POST UTME SKYLINE UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦100,000 on January 1, 2018. During the year, it received ₦200,000 in cash and paid ₦150,000 in cash. The bank statement shows a balance of ₦120,000 on December 31, 2018. What is the difference between the cash book balance and the bank statement balance?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 2
A company's trial balance shows the following accounts: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. What is the ratio of Net Income to Sales Revenue?
A. 0.30
B. 0.35
C. 0.40
D. 0.45
Question 3
A company's cash book shows a balance of £ 2,000. The bank statement shows a balance of £ 1,500. The company's cash book shows a credit balance of £ 500. What is the correct balance of the company's cash book?
A. £ 1,500
B. £ 2,000
C. £ 2,500
D. £ 3,000
Question 4
A company uses the double-entry system of accounting. If the company's trial balance shows a debit balance of ₦5,000 in the 'Rent and Utilities' account, what is the corresponding credit entry in the 'Cash' account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. The difference is due to a bank error. Calculate the amount of the bank error.
A. ₦15,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 6
A partnership has two partners, A and B. The capital contributions of A and B are ₦100,000 and ₦80,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit share of partner A.
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 7
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. £ 10,000
B. £ 50,000
C. £ 10,500
D. £ 11,000
Question 8
A company's cash book shows a balance of £ 1,500. The bank statement shows a balance of £ 2,000. The company's cash book shows a debit balance of £ 800. What is the correct balance of the company's cash book?
A. £ 1,300
B. £ 1,500
C. £ 1,700
D. £ 2,000
Question 9
A company has the following transactions: Purchased goods for £ 10,000, Sold goods for £ 15,000, Paid cash £ 5,000. Prepare the journal entries for the transactions.
A. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Purchases £ 5,000
B. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Sales £ 5,000
C. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Purchases £ 5,000
D. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Sales £ 5,000
Question 10
A company's bank statement shows the following transactions: | Date | Debit | Credit | | --- | --- | --- | | 1st Jan | 1,000 | | | 2nd Jan | | 500 | | 3rd Jan | | 800 | | 4th Jan | | 1,200 | What is the balance of the company's bank account?
A. ₦1,200
B. ₦1,800
C. ₦2,000
D. ₦2,200
Question 11
A partnership firm's capital accounts are as follows: | Partner | Capital | Drawing | Balance | | --- | --- | --- | --- | | A | 10,000 | 2,000 | 8,000 | | B | 8,000 | 1,500 | 6,500 | | C | 12,000 | 3,000 | 9,000 | What is the total profit sharing ratio of the partners?
A. 3:2:4
B. 4:3:2
C. 2:3:4
D. 4:2:3
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦476,000
D. ₦476,500
Question 13
A partnership has two partners, A and B. The capital accounts of A and B are £ 20,000 and £ 30,000 respectively. The profit sharing ratio is 3:2. If the profit for the year is £ 15,000, prepare the profit and loss account.
A. Profit and Loss Account: £ 15,000, Capital Account: A £ 5,000, B £ 10,000
B. Profit and Loss Account: £ 15,000, Capital Account: A £ 10,000, B £ 5,000
C. Profit and Loss Account: £ 15,000, Capital Account: A £ 15,000, B £ 0
D. Profit and Loss Account: £ 15,000, Capital Account: A £ 0, B £ 15,000
Question 14
A firm's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | | 4th Jan | Bank | | 1,200 | What is the balance of the firm's cash book?
A. ₦1,200
B. ₦1,800
C. ₦2,000
D. ₦2,200
Question 15
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The company also issued 5,000 debentures of £ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. £ 15,000
B. £ 16,000
C. £ 17,000
D. £ 18,000

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