POST UTME IGBINEDION UNIVERSITY 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a debit balance of ₦50,000 in the accounts receivable account. However, the company's ledger shows a credit balance of ₦20,000 in the same account. What is the correct balance of the accounts receivable account?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A, B, C and D are partners in a firm sharing profits and losses in the ratio 3:5:7:9. Their capitals were ₦100,000, ₦150,000, ₦200,000 and ₦250,000 respectively. Calculate the total capital of the firm.
A. ₦900,000
B. ₦1,000,000
C. ₦1,100,000
D. ₦1,200,000
Question 3
A company's manufacturing overheads for the year ended December 31, 2023, were as follows: Direct Labour £ 10,000, Direct Materials £ 20,000, and Factory Rent £ 30,000. The total production cost for the year was £ 150,000. Calculate the manufacturing overheads as a percentage of total production cost.
A. 25%
B. 30%
C. 35%
D. 40%
Question 4
A company's balance sheet as at December 31, 2023, shows the following: Fixed assets: ₦500,000 Current assets: ₦300,000 Total assets: ₦800,000 Capital and reserves: ₦400,000 Long-term liabilities: ₦200,000 Short-term liabilities: ₦100,000 Total liabilities: ₦300,000 What is the net worth of the company?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 5
A company's balance sheet at the beginning of the year showed a capital of £ 100,000. The company's drawings for the year were £ 20,000. The company's profit for the year was £ 50,000. Prepare the company's statement of changes in equity for the year ended December 31, 2023.
A. Capital £ 130,000, Retained Earnings £ 30,000
B. Capital £ 120,000, Retained Earnings £ 30,000
C. Capital £ 110,000, Retained Earnings £ 30,000
D. Capital £ 100,000, Retained Earnings £ 30,000
Question 6
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 7
A public sector organization has the following transactions for the year ended December 31, 2023: Cash received from customers: ₦500,000 Cash paid to suppliers: ₦300,000 Cash paid to employees: ₦200,000 Cash received from government grant: ₦100,000 Cash paid for rent: ₦50,000 Cash paid for utilities: ₦20,000 Cash paid for insurance: ₦10,000 Cash paid for travel: ₦5,000 What is the net cash inflow for the year?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 8
A company issues 10,000 shares of ₦1 par value at ₦5 per share. What is the total amount received from the issue of shares?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 9
A company purchases a machine for ₦200,000, which is expected to have a useful life of 5 years and a residual value of ₦20,000. Using the straight-line method, what is the annual depreciation for the machine?
A. ₦36,000
B. ₦40,000
C. ₦42,000
D. ₦44,000
Question 10
A partnership is formed between two partners, A and B, with a capital of ₦500,000 and ₦300,000 respectively. If the profit is divided in the ratio 3:2, what is the share of profit of partner A?
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 11
A company's balance sheet as at 31st December, 2023, showed a capital of ₦1,500,000. The company's drawings for the year were ₦300,000. Calculate the company's profit for the year ended 31st December, 2023.
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. If the profit for the year is ₦20,000, what is the share of profit of partner A?
A. ₦12,000
B. ₦10,000
C. ₦8,000
D. ₦6,000
Question 13
A company uses the single-entry system of accounting. If the company's cash account shows a balance of ₦100,000 and the company's accounts payable account shows a balance of ₦50,000, what is the company's net worth?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 14
A company purchases a machine for ₦800,000 and sells it after 3 years for ₦1,200,000. If the machine is depreciated at 15% per annum, what is the amount of depreciation for the first year?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 15
A company uses the double-entry system of accounting. If the company purchases an asset for ₦50,000 and pays for it in cash, what is the effect on the accounting equation?
A. Assets increase by ₦50,000 and Liabilities decrease by ₦50,000
B. Assets increase by ₦50,000 and Equity increases by ₦50,000
C. Assets decrease by ₦50,000 and Liabilities increase by ₦50,000
D. Assets decrease by ₦50,000 and Equity decreases by ₦50,000

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