POST UTME MADONNA UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company produces two products, X and Y. The company's manufacturing account shows the following costs: Direct Materials ₦100,000, Direct Labor ₦150,000, and Factory Overhead ₦200,000. What is the total cost of production for product X?
A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000
Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | | 4th Jan | Bank | | 1,200 | What is the balance of the cash book?
A. ₦1,200
B. ₦1,800
C. ₦2,200
D. ₦2,800
Question 3
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance on the capital account of the owner, who is the only shareholder, was ₦500,000. The balance on the drawing account was ₦200,000. The company's profit-sharing ratio is 3:2. Calculate the amount of profit to be distributed to the shareholder.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 4
A company has the following trial balance: Debtors: ₦100,000 Creditors: ₦50,000 Capital: ₦200,000 Profit: ₦30,000 What is the total amount of assets recorded by the company?
A. ₦230,000
B. ₦240,000
C. ₦250,000
D. ₦260,000
Question 5
A company uses the single entry system of accounting. The following transactions were recorded during the year: Depreciation on machinery: ₦10,000 Salaries and wages: ₦50,000 Rent: ₦20,000 Purchases: ₦80,000 Sales: ₦120,000 What is the total amount of expenses recorded by the company?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 6
A company's profit and loss account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The company's balance sheet as at 31st December 2022, showed the following: Equity Share Capital ₦1,000,000, Profit and Loss Account ₦500,000, and Reserves ₦200,000. Calculate the amount of dividend to be paid to the shareholders.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 7
A company's bank statement shows a balance of ₦50,000, but the company's cash book shows a balance of ₦60,000. The bank statement also shows a deposit of ₦10,000 that is not recorded in the cash book. What is the correct bank reconciliation statement?
A. ₦50,000 (Bank Statement) + ₦10,000 (Deposit) = ₦60,000 (Cash Book)
B. ₦50,000 (Bank Statement) - ₦10,000 (Deposit) = ₦40,000 (Cash Book)
C. ₦60,000 (Cash Book) - ₦10,000 (Deposit) = ₦50,000 (Bank Statement)
D. ₦60,000 (Cash Book) + ₦10,000 (Deposit) = ₦70,000 (Bank Statement)
Question 8
A company has the following partnership accounts: X: ₦100,000 Y: ₦80,000 Z: ₦60,000 What is the total amount of capital invested by the partners?
A. ₦240,000
B. ₦260,000
C. ₦280,000
D. ₦300,000
Question 9
A company's balance sheet as at 31st December 2022, showed the following: Equity Share Capital ₦1,000,000, Profit and Loss Account ₦500,000, and Reserves ₦200,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the amount of dividend to be paid to the shareholders.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 10
A company has the following transactions related to its manufacturing accounts: | Date | Description | Quantity | Unit Cost | Total Cost | | --- | --- | --- | --- | --- | | 1 | Purchase of raw materials | 100 | ₦10 | ₦1,000 | | 2 | Purchase of raw materials | 50 | ₦15 | ₦750 | | 3 | Purchase of raw materials | 200 | ₦12 | ₦2,400 | | 4 | Sale of finished goods | 150 | ₦20 | ₦3,000 | What is the total cost of goods sold?
A. ₦4,150
B. ₦4,500
C. ₦5,000
D. ₦5,500
Question 11
A company uses the single-entry system of accounting. The company's trial balance as at 31st December, 2017, shows the following balances: Cash ₦ 50,000, Accounts Payable ₦ 30,000, Common Stock ₦ 100,000, Retained Earnings ₦ 20,000, and Dividends ₦ 10,000. Prepare the company's statement of changes in equity for the year ended 31st December, 2017.
A. ₦ 50,000
B. ₦ 100,000
C. ₦ 150,000
D. ₦ 200,000
Question 12
A company's balance sheet shows an increase in current assets of ₦300,000. The increase is due to an increase in accounts receivable of ₦200,000 and an increase in inventory of ₦100,000.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 13
A company's balance sheet shows an increase in non-current liabilities of ₦200,000. The increase is due to the issue of 20,000, 10% debentures of ₦10 each.
A. ₦200,000
B. ₦400,000
C. ₦600,000
D. ₦800,000
Question 14
A company uses the single-entry system of accounting. The company's trial balance as at 31st December, 2017, shows the following balances: Cash ₦ 50,000, Accounts Payable ₦ 30,000, Common Stock ₦ 100,000, Retained Earnings ₦ 20,000, and Dividends ₦ 10,000. Prepare the company's cash flow statement for the year ended 31st December, 2017.
A. ₦ 50,000
B. ₦ 100,000
C. ₦ 150,000
D. ₦ 200,000
Question 15
A company has the following cash book: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Purchase of raw materials | ₦10,000 | | | 2 | Sale of finished goods | | ₦20,000 | | 3 | Purchase of machinery | ₦50,000 | | What is the total cash balance?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000

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: