POST UTME PAN-ATLANTIC UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses a double-entry system. The company's ledger shows a debit balance of ₦50,000 in the asset account and a credit balance of ₦20,000 in the liability account. The company's net worth is
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A company's bank statement shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Bank | 10,000 | | | 2 Jan | Cash | | 10,000 | | 3 Jan | Bank | 5,000 | | | 4 Jan | Cash | | 5,000 | What is the balance of the bank statement?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 3
In a double-entry system, what is the purpose of the Trial Balance?
A. To verify the accuracy of the ledger accounts
B. To identify any errors in the ledger accounts
C. To reconcile the debit and credit balances
D. To prepare the final accounts
Question 4
The following is the balance sheet of a manufacturing company as at December 31, 2022.
A. ₦1,500,000
B. ₦1,800,000
C. ₦2,000,000
D. ₦2,500,000
Question 5
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦1,200,000, what is the share of profit of partner A?
A. ₦900,000
B. ₦600,000
C. ₦300,000
D. ₦400,000
Question 6
A company's balance sheet shows an asset of ₦100,000 and a liability of ₦80,000. What is the company's net worth?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 7
The following is the trial balance of a company as at December 31, 2022.
A. ₦1,500,000
B. ₦1,800,000
C. ₦2,000,000
D. ₦2,500,000
Question 8
What is the main difference between a manufacturing account and a trading account?
A. A manufacturing account includes the cost of goods sold, while a trading account includes the cost of goods purchased
B. A manufacturing account includes the cost of goods purchased, while a trading account includes the cost of goods sold
C. A manufacturing account includes the cost of goods manufactured, while a trading account includes the cost of goods sold
D. A manufacturing account includes the cost of goods sold, while a trading account includes the cost of goods manufactured
Question 9
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, Factory Overheads ₦ 20,000 Credit: Purchases ₦ 80,000, Wages ₦ 40,000, Rent ₦ 10,000 What is the total value of the assets acquired during the month?
A. ₦ 100,000
B. ₦ 120,000
C. ₦ 140,000
D. ₦ 160,000
Question 10
A company's manufacturing account shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Raw Materials | 10,000 | | | 2nd Jan | Wages | | 5,000 | | 3rd Jan | Work-in-Progress | | 15,000 | What is the cost of goods manufactured?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 11
A government agency has a budget of ₡0,000,000 for a project. The project has two components, A and B, which cost ₠.8 million and ₠.9 million respectively. Calculate the percentage of the budget allocated to component B.
A. 8%
B. 9%
C. 10%
D. 11%
Question 12
A company's control account shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Sales | | 10,000 | | 2nd Jan | Purchases | 8,000 | | | 3rd Jan | Cash | | 2,000 | What is the balance in the sales account?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 13
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, and Common Stock 20,000. What is the total equity of the company?
A. 25,000
B. 30,000
C. 35,000
D. 40,000
Question 14
A manufacturing company has the following transactions: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, Factory Overheads ₦ 20,000 Credit: Purchases ₦ 80,000, Wages ₦ 40,000, Rent ₦ 10,000 What is the total value of the assets acquired during the month?
A. ₦ 100,000
B. ₦ 120,000
C. ₦ 140,000
D. ₦ 160,000
Question 15
A partnership has two partners, A and B. The capital accounts of A and B are ₦0,000 and ₦0,500 respectively. The profit sharing ratio is 3:2. Calculate the profit to be shared by A.
A. ₦0,300
B. ₦0,400
C. ₦0,500
D. ₦0,600

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