POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 1,000 | | | 2-Jan | Equipment | | 1,500 | | 3-Jan | Cash | | 500 | What is the balance in the Equipment account?
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 3
A company's trial balance as at 31st December 2022 is as follows: Debit: ₦50,000 cash ₦30,000 debtors ₦20,000 creditors ₦10,000 capital Credit: ₦20,000 share capital ₦10,000 loan What is the company's net worth?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 4
A company's trial balance shows an error of ₦5,000 due to an omission of a transaction. The error is corrected by adjusting the balance of the 'Sales' account. What is the correct adjustment?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the amount received from the issue of preference shares.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 6
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦50,000 cash ₦30,000 debtors ₦20,000 creditors ₦10,000 capital Liabilities: ₦20,000 share capital ₦10,000 loan What is the company's net worth?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 7
A business entity uses the single-entry system of accounting. The following transactions occurred during the year: Purchased office equipment for ₦120,000; sold goods for ₦150,000; and paid rent of ₦30,000. Prepare the ledger account for the office equipment.
A. Office Equipment Ledger
B. Rent Ledger
C. Sales Ledger
D. Purchases Ledger
Question 8
A partnership has the following capital accounts: | Partner | Capital | Drawing | Balance | | --- | --- | --- | --- | | A | 10,000 | | | | B | 8,000 | | | | C | 12,000 | | | If A withdraws ₦2,000, what is the new balance in A's capital account?
A. ₦8,000
B. ₦10,000
C. ₦12,000
D. ₦14,000
Question 9
A company's balance sheet shows an asset of ₦100,000 and a liability of ₦80,000. What is the company's equity?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
A company issued 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 11
A company uses the straight-line method of depreciation to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦20,000, what is the annual depreciation charge if the asset cost ₦150,000?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 12
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000
Question 13
A company has the following departmental expenses: | Department | Expenses | Revenue | | --- | --- | --- | | A | 10,000 | 8,000 | | B | 12,000 | 10,000 | | C | 8,000 | 6,000 | What is the total profit of the company?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company purchased a machine for ₦500,000 and immediately sold it for ₦550,000. Calculate the gain or loss on the sale of the machine.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 15
A company has the following trial balance:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

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: