POST UTME RSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following: | Account | Debit | Credit | | --- | --- | --- | | Cash | 50,000 | | | Accounts Payable | | 30,000 | | Inventory | 70,000 | | | Equipment | | 80,000 | What is the correct amount of the company's cash account?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 2
A company's balance sheet shows an asset of ₦100,000 and a liability of ₦80,000. What is the company's net worth?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A company has the following transactions: purchased office equipment for ₦50,000, purchased office furniture for ₦30,000, and sold office equipment for ₦20,000. Prepare a statement of cash flows for the company.
A. ₦10,000
B. ₦10,000
C. ₦10,000
D. ₦10,000
Question 4
A company's balance sheet as at 31st December, 2023 is as follows: Assets: ₦ Cash 120,000 Accounts Receivable 120,000 Office Equipment 60,000 Raw Materials 100,000 Goods Sold 80,000 Rent Payable 20,000 Dividends Payable 30,000 Liabilities: ₦ Accounts Payable 80,000 Salaries Payable 40,000 Determine the net change in cash for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 6
A company's manufacturing account for the year ended 31st December, 2023 is as follows: Direct Materials: ₦ Raw Materials 100,000 Direct Labour: ₦ Salaries 40,000 Overheads: ₦ Rent 20,000 Total Cost of Production: ₦ 1,200,000 Determine the net change in cash for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 7
A company's profit and loss account for the year ended 31st December is as follows:
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 8
A company has the following ledger accounts: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the company's net income?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 9
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. What is the correct amount of the accounts payable account?
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 10
A manufacturing company has two departments: Production and Sales. The Production department has a direct labor cost of ₦1,500,000 and an overhead cost of ₦750,000. The Sales department has a direct labor cost of ₦900,000 and an overhead cost of ₦450,000. What is the total cost of goods sold for the company?
A. ₦3,000,000
B. ₦3,150,000
C. ₦3,300,000
D. ₦3,450,000
Question 11
A company's cash book shows the following transactions: Date | Particulars | Debit | Credit 01/01/2024 | Cash | ₦100,000 | 15/01/2024 | Bank | ₦50,000 | 22/01/2024 | Cash | ₦20,000 | What is the total amount of cash received by the company in January 2024?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 12
A company's trading account for the year ended 31st December 2023 shows a profit of ₦120,000. The balance sheet as at 31st December 2023 shows a current liability of ₦80,000 and a non-current liability of ₦200,000. The company's share capital is ₦500,000 and its retained earnings are ₦300,000. What is the company's net worth as at 31st December 2023?
A. ₦1,020,000
B. ₦1,220,000
C. ₦1,320,000
D. ₦1,420,000
Question 13
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The following is a diagram of the company's share capital:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 14
A company's balance sheet shows the following: | Asset | ₦ | Liability | ₦ | | --- | --- | --- | --- | | Cash | 50,000 | Accounts Payable | 30,000 | | Inventory | 70,000 | Long-term Debt | 100,000 | | Equipment | 80,000 | Equity | 120,000 | What is the total amount of the company's assets?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 15
The following is a diagram of a manufacturing process:
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000

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: