POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership consists of three partners: A, B, and C. The capital accounts of the partners are as follows: A ₦ 50,000, B ₦ 30,000, and C ₦ 20,000. If the partnership makes a profit of ₦ 10,000, how much will each partner receive?
A. A: ₦ 5,000, B: ₦ 3,000, C: ₦ 2,000
B. A: ₦ 6,000, B: ₦ 4,000, C: ₦ 3,000
C. A: ₦ 7,000, B: ₦ 5,000, C: ₦ 4,000
D. A: ₦ 8,000, B: ₦ 6,000, C: ₦ 5,000
Question 2
A public sector organization has the following transactions during the year:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 3
A company uses the departmental account to record transactions. If the company purchases office supplies for ₦12,000, what is the effect on the departmental account?
A. ₦12,000 is debited to Office Supplies and ₦12,000 is credited to Administration.
B. ₦12,000 is debited to Administration and ₦12,000 is credited to Office Supplies.
C. ₦12,000 is debited to Office Supplies and ₦12,000 is credited to Sales.
D. ₦12,000 is debited to Sales and ₦12,000 is credited to Office Supplies.
Question 4
A company's balance sheet shows the following balances: | Asset | Liability | Equity | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦8,000 | | Sales Revenue | | ₦12,000 | | Cost of Goods Sold | ₦6,000 | | What is the total amount of assets?
A. ₦16,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 5
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest that the company will pay annually.
A. ₦10,000
B. ₦12,500
C. ₦15,000
D. ₦17,500
Question 6
The following transactions are recorded in a company's journal: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | | ₦10,000 | | 15 Jan | Cash paid to suppliers | ₦8,000 | | | 20 Jan | Cash received from customers | | ₦12,000 | | 25 Jan | Cash paid to employees | ₦6,000 | | What is the total amount of cash received from customers?
A. ₦10,000
B. ₦12,000
C. ₦22,000
D. ₦24,000
Question 7
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦150,000 and the Sales department has a balance of ₦200,000. The company's total assets are ₦500,000. What is the balance of the company's capital account?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 8
A company has the following transactions in its cash book: Cash received from customers: ₦200,000; Cash paid to suppliers: ₦150,000; Cash paid to employees: ₦100,000. Calculate the net increase in cash for the period.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 9
A partnership has two partners, A and B. Partner A has a capital of ₦100,000 and a profit-sharing ratio of 3:2. Partner B has a capital of ₦80,000 and a profit-sharing ratio of 2:3. If the profit for the year is ₦120,000, how much will Partner A receive?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 10
A company prepares its final accounts for the year ended December 31, 2022. The trading account shows a profit of ₦ 100,000, and the profit and loss account shows a profit of ₦ 150,000. What is the total profit for the year?
A. ₦ 150,000
B. ₦ 200,000
C. ₦ 250,000
D. ₦ 300,000
Question 11
A company has the following transactions: Purchased goods for ₦100,000; Sold goods for ₦120,000; Purchased office equipment for ₦20,000. What is the total liabilities of the company?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 12
A company uses the double-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦8,000 | | Sales Revenue | | ₦12,000 | | Cost of Goods Sold | ₦6,000 | | What is the net income of the company?
A. ₦4,000
B. ₦6,000
C. ₦8,000
D. ₦10,000
Question 14
A company has the following trial balance: Debitors ₦ 50,000, Creditors ₦ 30,000, Capital ₦ 100,000. What is the total amount of assets?
A. ₦80,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 15
A company uses the asset valuation account to record transactions. If the company purchases a machine for ₦50,000 and sells it for ₦40,000, what is the loss on sale?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000

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