POST UTME RHEMA UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦10 each at a premium of 50%. The company's profit for the year is ₦500,000. Calculate the amount of dividend to be paid to the shareholders.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 2
A company issues 5,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 2,000 debentures of ₦100 each. What is the total amount received from the issue of shares and debentures?
A. ₦105,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 3
A public sector organization has the following transactions: Cash received from customers: ₦1,000,000; Cash paid to suppliers: ₦800,000. Calculate the net cash inflow.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 4
A company uses the straight-line method of depreciation. If the asset's cost is ₦50,000 and its useful life is 5 years, what is the annual depreciation?
A. ₦10,000
B. ₦12,500
C. ₦15,000
D. ₦17,500
Question 5
A company's balance sheet as at 31st December 2022 is as follows: Equity Share Capital ₦500,000, Profit and Loss Account ₦200,000. If the company issues 10% debentures of ₦100 each at a premium of 10%, calculate the amount of premium on the debentures.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A public sector organization has a cash book account with a debit balance of ₦1,500,000. The cash book shows a credit balance of ₦800,000 in the bank account. The bank statement shows a debit balance of ₦1,200,000. What is the correct journal entry to reconcile the cash book and bank statement?
A. ₦1,500,000 debit to Cash and ₦1,200,000 credit to Bank
B. ₦1,200,000 debit to Bank and ₦800,000 credit to Cash
C. ₦1,500,000 debit to Bank and ₦800,000 credit to Cash
D. ₦1,200,000 debit to Cash and ₦800,000 credit to Bank
Question 7
A company's financial statements show the following information: Total Assets ₦1,500,000, Total Liabilities ₦800,000, and Total Equity ₦700,000. What is the company's return on equity?
A. 0.10
B. 0.15
C. 0.20
D. 0.25
Question 8
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales ₦500,000, Cost of Goods Sold ₦300,000, Operating Expenses ₦100,000. Calculate the company's gross profit for the year.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 10
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Sales Revenue ₦200,000. What is the company's net income?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 11
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦6,000. Calculate the total cost of the job.
A. ₦29,000
B. ₦29,500
C. ₦30,000
D. ₦30,500
Question 12
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales ₦500,000, Cost of Goods Sold ₦300,000, Operating Expenses ₦100,000. Calculate the company's net profit for the year.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 13
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦70,000. Prepare a bank reconciliation statement.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company has the following transactions: Purchased office equipment for ₦10,000, sold goods for ₦20,000, and paid rent of ₦5,000. What is the total amount of expenses?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

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