POST UTME IGBINEDION UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance as at 31st December, 2022 is as follows: Debit ₦ 50,000 - Raw Materials ₦ 20,000 - Wages ₦ 30,000 - Rent ₦ 10,000 - Salaries ₦ 20,000 - Depreciation ₦ 50,000 - Interest ₦ 10,000 - Miscellaneous Credit ₦ 30,000 - Sales ₦ 20,000 - Purchases ₦ 10,000 - Returns Outwards ₦ 5,000 - Bank Balance What is the company's net profit for the year?
A. ₦ 5,000
B. ₦ 10,000
C. ₦ 15,000
D. ₦ 20,000
Question 2
A company's income statement shows the following information: ₦1,500,000 in revenue, ₦1,000,000 in expenses, and ₦500,000 in net income. What is the company's gross profit?
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 3
A company, XYZ Ltd, has a manufacturing department that produces two products, A and B. The production costs for the two products are as follows: Product A: ₦100,000, Product B: ₦120,000. If the company produces 500 units of Product A and 300 units of Product B, calculate the total production cost.
A. ₦62,000,000
B. ₦65,000,000
C. ₦68,000,000
D. ₦71,000,000
Question 4
A company has an account receivable of ₦500,000 and an account payable of ₦200,000. If the company's cash balance is ₦300,000, what is the net amount of cash available for distribution?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 5
A company issues 1,000 debentures of ₦1,000 each at a premium of 10%. If the company receives a total of ₦1,100,000, what is the amount received from the issue of debentures?
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 6
A company's manufacturing account shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Raw Materials | 10,000 | | | 2nd Jan | Labour | | 5,000 | | 3rd Jan | Factory Overheads | | 3,000 | What is the cost of goods manufactured?
A. ₦ 18,000
B. ₦ 20,000
C. ₦ 22,000
D. ₦ 25,000
Question 7
A company's balance sheet as at 31st December, 2022 is as follows: Assets ₦ 50,000 - Cash ₦ 20,000 - Accounts Receivable ₦ 30,000 - Inventory ₦ 10,000 - Prepaid Rent Liabilities ₦ 20,000 - Accounts Payable ₦ 10,000 - Notes Payable What is the company's current ratio?
A. 2:1
B. 3:1
C. 4:1
D. 5:1
Question 8
A company has an account receivable of ₦500,000 and an account payable of ₦200,000. If the company's cash balance is ₦300,000, what is the net amount of cash available for distribution?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 9
A company's trial balance shows the following accounts:
A. Debit Sales 10,000 and Credit Cost of Goods Sold 10,000
B. Debit Cost of Goods Sold 10,000 and Credit Sales 10,000
C. Debit Sales 10,000 and Credit Accounts Receivable 10,000
D. Debit Accounts Receivable 10,000 and Credit Sales 10,000
Question 10
A company's balance sheet shows the following accounts:
A. Debit Cash 10,000 and Credit Accounts Payable 10,000
B. Debit Accounts Payable 10,000 and Credit Cash 10,000
C. Debit Cash 10,000 and Credit Accounts Receivable 10,000
D. Debit Accounts Receivable 10,000 and Credit Cash 10,000
Question 11
A company's bank statement shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank | 1,000 | | | 2nd Jan | Cash | | 500 | | 3rd Jan | Bank | | 800 | What is the balance in the bank account?
A. ₦ 1,200
B. ₦ 1,800
C. ₦ 2,000
D. ₦ 2,200
Question 12
A company's depreciation expense for the year is 20,000. If the asset's original cost is 100,000 and its residual value is 20,000, what is the asset's book value?
A. 60,000
B. 80,000
C. 100,000
D. 120,000
Question 13
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After one year, the profit is shared in the ratio 3:2. If A's share of the profit is ₦150,000, what is the value of B's share?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 14
A company uses a job costing system to track its manufacturing costs. The company has two jobs: Job A and Job B. Job A has a total cost of ₦150,000, with ₦80,000 allocated to direct materials and ₦70,000 to direct labor. Job B has a total cost of ₦120,000, with ₦60,000 allocated to direct materials and ₦60,000 to direct labor. What is the total cost of direct materials for both jobs?
A. ₦140,000
B. ₦160,000
C. ₦180,000
D. ₦200,000
Question 15
A company has a trial balance as follows: Accounts Receivable ₦50,000, Accounts Payable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare a balance sheet.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

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