POST UTME RHEMA UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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 2
A company uses the double-entry system of accounting. The company's trial balance shows a debit balance of ₦150,000 in the account 'Office Equipment'. Prepare a journal entry to record the depreciation of the office equipment.
A. Debit Office Equipment ₦150,000, Credit Depreciation Expense ₦150,000
B. Debit Office Equipment ₦150,000, Credit Accumulated Depreciation ₦150,000
C. Debit Accumulated Depreciation ₦150,000, Credit Office Equipment ₦150,000
D. Debit Depreciation Expense ₦150,000, Credit Office Equipment ₦150,000
Question 3
A company uses the double-entry system of accounting. The company's cash book shows a credit balance of ₦80,000. Prepare a journal entry to record the bank reconciliation.
A. Debit Cash ₦80,000, Credit Bank ₦80,000
B. Debit Bank ₦80,000, Credit Cash ₦80,000
C. Debit Cash ₦80,000, Credit Bank Service Charge ₦80,000
D. Debit Bank Service Charge ₦80,000, Credit Cash ₦80,000
Question 4
A company's trial balance shows an error of ₦1,500 in the debit side of the account. The correct balance is ₦12,000. What is the correct balance of the account?
A. ₦13,500
B. ₦12,000
C. ₦10,500
D. ₦9,000
Question 5
A company uses the double-entry system of accounting. The company's trial balance shows a debit balance of ₦150,000 in the account 'Office Equipment'. Prepare a journal entry to record the depreciation of the office equipment.
A. Debit Office Equipment ₦150,000, Credit Depreciation Expense ₦150,000
B. Debit Office Equipment ₦150,000, Credit Accumulated Depreciation ₦150,000
C. Debit Accumulated Depreciation ₦150,000, Credit Office Equipment ₦150,000
D. Debit Depreciation Expense ₦150,000, Credit Office Equipment ₦150,000
Question 6
A company's trial balance shows an error of ₦1,500 in the debit side of the account. The correct balance is ₦12,000. What is the correct balance of the account?
A. ₦13,500
B. ₦12,000
C. ₦10,500
D. ₦9,000
Question 7
A company uses the LIFO method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. The company purchases additional inventory during the period for ₦900,000. If the total cost of the closing inventory is ₦1,200,000, what is the cost of goods sold?
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,100,000
Question 8
A public sector organization has the following accounts: General Ledger: ₦500,000, Cash Book: ₦300,000. If the organization's total assets are ₦1,000,000, what is the amount of the organization's liabilities?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 9
A company's bank reconciliation statement shows a difference of ₦5,000 between the cash book balance and the bank statement balance. The cash book balance is ₦20,000 and the bank statement balance is ₦25,000. Prepare the bank reconciliation statement.
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 10
A manufacturing company uses a job costing system. The following data is available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦90,000; Factory Overheads: ₦60,000. What is the total cost of production?
A. ₦270,000
B. ₦270,000
C. ₦270,000
D. ₦270,000
Question 11
A company's cash book shows the following transactions: Cash received from customers ₦50,000, cash paid to suppliers ₦30,000, cash paid to employees ₦20,000, cash received from bank ₦10,000. Prepare a cash flow statement for the month.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company issued 5,000, 9% 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 13
A company uses the cash book to record its transactions. The cash book shows the following entries: Debit: Cash = ₦10,000, Credit: Bank = ₦5,000. What is the net effect on the company's cash balance?
A. ₦5,000 decrease
B. ₦5,000 increase
C. ₦10,000 increase
D. ₦10,000 decrease
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total premium received.
A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000
Question 15
A company uses the FIFO method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. The company purchases additional inventory during the period for ₦900,000. If the total cost of the closing inventory is ₦1,200,000, what is the cost of goods sold?
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,100,000

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