POST UTME NOUN 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a double-entry system, what is the purpose of the debit and credit columns in the ledger account?
A. To record the increase in assets
B. To record the decrease in liabilities
C. To record the increase in liabilities and decrease in assets
D. To record the decrease in assets and increase in liabilities
Question 2
A company uses the straight-line method to depreciate its assets. The following data is available for the year ended December 31, 2022:
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A company has the following transactions related to its manufacturing department:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2022 shows a decrease in inventory of ₦300,000 and an increase in accounts payable of ₦400,000. Calculate the net profit for the year.
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 5
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦5,500
B. ₦5,500.00
C. ₦5,500.00
D. ₦5,500.00
Question 6
In a public sector accounting system, what is the primary purpose of the 'Budgetary Control' function?
A. To ensure that all transactions are recorded in the general ledger
B. To provide a framework for managing and controlling public sector finances
C. To prepare financial statements for the public sector
D. To conduct audits of public sector entities
Question 7
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the annual depreciation charge for the machine.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 8
A company has the following financial statements: Balance Sheet: ₦1,000,000 in cash, ₦500,000 in accounts payable, and ₦200,000 in accounts receivable. Income Statement: ₦300,000 in revenue, ₦150,000 in cost of goods sold, and ₦50,000 in operating expenses. What is the net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 9
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2022 shows a decrease in inventory of ₦300,000 and an increase in accounts payable of ₦400,000. Calculate the net profit for the year.
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 10
A company has the following transactions: Purchased office supplies for ₦10,000, and paid salaries of ₦20,000. Prepare the journal entry for these transactions.
A. Debit Office Supplies ₦10,000, Credit Salaries ₦20,000
B. Debit Salaries ₦20,000, Credit Office Supplies ₦10,000
C. Debit Office Supplies ₦20,000, Credit Salaries ₦10,000
D. Debit Salaries ₦10,000, Credit Office Supplies ₦20,000
Question 11
A company maintains a cash book that records all cash transactions. If the cash book balance is ₦50,000 and the bank statement balance is ₦60,000, what is the amount of the bank reconciliation difference?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company has the following transactions: Purchased equipment for ₦500,000, paid ₦200,000 in cash, and financed the remaining amount by issuing a 5-year, 8% debenture. What is the annual depreciation expense using the straight-line method?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 13
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A partnership is formed by three individuals, A, B, and C, with initial capital contributions of ₦100,000, ₦150,000, and ₦200,000 respectively. During the year, the partnership made a profit of ₦500,000. The profit is to be shared in the ratio of their initial capital contributions. Calculate the amount of profit to be shared by each partner.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 15
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the annual depreciation charge for the machine.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000

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