POST UTME IMS U 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency has the following transactions: Debit: ₦500,000, Credit: ₦600,000. What is the net effect of this transaction on the government agency's financial position?
A. Increase in financial position by ₦100,000
B. Decrease in financial position by ₦100,000
C. No effect on financial position
D. Increase in financial position by ₦100,000 and decrease in financial position by ₦100,000
Question 2
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦240,000, how much will partner A receive?
A. ₦180,000
B. ₦120,000
C. ₦150,000
D. ₦200,000
Question 3
A company's bank statement shows a balance of ₦50,000, but the company's cash book shows a balance of ₦60,000. What is the reason for the discrepancy?
A. The bank has charged a service fee of ₦10,000
B. The company has deposited ₦10,000 into the bank but has not yet been credited
C. The company has withdrawn ₦10,000 from the bank but has not yet been debited
D. The bank has credited an interest of ₦10,000 to the company's account
Question 4
A company's bank statement shows a credit balance of ₦50,000. The company's cash book shows a debit balance of ₦40,000. The difference between the two balances is ₦10,000. What is the reason for this difference?
A. The company has not yet deposited the cash into the bank.
B. The company has not yet received the cash from the bank.
C. The company has written a cheque that has not yet been presented for payment.
D. The company has made an error in its cash book.
Question 5
A partnership has two partners, A and B. Partner A invested ₦200,000 and Partner B invested ₦150,000. If the profit is divided in the ratio 3:2, what is the share of profit of Partner A?
A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000
Question 6
In a partnership account, what is the correct method of valuing the goodwill of a partnership when a new partner joins?
A. Average of the book value and the market value
B. Market value
C. Book value
D. Cost of the new partner's investment
Question 7
A company's bank statement shows a balance of ₦80,000, but the company's cash book shows a balance of ₦70,000. What is the reason for the discrepancy?
A. The bank has charged a service fee of ₦10,000
B. The company has deposited ₦10,000 into the bank but has not yet been credited
C. The company has withdrawn ₦10,000 from the bank but has not yet been debited
D. The bank has credited an interest of ₦10,000 to the company's account
Question 8
In a partnership account, the capital of two partners, A and B, is shared in the ratio 3:2. If the total capital is ₦150,000, what is the amount of capital contributed by partner B?
A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 9
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the end of the period. The Assembly department has a balance of ₦150,000 in its WIP account at the end of the period. If the company's total manufacturing costs for the period were ₦500,000, what is the amount of the company's total manufacturing costs that were incurred in both the Cutting and Assembly departments?
A. ₦120,000
B. ₦150,000
C. ₦270,000
D. ₦300,000
Question 10
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the end of the period. The Assembly department has a balance of ₦150,000 in its WIP account at the end of the period. If the company's total manufacturing costs for the period were ₦500,000, what is the amount of the company's total manufacturing costs that were incurred in the Cutting department?
A. ₦120,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 11
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The total amount received from the issue of shares is ₦1,050,000. What is the amount received from the issue of shares?
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 12
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 ₦300,000?
A. ₦50,000
B. ₦60,000
C. ₦62,500
D. ₦65,000
Question 13
A company's income statement shows the following: Revenue ₦150,000, Cost of Goods Sold ₦80,000, and Gross Profit ₦70,000. What is the company's net income?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the end of the period. The Assembly department has a balance of ₦150,000 in its WIP account at the end of the period. If the company's total manufacturing costs for the period were ₦500,000, what is the amount of the company's total manufacturing costs that were incurred in the Assembly department?
A. ₦120,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 15
A company's trial balance shows the following: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of the company's assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: