POST UTME RSU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows the following: ₦200,000 in cash, ₦150,000 in accounts receivable, and ₦100,000 in inventory. The company's income statement shows a net income of ₦50,000. Prepare the company's statement of changes in equity.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 2
In a partnership account, the capital of each partner is shown on the debit side of the capital account. Which of the following is true about the capital account?
A. The capital account is a nominal account.
B. The capital account is a real account.
C. The capital account is a temporary account.
D. The capital account is a permanent account.
Question 3
A company has the following transactions for the month of January: Purchased office supplies for 1,000 on credit, Sold goods for 5,000 cash, and Purchased equipment for 10,000 cash. What is the total amount of equity at the end of January?
A. 6,000
B. 5,000
C. 4,000
D. 3,000
Question 4
A company has the following transactions for the month of January: Purchased office supplies for 1,000 on credit, Sold goods for 5,000 cash, and Purchased equipment for 10,000 cash. What is the total amount of expenses at the end of January?
A. 6,000
B. 5,000
C. 4,000
D. 3,000
Question 5
A bank reconciliation statement shows a difference of ₦15,000 between the bank statement balance and the cash book balance. The bank statement balance is higher. What is the reason for the difference?
A. The bank has charged a fee.
B. The bank has credited an interest.
C. The bank has debited an NSF cheque.
D. The bank has credited a deposit.
Question 6
A company has the following transactions for the month of January: Purchased office supplies for 1,000 on credit, Sold goods for 5,000 cash, and Purchased equipment for 10,000 cash. What is the total amount of assets at the end of January?
A. 16,000
B. 15,000
C. 14,000
D. 13,000
Question 7
A company's cash book shows a debit balance of ₦50,000. The bank statement shows a credit balance of ₦75,000. The company's cash book also shows a debit of ₦20,000 for a bank charge. What is the correct balance of the company's cash account?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 8
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 9
A company uses the double-entry system of accounting. If a customer pays ₦10,000 cash for goods sold, what is the effect on the accounting equation?
A. Assets increase by ₦10,000 and liabilities decrease by ₦10,000.
B. Assets decrease by ₦10,000 and liabilities increase by ₦10,000.
C. Assets increase by ₦10,000 and equity increases by ₦10,000.
D. Assets decrease by ₦10,000 and equity decreases by ₦10,000.
Question 10
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. What is the reason for the difference?
A. The bank has credited an interest.
B. The bank has debited an NSF cheque.
C. The bank has charged a fee.
D. The bank has credited a deposit.
Question 11
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦50,000. What is the reason for the difference?
A. Depreciation
B. Bad debts
C. Interest on loans
D. Dividends paid
Question 12
A company has the following balance sheet at the end of the year: Assets 100,000, Liabilities 50,000, and Equity 50,000. What is the company's current ratio?
A. 2:1
B. 1:1
C. 1:2
D. 3:1
Question 13
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received a total of 250,000 from the sale of these shares, what is the total amount of share capital?
A. ₦125,000
B. ₦250,000
C. ₦375,000
D. ₦500,000
Question 14
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦120,000, while the general ledger shows a balance of ₦150,000. The company's bank statement shows a balance of ₦180,000. Prepare a bank reconciliation statement.
A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦120,000
Question 15
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The company also issued 2,000 debentures of 100 each. Calculate the total amount of share capital and debenture capital.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000

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