POST UTME LEAD CITY UNIVERSITY 2021 Accounting | Objective

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Question 1
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurred costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total direct labor cost for the period is ₦200,000. What is the total cost of goods manufactured for the period?
A. ₦420,000
B. ₦450,000
C. ₦480,000
D. ₦520,000
Question 2
A company uses the self-balancing ledger system. The ledger shows a balance of ₦120,000. However, the trial balance shows a balance of ₦100,000. What is the reason for the difference?
A. The company has not recorded all its transactions.
B. The company has made an error in its accounting records.
C. The company has not updated its ledger.
D. The company has not prepared its trial balance.
Question 3
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦130,000. What is the likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has not yet credited the company's account for the deposited cash.
C. The company has not yet debited the cash from the bank account.
D. The company has not yet recorded the cash transaction in the cash book.
Question 4
A partnership has two partners, A and B. Partner A has a capital of ₦150,000 and a share of profits of 60%. Partner B has a capital of ₦100,000 and a share of profits of 40%. What is the ratio of their capitals?
A. 2:1
B. 3:2
C. 1:2
D. 4:3
Question 5
A company has a trading account balance of ₦120,000 and a profit of ₦80,000. What is the total equity of the company?
A. ₦200,000
B. ₦180,000
C. ₦220,000
D. ₦200,000
Question 6
A company's profit and loss account shows the following items:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company issues 10% debentures of \\ 100 each at a discount of 5% and 7% respectively. If the company receives \\ 95 for each debenture, what is the total amount received?
A. \\ 950
B. \\ 1,000
C. \\ 1,050
D. \\ 1,100
Question 8
A company's trial balance as at December 31, 2022, is as follows:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 9
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Bank | | 15,000 | | Accounts Payable | | 20,000 | | Sales | | 30,000 | What is the correct balance of the Cash account?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦30,000
Question 10
A company has a cash book balance of ₦50,000 and a bank balance of ₦30,000. What is the total cash and bank balance?
A. ₦80,000
B. ₦70,000
C. ₦90,000
D. ₦80,000
Question 11
A company's trading account shows a profit of ₦500,000. However, the profit and loss account shows a loss of ₦200,000. What is the likely reason for the discrepancy?
A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
C. The company's trading account is not up-to-date.
D. The company's profit and loss account is not accurate.
Question 12
A manufacturing company uses a job costing system. The following information is available for the month of January: Direct Materials \\ 1,500, Direct Labour \\ 2,000, Overheads \\ 1,800. If the total cost of production is \\ 5,000, what is the cost of goods manufactured?
A. \\ 4,500
B. \\ 4,800
C. \\ 5,000
D. \\ 5,200
Question 13
A company has two departments: A and B. Department A has a balance of ₦50,000 in its control account, while Department B has a balance of ₦30,000. The total balance of the company is ₦80,000. What is the balance of the company's control account?
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦90,000
Question 14
A company's accounting records show the following transactions for the year ended December 31, 2022:
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 15
A company uses the single entry system. The following transactions were recorded in the cash book for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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