POST UTME RSU 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a manufacturing department that produces two products, X and Y. The selling price of X is ₦100 per unit and the selling price of Y is ₦120 per unit. The total cost of production is ₦50,000. If the company sells 200 units of X and 150 units of Y, calculate the gross profit.
A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000
Question 2
A company issues 10,000, 8% preference shares of ₦10 each. The company also issues 5,000 ordinary shares of ₦5 each. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦175,000
C. ₦200,000
D. ₦225,000
Question 3
A company has the following trading account: Sales: ₦10,000 Cost of Goods Sold: ₦0,000 Gross Profit: ₦10,000 What is the gross profit percentage?
A. 10%
B. 15%
C. 20%
D. 25%
Question 4
A company uses the FIFO method to value its inventory. If the inventory consists of 100 units of item A and 50 units of item B, and the cost of item A is ₦10,000 and item B is ₦20,000, what is the cost of goods sold?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 5
A company's balance sheet shows the following: Assets: ₦150,000, Liabilities: ₦75,000, Equity: ₦75,000. What is the company's debt-to-equity ratio?
A. 1:1
B. 2:1
C. 1:2
D. 3:1
Question 6
The following are the details of the transactions of a company for the year ended December 31, 2020:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 7
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 24 hours and machine B operates for 18 hours, how many units of product X and Y should the company produce?
A. 10 units of X and 6 units of Y
B. 12 units of X and 8 units of Y
C. 15 units of X and 9 units of Y
D. 18 units of X and 12 units of Y
Question 8
A company uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2020:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 9
A company's balance sheet shows the following: Assets: ₦200,000, Liabilities: ₦100,000, Equity: ₦100,000. What is the company's return on equity?
A. 20%
B. 25%
C. 30%
D. 35%
Question 10
A company uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2020:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 11
A company has the following transactions: Sale of goods for ₦100,000, Purchase of goods for ₦80,000, and Salaries ₦20,000. Prepare the income statement.
A. Sales ₦100,000, Cost of Goods Sold ₦80,000, Salaries ₦20,000
B. Sales ₦100,000, Cost of Goods Sold ₦80,000, Salaries ₦20,000
C. Sales ₦100,000, Cost of Goods Sold ₦80,000, Salaries ₦20,000
D. Sales ₦100,000, Cost of Goods Sold ₦80,000, Salaries ₦20,000
Question 12
A company's balance sheet shows the following: Assets: ₦100,000, Liabilities: ₦50,000, 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 has a trading account balance of ₦50,000 and a profit and loss account balance of ₦20,000. Calculate the net profit.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 14
A company has the following transactions during the year: Debit: Raw Materials ₦5,000, Work-in-Progress ₦0,000, Finished Goods ₦5,000, Sales ₦10,000 Credit: Purchases ₦5,000, Wages ₦0,000, Rent ₦5,000, Cost of Goods Sold ₦10,000 What is the net profit of the company?
A. ₦0,000
B. ₦5,000
C. ₦10,000
D. ₦15,000
Question 15
A company issues 5,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦22,500
B. ₦25,000
C. ₦27,500
D. ₦30,000

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