed a balance of ₦150,000. The company's bank statement showed a balance of ₦170,000. What is the correct accounting treatment for the difference?
A. Debit the bank account by ₦20,000.
B. Credit the bank account by ₦20,000.
C. Debit the cash account by ₦20,000.
D. Credit the cash account by ₦20,000.
Question 12
A company uses the double entry system of accounting. The following transactions are recorded: Debit Purchase of Assets ₦50,000, Credit Purchase of Assets ₦50,000. What is the effect of this transaction on the company's assets?
A. The company's assets increase by ₦50,000.
B. The company's assets decrease by ₦50,000.
C. The company's assets remain unchanged.
D. The company's assets increase by ₦100,000.
Question 13
A company uses the single-entry system of accounting. The company's assets increased by ₦150,000, and its liabilities increased by ₦100,000. What is the net change in the company's equity?
A. ₦50,000 increase
B. ₦50,000 decrease
C. ₦50,000 no change
D. ₦50,000 unknown
Question 14
A company's balance sheet as at 31st December 2022 is as follows: Share Capital: ₦1,000,000; Retained Earnings: ₦500,000; Debtors: ₦200,000; Creditors: ₦150,000. Calculate the company's net worth.
A. ₦1,350,000
B. ₦1,400,000
C. ₦1,450,000
D. ₦1,500,000
Question 15
A company issues 10,000, 10% 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

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