POST UTME RSU 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company purchases a machine for ₦1,500,000 and depreciates it by 20% per annum using the straight-line method. Calculate the depreciation for the first year.
A. ₦300,000
B. ₦200,000
C. ₦150,000
D. ₦250,000
Question 2
A company's cash book showed a balance of ₦20,000. The company's bank statement showed a balance of ₦22,000. The bank charges were ₦00 and the bank interest was ₦00. What is the correct balance of the company's cash book?
A. ₦21,400
B. ₦21,600
C. ₦21,800
D. ₦22,000
Question 3
A company prepares its trial balance and discovers that the debit and credit balances of the accounts do not tally. What is the first step to take?
A. Check the accounts for errors.
B. Reconcile the trial balance with the general ledger.
C. Prepare a new trial balance.
D. Investigate the discrepancy.
Question 4
A company uses the single-entry system of accounting. The following transactions were recorded: Purchased office supplies for ₦15,000 cash, paid ₦8,000 to a supplier, and received ₦12,000 from a customer. Prepare the journal entries and ledger accounts.
A. ₦7,000
B. ₦10,000
C. ₦12,000
D. ₦15,000
Question 5
A company issued 5,000 debentures of ₦ 100 each at a premium of ₦ 10 per debenture. The issue expenses were ₦ 25,000. Calculate the amount of debenture capital.
A. ₦ 500,000
B. ₦ 550,000
C. ₦ 600,000
D. ₦ 650,000
Question 6
A company uses the weighted average method to value its inventory. The company's inventory at the beginning of the year is ₦1,000,000 and at the end of the year is ₦1,200,000. If the company purchases goods worth ₦1,500,000 during the year, calculate the cost of goods sold.
A. ₦2,500,000
B. ₦2,200,000
C. ₦2,000,000
D. ₦1,800,000
Question 7
A company's cash book showed a balance of ₦10,000. The bank statement showed a balance of ₦12,000. The bank charges were ₦00 and the bank interest was ₦00. What is the correct balance of the company's cash book?
A. ₦11,400
B. ₦11,600
C. ₦11,800
D. ₦12,000
Question 8
A company's income statement for the year ended December 31, 2020, showed a net income of ₦150,000. If the company's balance sheet as at December 31, 2020, showed total assets of ₦500,000 and total liabilities of ₦200,000, what was the total equity as at December 31, 2020?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 9
A company uses the weighted average method to value its inventory. If the company has three types of inventory with the following quantities and costs: Type A (100 units, ₦50 per unit), Type B (200 units, ₦75 per unit), and Type C (300 units, ₦100 per unit), what is the total value of the inventory?
A. ₦210,000
B. ₦240,000
C. ₦270,000
D. ₦300,000
Question 10
A company's cash book showed a balance of ₦ 15,000. However, the bank statement showed a balance of ₦ 20,000. The bank charged a service fee of ₦ 500. Calculate the correct balance.
A. ₦ 18,500
B. ₦ 19,500
C. ₦ 20,500
D. ₦ 21,500
Question 11
A company uses a cash book to record all its cash transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for the difference?
A. The company has not recorded all its cash transactions.
B. The bank has charged the company a fee.
C. The company has deposited cash into the bank but has not yet recorded it in the cash book.
D. The company has withdrawn cash from the bank but has not yet recorded it in the cash book.
Question 12
A company's accounting policy requires that depreciation be calculated using the straight-line method. If the company purchased a machine for ₦120,000 and it has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 13
A company prepares its trial balance and discovers that the debit and credit balances of the accounts do not tally. What is the next step to take?
A. Reconcile the trial balance with the general ledger.
B. Prepare a new trial balance.
C. Investigate the discrepancy.
D. Check the accounts for errors.
Question 14
A company's cash book shows the following transactions: Purchased office supplies for ₦20,000 cash, paid ₦10,000 to a supplier, and received ₦18,000 from a customer. Prepare the bank reconciliation statement.
A. ₦2,000
B. ₦5,000
C. ₦8,000
D. ₦10,000
Question 15
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦60,000. What is the most likely cause of the discrepancy?
A. Error in the preparation of the cash book
B. Omission of a transaction in the cash book
C. Error in the posting of a transaction to the ledger
D. Error in the calculation of the bank statement

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