POST UTME NOUN 2023 Accounting | Objective

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Question 1
A company issued 10,000, 7% preference shares of ₦10 each at a premium of ₦2. The company also issued 5,000 ordinary shares of ₦5 each at a discount of ₦1. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦155,000
C. ₦160,000
D. ₦165,000
Question 2
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the perpetual inventory system. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 3
A partnership has two partners, A and B. The capital accounts of A and B are ₦80,000 and ₦60,000 respectively. The profit-sharing ratio is 3:2. What is the amount of profit to be distributed to partner A?
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦42,000
Question 4
A company issued 10,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 5
A company's trial balance shows the following balances: ₦50,000 debit to Sales and ₦60,000 credit to Sales. What is the correct journal entry to rectify this error?
A. ₦10,000 debit to Sales and ₦10,000 credit to Sales
B. ₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss
C. ₦10,000 debit to Profit or Loss and ₦10,000 credit to Sales
D. ₦10,000 debit to Sales and ₦10,000 credit to Cash
Question 6
A company's trial balance showed an error of ₦5,000 due to a mistake in the posting of a transaction. Prepare the necessary journal entry to rectify the error.
A. Debit Cash ₦5,000, Credit Profit and Loss Account ₦5,000
B. Debit Profit and Loss Account ₦5,000, Credit Cash ₦5,000
C. Debit Profit and Loss Account ₦5,000, Credit Capital Account ₦5,000
D. Debit Capital Account ₦5,000, Credit Profit and Loss Account ₦5,000
Question 7
A company purchases a machine for ₦200,000 and pays ₦40,000 as cash and the balance by a bank loan. What is the journal entry to record the purchase?
A. ₦200,000 debit to Bank and ₦40,000 credit to Cash
B. ₦200,000 debit to Cash and ₦40,000 credit to Bank
C. ₦200,000 debit to Bank and ₦40,000 debit to Cash
D. ₦200,000 debit to Cash and ₦40,000 credit to Bank
Question 8
A company purchases a machine for ₦300,000 and pays ₦60,000 as cash and the balance by a bank loan. What is the journal entry to record the purchase?
A. ₦300,000 debit to Bank and ₦60,000 credit to Cash
B. ₦300,000 debit to Cash and ₦60,000 credit to Bank
C. ₦300,000 debit to Bank and ₦60,000 debit to Cash
D. ₦300,000 debit to Cash and ₦60,000 credit to Bank
Question 9
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 10
A company purchases a machine for ₦150,000 and pays ₦30,000 as cash and the balance by a bank loan. What is the journal entry to record the purchase?
A. ₦150,000 debit to Bank and ₦30,000 credit to Cash
B. ₦150,000 debit to Cash and ₦30,000 credit to Bank
C. ₦150,000 debit to Bank and ₦30,000 debit to Cash
D. ₦150,000 debit to Cash and ₦30,000 credit to Bank
Question 11
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the periodic inventory system. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 12
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the perpetual inventory system. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000
Question 13
A company's cash book shows the following transactions: a deposit of ₦30,000, a withdrawal of ₦20,000, and a purchase of equipment for ₦50,000. What is the net change in cash?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
A company's profit and loss account shows the following balances: ₦50,000 debit to Sales and ₦60,000 credit to Sales. What is the correct journal entry to rectify this error?
A. ₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss
B. ₦10,000 debit to Profit or Loss and ₦10,000 credit to Sales
C. ₦10,000 debit to Sales and ₦10,000 credit to Cash
D. ₦10,000 debit to Cash and ₦10,000 credit to Sales
Question 15
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the LIFO method to value its inventory. What is the total value of the inventory?
A. ₦540,000
B. ₦600,000
C. ₦720,000
D. ₦840,000

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