POST UTME NOUN 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance as at 31st December, 2022, showed a credit balance of ₦50,000 in the Suspense Account. The company's accountant discovered that this was due to an error in the posting of a journal entry. The correct entry was a credit of ₦50,000 to the Suspense Account and a debit of ₦50,000 to the Bank Account. Prepare the necessary journal entry to correct the error.
A. Debit Bank Account ₦50,000, Credit Suspense Account ₦50,000
B. Debit Suspense Account ₦50,000, Credit Bank Account ₦50,000
C. Debit Suspense Account ₦50,000, Credit Cash Account ₦50,000
D. Debit Cash Account ₦50,000, Credit Suspense Account ₦50,000
Question 2
The following data relates to the production of a product by a company. Calculate the cost of goods sold.
A. ₦150,000
B. ₦175,000
C. ₦200,000
D. ₦225,000
Question 3
A company's trial balance showed a credit balance of ₦20,000 in the account 'Salaries Expense'. The company's accounting records showed that the salaries expense for the year was ₦30,000. What is the correct journal entry to record the error?
A. Debit Salaries Expense ₦10,000, Credit Cash ₦10,000
B. Debit Salaries Expense ₦10,000, Credit Salaries Expense ₦10,000
C. Debit Cash ₦10,000, Credit Salaries Expense ₦10,000
D. Debit Salaries Expense ₦10,000, Credit Bank ₦10,000
Question 4
A company has the following transactions: Purchased office equipment for 10,000 cash, Purchased office supplies for 2,000 on credit, Sold office supplies for 1,500 cash, and Paid 1,000 cash for rent. Prepare the trial balance for the above transactions.
A. Office Equipment 10,000, Office Supplies 2,000, Cash 1,500, Rent 1,000
B. Office Equipment 10,000, Office Supplies 2,000, Cash 1,000, Rent 1,000
C. Office Equipment 10,000, Office Supplies 2,000, Cash 1,500, Rent 1,000
D. Office Equipment 10,000, Office Supplies 2,000, Cash 1,000, Rent 1,500
Question 5
A company uses the self-balancing ledger system. The following transactions are recorded in the ledger: | Date | Account | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦50,000 | | | 15-Jan | Office Supplies | | ₦10,000 | | 31-Jan | Salaries | | ₦20,000 | What is the total amount of cash at the end of the year?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 6
A company's balance sheet showed a current asset of ₦100,000 in the account 'Accounts Receivable'. The company's accounting records showed that the accounts receivable for the year was ₦120,000. What is the correct journal entry to record the error?
A. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000
B. Debit Accounts Receivable ₦20,000, Credit Sales ₦20,000
C. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000
D. Debit Sales ₦20,000, Credit Accounts Receivable ₦20,000
Question 7
Determine the amount of depreciation for a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method. The machine is 2 years old.
A. ₦24,000
B. ₦48,000
C. ₦60,000
D. ₦72,000
Question 8
A company issued 10,000 shares of ₦.50 each at a premium of ₦0.25 per share. Calculate the total amount received from the issue of shares.
A. ₦10,250
B. ₦10,250.50
C. ₦10,251
D. ₦10,251.50
Question 9
A company issued 10,000, 12% preference shares of ₦10 each at a premium of 20%. The company also issued 5,000 ordinary shares of ₦10 each at a premium of 10%. Prepare the journal entries to record the issue of preference shares and ordinary shares.
A. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,000,000
B. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,050,000
C. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,100,000
D. Debit Premium on Issue of Preference Shares ₦200,000, Credit Cash ₦1,150,000
Question 10
A company has the following transactions: Purchased office equipment for 10,000 cash, Purchased office supplies for 2,000 on credit, Sold office supplies for 1,500 cash, and Paid 1,000 cash for rent. Prepare the ledger accounts for the above transactions.
A. Office Equipment 10,000, Office Supplies 2,000, Cash 1,500, Rent 1,000
B. Office Equipment 10,000, Office Supplies 2,000, Cash 1,000, Rent 1,000
C. Office Equipment 10,000, Office Supplies 2,000, Cash 1,500, Rent 1,000
D. Office Equipment 10,000, Office Supplies 2,000, Cash 1,000, Rent 1,500
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Prepare the journal entries to record the issue of debentures and the interest accrued on them at the end of the first year.
A. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦450,000
B. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦500,000
C. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦475,000
D. Debit Discount on Issue of Debentures ₦50,000, Credit Cash ₦525,000
Question 12
A company has a capital of ₦1,000,000 and a profit of ₦500,000. If the company issues 10% debentures at a premium of 5%, calculate the amount of interest on the debentures.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the company's balance sheet.
A. Assets ₦1,250,000, Liabilities ₦150,000, Equity ₦1,100,000
B. Assets ₦1,500,000, Liabilities ₦150,000, Equity ₦1,350,000
C. Assets ₦1,200,000, Liabilities ₦150,000, Equity ₦1,050,000
D. Assets ₦1,000,000, Liabilities ₦150,000, Equity ₦850,000
Question 14
A company's trial balance shows the following balances: Accounts Payable ₦10,000, Accounts Receivable ₦0,000, Sales Revenue ₦10,000, Cost of Goods Sold ₦0,000. Prepare a balance sheet.
A. ₦10,000
B. ₦10,500
C. ₦11,000
D. ₦11,500
Question 15
A company's cash book showed a balance of ₦200,000 in the Cash Account. However, the company's bank statement showed a balance of ₦250,000. The difference of ₦50,000 was due to a bank overdraft. Prepare the necessary journal entry to record the bank overdraft.
A. Debit Bank Overdraft ₦50,000, Credit Cash Account ₦50,000
B. Debit Cash Account ₦50,000, Credit Bank Overdraft ₦50,000
C. Debit Bank Overdraft ₦50,000, Credit Bank Account ₦50,000
D. Debit Bank Account ₦50,000, Credit Bank Overdraft ₦50,000

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