Practice post utme rsu accounting 2022 Past Questions

Question 1

Determine the correct classification of the following account: 'Wages Payable' under the Generally Accepted Accounting Principles (GAAP).

Correct A. Current Liability

B. Non-Current Liability

C. Current Asset

D. Non-Current Asset

Correct Answer: A

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Question 2

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 cash transactions?

Correct A. ₦15,000

B. ₦20,000

C. ₦25,000

D. ₦30,000

Correct Answer: A

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Question 3

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?

Correct A. ₦20,000

B. ₦25,000

C. ₦30,000

D. ₦35,000

Correct Answer: A

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Question 4

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

Correct D. ₦50,000

Correct Answer: D

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Question 5

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 cash and credit transactions?

A. ₦35,000

B. ₦40,000

C. ₦45,000

Correct D. ₦50,000

Correct Answer: D

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Question 6

A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.

Correct A. ₦90,000

B. ₦80,000

C. ₦70,000

D. ₦60,000

Correct Answer: A

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Question 7

A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.

A. ₦50,000

Correct B. ₦45,000

C. ₦40,000

D. ₦35,000

Correct Answer: B

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Question 8

A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Bank | | 1,000 | | 3 | Cash | 500 | | | 4 | Bank | | 500 | | 5 | Cash | 1,000 | | | 6 | Bank | | 1,000 | The cash book is balanced. What is the balance in the cash account?

Correct A. ₦1,500

B. ₦1,000

C. ₦500

D. ₦0

Correct Answer: A

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Question 9

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

Correct D. ₦5,000

Correct Answer: D

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Question 10

A company's depreciation policy is to depreciate its assets by 10% per annum. If an asset cost ₦100,000 and has a useful life of 5 years, what is its book value after 3 years?

Correct A. ₦60,000

B. ₦70,000

C. ₦80,000

D. ₦90,000

Correct Answer: A

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Question 11

A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.

A. ₦900,000

B. ₦950,000

C. ₦1,000,000

Correct D. ₦1,050,000

Correct Answer: D

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Question 12

A company's capital consists of 5,000 shares of ₦10 each. If the company issues 2,000 bonus shares, what is the new total number of shares?

A. 7,000

Correct B. 7,500

C. 8,000

D. 8,500

Correct Answer: B

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Question 13

A company's profit and loss account for the year ended 31st December 2022 shows a net profit of ₦500,000. If the company's capital consists of 10,000 shares of ₦10 each, what is the earnings per share?

A. ₦5

Correct B. ₦10

C. ₦50

D. ₦100

Correct Answer: B

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Question 14

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?

Correct A. ₦200,000

B. ₦500,000

C. ₦1,000,000

D. ₦1,500,000

Correct Answer: A

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Question 15

A company's profit and loss account for the year ended 31st December 2022 shows a net loss of ₦200,000. If the company's capital consists of 5,000 shares of ₦10 each, what is the loss per share?

A. ₦4

B. ₦10

C. ₦20

Correct D. ₦40

Correct Answer: D

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Question 16

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, what is the total number of units of product X produced?

Correct A. 60

B. 72

C. 80

D. 90

Correct Answer: A

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Question 17

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?

Correct A. ₦ 120,000

B. ₦ 130,000

C. ₦ 140,000

D. ₦ 150,000

Correct Answer: A

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Question 18

A company's bank statement shows a balance of ₦ 15,000. The company's cash book shows a balance of ₦ 18,000. The bank statement also shows a debit of ₦ 2,000 for a dishonored cheque. What is the correct balance of the company's cash book?

A. ₦ 16,000

B. ₦ 17,000

Correct C. ₦ 18,000

D. ₦ 19,000

Correct Answer: C

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Question 19

A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦ 60,000, what is the share of profit of partner A?

Correct A. ₦ 36,000

B. ₦ 40,000

C. ₦ 42,000

D. ₦ 45,000

Correct Answer: A

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Question 20

A company uses the double entry system of accounting. The following transactions are recorded in the journal: Debitors ₦ 10,000, Creditors ₦ 5,000, Capital ₦ 20,000. What is the total amount of the company's assets?

A. ₦ 35,000

B. ₦ 40,000

C. ₦ 45,000

Correct D. ₦ 50,000

Correct Answer: D

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Question 21

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

Correct B. ₦1,500

C. ₦1,800

D. ₦2,000

Correct Answer: B

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Question 22

A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has the following data for the month of January: total overhead costs of ₦120,000, total direct labor hours of 1,000, and total machine hours of 800. If the company uses a machine rate of ₦150 per hour and a labor rate of ₦100 per hour, what is the total overhead cost assigned to jobs using the weighted average method?

A. ₦90,000

Correct B. ₦100,000

C. ₦110,000

D. ₦120,000

Correct Answer: B

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Question 23

A company's balance sheet shows a current ratio of 2.5:1. If the company's current assets are ₦250,000 and its current liabilities are ₦100,000, what is the company's quick ratio?

Correct A. 1.25:1

B. 1.5:1

C. 2:1

D. 2.5:1

Correct Answer: A

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Question 24

A company issues 10,000 shares of ₦5 par value at a premium of ₦3 per share. If the company receives ₦50,000 in cash, what is the total amount of the premium received?

A. ₦30,000

Correct B. ₦40,000

C. ₦50,000

D. ₦60,000

Correct Answer: B

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Question 25

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

Correct B. ₦1,500

C. ₦1,800

D. ₦2,000

Correct Answer: B

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