POST UTME MOUNTAIN TOP UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦120,000, while the general ledger shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. What is the reason for the discrepancy?
A. The company has not recorded a deposit of ₦60,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The bank has charged a fee of ₦10,000.
D. The company has not recorded a loan of ₦20,000.
Question 2
A government agency uses a public sector accounting system to record its transactions. The system shows the following balances: Cash ₦500,000, Accounts Payable ₦200,000, and Accounts Receivable ₦150,000. What is the total amount of assets?
A. ₦850,000
B. ₦950,000
C. ₦1,050,000
D. ₦1,150,000
Question 3
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦40,000
Question 4
A cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦1,000 | | | 2nd Jan | Bank | | ₦1,500 | | 3rd Jan | Cash | ₦500 | | | 4th Jan | Bank | | ₦1,000 | The cash book balance on 31st Dec is ₦_____.
A. ₦1,500
B. ₦2,000
C. ₦2,500
D. ₦3,000
Question 5
A company manufactures two products, X and Y. Product X requires 2 hours of labor and 3 units of raw material, while product Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material available, how many units of product X can be produced?
A. 60 units
B. 80 units
C. 100 units
D. 120 units
Question 6
A firm has two partners, A and B. The profit-sharing ratio is 3:2. If the total profit for the year is ₦150,000, calculate the amount of profit that will be shared by partner A.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 7
A company's bank statement shows a balance of 10,000. However, the company's cash book shows a balance of 8,000. What is the reason for the difference?
A. The bank has charged a fee for the month.
B. The company has deposited 2,000 into the bank but has not yet been credited.
C. The company has written a check for 2,000 but has not yet been debited.
D. The bank has made an error in its records.
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 2:1. Calculate the profit to be shared by A.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 9
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 10
A partnership has two partners, A and B. The capital accounts of A and B are ₠ 50,000 and ₠ 30,000 respectively. The profit-sharing ratio is 3:2. Prepare the profit-sharing ratio schedule.
A. A: ₠ 45,000, B: ₠ 30,000
B. A: ₠ 40,000, B: ₠ 35,000
C. A: ₠ 42,500, B: ₠ 32,500
D. A: ₠ 50,000, B: ₠ 20,000
Question 11
A company's balance sheet shows the following information: Cash ₦20,000, Accounts Payable ₦50,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total amount of liabilities and equity?
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 12
A company's trial balance shows the following balances: Sales: ₦ 100,000; Purchases: ₦ 80,000; Returns Outwards: ₦ 5,000. Calculate the cost of goods sold.
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 13
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦1,000 | | | 2nd Jan | Bank | | ₦1,500 | | 3rd Jan | Cash | ₦500 | | | 4th Jan | Bank | | ₦1,000 | The company's cash book balance on 31st Dec is ₦_____.
A. ₦1,500
B. ₦2,000
C. ₦2,500
D. ₦3,000
Question 14
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Accounts Receivable ₦20,000. What is the total amount of assets?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 15
A manufacturing company uses a job costing system. The following data relate to a particular job: Direct Materials: ₦ 15,000; Direct Labour: ₦ 8,000; Factory Overheads: ₦ 12,000. Calculate the total cost of the job.
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000

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