POST UTME NILE UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following journal entry: Debit - ₦100,000, Credit - ₦150,000. What is the accounting equation after the journal entry?
A. Assets - ₦50,000, Liabilities - ₦150,000, Equity - ₦100,000
B. Assets - ₦150,000, Liabilities - ₦100,000, Equity - ₦50,000
C. Assets - ₦100,000, Liabilities - ₦50,000, Equity - ₦150,000
D. Assets - ₦50,000, Liabilities - ₦50,000, Equity - ₦100,000
Question 2
A manufacturing company uses a job costing system. The following data is available for a particular job: Direct Materials: ₦15,000 Direct Labour: ₦8,000 Overheads: ₦12,000 Total Cost: ₦35,000 Calculate the amount of indirect materials used in the production of this job.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 3
A company has the following trial balance: Accounts Payable - ₦100,000, Accounts Receivable - ₦150,000, Common Stock - ₦500,000, Dividends - ₦20,000, Equipment - ₦200,000, Interest Expense - ₦30,000, Interest Income - ₦10,000, Net Sales - ₦1,000,000, Rent Expense - ₦40,000, Salaries Expense - ₦60,000, Sales Returns - ₦50,000, Service Revenue - ₦800,000, Utilities Expense - ₦20,000. What is the total assets?
A. ₦1,400,000
B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000
Question 4
A company has the following trial balance: Debit ₦10,000 ₦20,000 ₦30,000 ₦40,000 ₦50,000 Credit ₦20,000 ₦30,000 ₦40,000 ₦50,000 ₦60,000 Identify the error in the trial balance.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 6
A company has the following assets: Building: ₦500,000 Machinery: ₦300,000 Furniture: ₦100,000 The company depreciates its assets using the straight-line method. Calculate the amount of depreciation for the year.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 7
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's net income for the year was ₦1,200,000. If partner A's drawings were ₦200,000, how much of the net income should be allocated to partner A?
A. ₦720,000
B. ₦800,000
C. ₦840,000
D. ₦960,000
Question 8
A company's accounting records are incomplete, and the following information is available: The company's assets at the beginning of the year were ₦1,500,000. During the year, the company purchased equipment for ₦300,000 and sold assets for ₦200,000. The company's liabilities at the beginning of the year were ₦500,000. The company's net income for the year was ₦750,000. What is the company's total assets at the end of the year?
A. ₦2,250,000
B. ₦2,500,000
C. ₦2,750,000
D. ₦3,000,000
Question 9
A company has the following bank reconciliation statement: Bank Balance - ₦50,000, Cash - ₦20,000, Deposits in Transit - ₦10,000, Outstanding Checks - ₦30,000. What is the company's cash balance?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 10
A company uses the double-entry system to record its transactions. The company has a debit of ₦100,000 and a credit of ₦150,000. What is the net effect?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 11
A company has the following bank reconciliation statement: ₦100,000 cash in bank, ₦50,000 outstanding checks, ₦20,000 deposits in transit, and ₦30,000 bank charges. What is the company's adjusted cash balance?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 12
A company's ledger accounts showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
A. ₦250,000, ₦350,000
B. ₦200,000, ₦300,000
C. ₦250,000, ₦400,000
D. ₦200,000, ₦450,000
Question 13
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦100,000 and a useful life of 5 years. What is the annual depreciation?
A. ₦20,000
B. ₦15,000
C. ₦10,000
D. ₦5,000
Question 14
A company issued 5,000 shares of ₦5 par value stock at ₦20 per share. If the company's cost of issuing the stock was ₦75,000, what is the total amount of proceeds from the sale of the stock?
A. ₦100,000
B. ₦105,000
C. ₦110,000
D. ₦115,000
Question 15
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 | Prepare the bank reconciliation statement as at 31st December.
A. Bank Balance: 1,500, Cash Balance: 1,200
B. Bank Balance: 1,200, Cash Balance: 1,500
C. Bank Balance: 1,800, Cash Balance: 1,000
D. Bank Balance: 1,000, Cash Balance: 1,800

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