POST UTME NOUN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The company pays interest annually. Calculate the amount of interest paid to debenture holders for the first year.
A. ₦10,000
B. ₦11,000
C. ₦12,000
D. ₦13,000
Question 2
A company's profit and loss account shows the following: Sales ₦120,000, Cost of Goods Sold ₦80,000. What is the company's gross profit?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,500
B. ₦11,000
C. ₦12,000
D. ₦13,000
Question 4
A company's trial balance shows a debit balance of ₦10,000 in the account 'Rent Received' and a credit balance of ₦12,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?
A. Debit Rent Paid by ₦2,000 and Credit Rent Received by ₦2,000
B. Debit Rent Paid by ₦12,000 and Credit Rent Received by ₦10,000
C. Debit Rent Received by ₦2,000 and Credit Rent Paid by ₦2,000
D. Debit Rent Paid by ₦10,000 and Credit Rent Received by ₦12,000
Question 5
A company's accounting records show that it has a cash balance of ₦80,000, but the bank statement shows a balance of ₦60,000. What is the most likely explanation for this discrepancy?
A. The company has a loan from the bank.
B. The company has a credit balance in its bank account.
C. The company has a debit balance in its bank account.
D. The company's accounting records are incorrect.
Question 6
A company has the following balance sheet: Assets: ₦500,000, Liabilities: ₦200,000, Share Capital: ₦150,000. What is the total equity of the company?
A. ₦250,000
B. ₦250,000
C. ₦250,000
D. ₦250,000
Question 7
A company's cash book shows a balance of ₦12,500. However, the bank statement shows a balance of ₦15,000. What is the reason for the discrepancy?
A. Bank charges
B. Interest earned
C. Unrecorded cash transactions
D. Error in bank statement
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare the company's balance sheet.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 9
A company uses the self-balancing ledger system to record its transactions. The company's ledger shows a debit balance of ₦20,000 in the account 'Office Equipment' and a credit balance of ₦10,000 in the account 'Office Supplies'. What is the correct journal entry to record the transfer of ₦5,000 from Office Equipment to Office Supplies?
A. Debit Office Equipment ₦5,000, Credit Office Supplies ₦5,000
B. Debit Office Supplies ₦5,000, Credit Office Equipment ₦5,000
C. Debit Office Equipment ₦5,000, Credit Cash ₦5,000
D. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
Question 10
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. What is the reason for the discrepancy?
A. Error in trading account
B. Error in profit and loss account
C. Unrecorded expenses
D. Unrecorded income
Question 11
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦12,000
D. ₦18,000
Question 12
A public sector organization has the following transactions for the month of January:
A. ₦15,000
B. ₦25,000
C. ₦35,000
D. ₦45,000
Question 13
A company's balance sheet shows the following: Assets ₦150,000, Liabilities ₦100,000. What is the company's equity?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company's balance sheet shows the following: Cash ₦50,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. Prepare the company's statement of cash flows.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 15
A public sector organization has the following transactions for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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