POST UTME LEAD CITY UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the double entry system of accounting. The following transactions were recorded in the ledger for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 2
A government agency's budget shows a revenue of ₦10,000,000. The agency's expenditure is ₦8,000,000. What is the agency's surplus?
A. ₦2,000,000
B. ₦1,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 3
The following trial balance of a company is given. Prepare the ledger accounts and identify the error, if any.
A. Error in the calculation of the balance of the Bank Account.
B. Error in the calculation of the balance of the Sales Account.
C. Error in the calculation of the balance of the Purchases Account.
D. Error in the calculation of the balance of the Capital Account.
Question 4
A company has the following transactions during the year:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 5
A company uses the bank reconciliation statement. The following information was obtained from the bank statement:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A company has the following ledger balances: Debtors: ₦80,000; Creditors: ₦40,000; Capital: ₦120,000. Prepare the balance sheet.
A. ₦80,000; ₦40,000; ₦120,000
B. ₦40,000; ₦80,000; ₦120,000
C. ₦120,000; ₦80,000; ₦40,000
D. ₦40,000; ₦120,000; ₦80,000
Question 7
A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 for cash, and paid a dividend of ₦30,000. Prepare the trading and profit and loss account for the year.
A. Trading Account: ₦120,000; Profit and Loss Account: ₦60,000
B. Trading Account: ₦180,000; Profit and Loss Account: ₦30,000
C. Trading Account: ₦120,000; Profit and Loss Account: ₦30,000
D. Trading Account: ₦180,000; Profit and Loss Account: ₦60,000
Question 8
A company has issued 1,000 shares of 10 par value. If the market value of the shares is 15, what is the total value of the shares?
A. ₦15,000
B. ₦10,000
C. ₦20,000
D. ₦25,000
Question 9
In a public sector accounting system, what is the primary purpose of the 'Budgetary Control' module?
A. To ensure compliance with financial regulations
B. To facilitate the preparation of financial statements
C. To enable the management to make informed decisions
D. To monitor and control the use of public funds
Question 10
The following is the balance sheet of a company as at 31st December 2018.
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 11
A company's trial balance shows a discrepancy of ₦25,000 between the debit and credit sides. The accountant suspects that the error occurred in the journal entry for the purchase of office equipment. The accountant has identified the following transactions as possible causes of the error:
A. Purchase of office equipment for ₦30,000
B. Purchase of office equipment for ₦20,000
C. Purchase of office equipment for ₦25,000
D. Purchase of office equipment for ₦15,000
Question 12
A company has the following transactions during the year:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 13
A company's profit and loss account shows a net profit of ₦100,000. However, the company's balance sheet shows a net loss of ₦50,000. The company's accountant has identified the following transactions as possible causes of the discrepancy:
A. Sold assets for ₦150,000
B. Purchased assets for ₦150,000
C. Issued shares for ₦150,000
D. Paid dividends of ₦150,000
Question 14
A company's trading account shows a profit of ₦500,000. The company's cost of goods sold is ₦2,000,000. The company's sales revenue is ₦3,000,000. What is the company's gross profit?
A. ₦1,000,000
B. ₦500,000
C. ₦750,000
D. ₦1,500,000
Question 15
The following is the balance sheet of a company as at 31st December 2018.
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000

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