POST UTME IMS U 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger balances: Cash ₦1,500,000, Accounts Receivable ₦800,000, Inventory ₦1,200,000, and Equipment ₦2,000,000. What is the total amount of the company's assets?
A. ₦6,500,000
B. ₦7,000,000
C. ₦7,500,000
D. ₦8,000,000
Question 2
A company's trial balance shows a debit balance of ₦50,000 in the account 'Rent Paid'. However, the company's accounting records show that the rent was actually received from the landlord. What is the correct journal entry to correct this error?
A. ₦50,000 debit to Rent Paid and ₦50,000 credit to Cash
B. ₦50,000 debit to Cash and ₦50,000 credit to Rent Paid
C. ₦50,000 debit to Rent Paid and ₦50,000 credit to Profit
D. ₦50,000 debit to Profit and ₦50,000 credit to Rent Paid
Question 3
A company issues 10,000 shares of its common stock at a par value of ₦10 per share. The company also issues 5,000 shares of its preferred stock at a par value of ₦20 per share. What is the total par value of the company's issued stock?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 4
A company's trial balance shows the following balances: Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Gross Profit: ₦200,000; Operating Expenses: ₦150,000; Net Profit: ₦50,000. What is the correct net profit?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 5
A company prepares a balance sheet as of December 31. The following accounts are listed: Cash 10,000, Accounts Receivable 20,000, Inventory 30,000, Total Assets 60,000. What is the total equity of the company?
A. 20,000
B. 30,000
C. 40,000
D. 50,000
Question 6
A company has the following transactions: Debit Cash ₦1,000,000, Credit Accounts Payable ₦500,000, Debit Inventory ₦800,000, Credit Sales ₦1,200,000. What is the net effect on the company's cash position?
A. ₦500,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,500,000
Question 7
A company uses the FIFO method to value its inventory. If the total cost of goods available for sale is ₦1,500,000, and the total cost of goods sold is ₦1,200,000, what is the cost of goods sold per unit, if the total number of units available for sale is 10,000 and the total number of units sold is 8,000?
A. ₦150
B. ₦120
C. ₦180
D. ₦200
Question 8
A company uses the perpetual inventory system. On January 1, 2024, it had 1,000 units of a product in stock, valued at ₦10 each. During the year, 500 units were sold, and 200 units were purchased at ₦12 each. The company uses the weighted average method to value its inventory. What is the total value of the inventory at the end of the year?
A. ₦5,500
B. ₦6,000
C. ₦6,200
D. ₦6,500
Question 9
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. If the company issues 10,000 shares of common stock at ₦10 per share, what is the new balance in the Common Stock account?
A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 10
A company's trial balance shows a credit balance of ₦30,000 in the account 'Dividends'. However, the company's accounting records show that the dividends were actually paid to the shareholders. What is the correct journal entry to correct this error?
A. ₦30,000 debit to Dividends and ₦30,000 credit to Cash
B. ₦30,000 debit to Cash and ₦30,000 credit to Dividends
C. ₦30,000 debit to Dividends and ₦30,000 credit to Profit
D. ₦30,000 debit to Profit and ₦30,000 credit to Dividends
Question 11
A company's cash book shows the following transactions: Cash received from customers: ₦100,000; Cash paid to suppliers: ₦80,000; Cash paid to employees: ₦20,000. What is the net cash inflow?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 12
A company uses the weighted average method to value its inventory. If the total cost of goods available for sale is ₦1,500,000, and the total cost of goods sold is ₦1,200,000, what is the cost of goods sold per unit, if the total number of units available for sale is 10,000 and the total number of units sold is 8,000?
A. ₦150
B. ₦120
C. ₦180
D. ₦200
Question 13
A company uses the FIFO method to value its inventory. If the total cost of goods available for sale is ₦1,500,000, and the total cost of goods sold is ₦1,200,000, what is the cost of goods sold per unit, if the total number of units available for sale is 10,000 and the total number of units sold is 8,000?
A. ₦150
B. ₦120
C. ₦180
D. ₦200
Question 14
A company's bank reconciliation statement shows the following discrepancies: Outstanding cheque: ₦20,000; Deposits in transit: ₦10,000; Bank errors: ₦5,000. What is the total discrepancy?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 15
A company uses the weighted average method to value its inventory. If the total cost of goods available for sale is ₦1,500,000, and the total cost of goods sold is ₦1,200,000, what is the cost of goods sold per unit, if the total number of units available for sale is 10,000 and the total number of units sold is 8,000?
A. ₦150
B. ₦120
C. ₦180
D. ₦200

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