POST UTME RSU 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The accountant has identified the following errors: (i) a credit of ₦800 was posted to the wrong account, (ii) a debit of ₦300 was omitted, and (iii) a credit of ₦400 was posted twice. What is the correct amount of the discrepancy?
A. ₦1,200
B. ₦1,500
C. ₦1,800
D. ₦2,000
Question 2
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 shows the following balances: Debtors: ₦120,000 Stock: ₦150,000 Accrued Expenses: ₦30,000 What is the total value of the company's assets as at 31st December 2022?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 3
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | Profit | 5,000 | | Total | 45,000 | Total | 65,000 | What is the amount of profit?
A. ₦20,000
B. ₦15,000
C. ₦10,000
D. ₦5,000
Question 4
A company issues 5,000, 10% shares of ₦50 each at a premium of ₦10. Calculate the amount received from shareholders.
A. ₦275,000
B. ₦300,000
C. ₦325,000
D. ₦350,000
Question 5
A company's bank reconciliation statement shows a difference of ₦8,000 between the cash book balance and the bank statement balance. The company's cash book balance is ₦25,000. Prepare the necessary journal entry to correct this difference.
A. Debit Cash ₦8,000, Credit Bank ₦8,000
B. Debit Bank ₦8,000, Credit Cash ₦8,000
C. Debit Bank ₦8,000, Credit Profit and Loss ₦8,000
D. Debit Profit and Loss ₦8,000, Credit Bank ₦8,000
Question 6
A company's balance sheet as at 31st December 2022 shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. What is the company's net worth?
A. ₦200,000
B. ₦500,000
C. ₦1,000,000
D. ₦1,500,000
Question 7
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The accountant has identified the following errors: (i) a credit of ₦800 was posted to the wrong account, (ii) a debit of ₦300 was omitted, and (iii) a credit of ₦400 was posted twice. What is the correct amount of the discrepancy?
A. ₦1,200
B. ₦1,500
C. ₦1,800
D. ₦2,000
Question 8
A firm has the following transactions in its trial balance: Debitors ₦ 50,000, Creditors ₦ 30,000, Capital ₦ 100,000, Drawings ₦ 20,000. What is the total amount of the firm's assets?
A. ₦ 120,000
B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000
Question 9
A company has the following transactions: Purchased office supplies for ₦10,000 cash. Purchased office equipment for ₦20,000 on credit. Paid ₦5,000 cash for rent. What is the total amount of transactions?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 10
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Received' account. Prepare the necessary journal entry to correct this error.
A. Debit Rent Received ₦15,000, Credit Rent Received ₦15,000
B. Debit Rent Received ₦15,000, Credit Rent Paid ₦15,000
C. Debit Rent Paid ₦15,000, Credit Rent Received ₦15,000
D. Debit Rent Received ₦15,000, Credit Cash ₦15,000
Question 11
A company's bank reconciliation statement shows a difference of ₦5,000 between the cash book balance and the bank statement balance. The company's cash book balance is ₦20,000. Prepare the necessary journal entry to correct this difference.
A. Debit Cash ₦5,000, Credit Bank ₦5,000
B. Debit Bank ₦5,000, Credit Cash ₦5,000
C. Debit Bank ₦5,000, Credit Profit and Loss ₦5,000
D. Debit Profit and Loss ₦5,000, Credit Bank ₦5,000
Question 12
A company has the following transactions: Purchased office supplies for ₦10,000 cash. Purchased office equipment for ₦20,000 on credit. Paid ₦5,000 cash for rent. What is the total amount of credit transactions?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 13
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Prepare the necessary journal entry to record the distribution of profit.
A. Debit Profit and Loss Appropriation Account ₦30,000, Credit A's Capital ₦30,000
B. Debit Profit and Loss Appropriation Account ₦30,000, Credit B's Capital ₦30,000
C. Debit A's Capital ₦30,000, Credit Profit and Loss Appropriation Account ₦30,000
D. Debit B's Capital ₦30,000, Credit Profit and Loss Appropriation Account ₦30,000
Question 15
A company uses the double-entry system of accounting. The company's ledger accounts show the following balances: Debtors: ₦120,000 Stock: ₦150,000 Accrued Expenses: ₦30,000 What is the total value of the company's liabilities as at 31st December 2022?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: