POST UTME RHEMA UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦30,000. The bank statement shows a balance of ₦35,000. The difference is due to an unrecorded credit of ₦2,000. Calculate the cash balance as per the cash book.
A. ₦32,000
B. ₦32,000
C. ₦32,000
D. ₦32,000
Question 2
A company has the following cash transactions during the year: Cash received from customers: ₦200,000. Cash paid to suppliers: ₦150,000. Cash paid to employees: ₦80,000. Cash received from bank: ₦50,000. Cash paid to bank: ₦30,000. Calculate the net increase in cash for the year.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
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. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 4
A company purchases a machine for ₦200,000 and depreciates it by 10% per annum using the straight-line method. Calculate the depreciation for the first two years.
A. ₦20,000, ₦22,000
B. ₦22,000, ₦24,000
C. ₦24,000, ₦26,000
D. ₦26,000, ₦28,000
Question 5
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 prepare the financial statements
D. To calculate the net worth of the business
Question 6
A company purchases a machine for ₦120,000 and depreciates it using the straight-line method over a period of 5 years. Calculate the annual depreciation for the first year.
A. ₦20,000
B. ₦24,000
C. ₦28,000
D. ₦32,000
Question 7
A company's cash book shows a balance of ₦25,000. The bank statement shows a balance of ₦30,000. The difference is due to an unrecorded debit of ₦3,000. Calculate the cash balance as per the cash book.
A. ₦28,000
B. ₦28,000
C. ₦28,000
D. ₦28,000
Question 8
A company purchased a machine for ₦ 50,000. If the machine is depreciated at 10% per annum, what is the value of the machine after 3 years?
A. ₦ 30,000
B. ₦ 35,000
C. ₦ 40,000
D. ₦ 45,000
Question 9
A company issues 5,000, 10% preference shares of ₦50 each at a premium of ₦10 per share. Calculate the amount received from the shareholders and the amount of premium.
A. ₦250,000, ₦50,000
B. ₦250,000, ₦25,000
C. ₦250,000, ₦30,000
D. ₦250,000, ₦35,000
Question 10
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The total amount received from the issue of shares is:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 11
A company issued 10,000 debentures of ₦ 100 each at 6% interest. Calculate the total interest payable on the debentures after 2 years.
A. ₦ 12,000
B. ₦ 15,000
C. ₦ 18,000
D. ₦ 20,000
Question 12
The following trial balance was extracted from the books of a government ministry. Prepare the ledger accounts for the assets and liabilities.
A. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦20,000, Unearned Revenue = ₦30,000
B. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦30,000, Unearned Revenue = ₦20,000
C. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦20,000, Unearned Revenue = ₦30,000
D. Assets: Cash = ₦100,000, Bank = ₦200,000, Prepaid Rent = ₦50,000; Liabilities: Accrued Expenses = ₦30,000, Unearned Revenue = ₦20,000
Question 13
A company's trial balance shows the following balances:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 14
A company's assets are valued at ₦ 1,000,000. If the company's liabilities are ₦ 300,000, what is the company's net worth?
A. ₦ 200,000
B. ₦ 400,000
C. ₦ 700,000
D. ₦ 1,000,000
Question 15
A company's cash book shows a balance of ₦20,000. The bank statement shows a balance of ₦25,000. The difference is due to an unrecorded debit of ₦3,000. Calculate the cash balance as per the cash book.
A. ₦23,000
B. ₦23,000
C. ₦23,000
D. ₦23,000

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