POST UTME SKYLINE UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A manufacturing company uses the FIFO method to value its inventory. The following data is available for the year ended December 31, 20X8:
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000
Question 2
A company uses the double-entry system of accounting. The following transactions occur during the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
The following trial balance was extracted from the books of XYZ Ltd. at 31st December 2018. Prepare the company's balance sheet at that date.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 4
A company's control account for the year ended 31st December 2022 is as follows:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 5
A company uses the perpetual inventory system. If the company purchases 100 units of inventory at ₦50 each, what is the total cost of goods available for sale?
A. ₦5,000
B. ₦6,000
C. ₦7,000
D. ₦8,000
Question 6
A company uses the accrual basis of accounting. If the company receives ₦100,000 in cash from customers and pays ₦80,000 in cash to suppliers, what is the net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company's balance sheet as at 31st December 2022, showed a current asset of ₦1,500,000 and a non-current asset of ₦2,000,000. The company's current liability was ₦800,000 and the non-current liability was ₦1,200,000. Calculate the company's net worth.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 8
A company's trial balance shows the following account balances: Accounts Receivable ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets and liabilities for the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 9
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦2,000,000 and a profit and loss account balance of ₦800,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦3,500,000
B. ₦3,600,000
C. ₦3,700,000
D. ₦3,800,000
Question 10
A manufacturing company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 20X8:
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 11
A company's cash flow statement for the year ended December 31, 2022, shows the following: Cash Flows from Operating Activities ₦200,000, Cash Flows from Investing Activities ₦100,000, and Cash Flows from Financing Activities ₦50,000. What is the company's net cash outflow for the year?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total assets of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 13
The following cash book extract was taken from the books of ABC Ltd. at 31st December 2018. Prepare the bank reconciliation statement at that date.
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦30,000
D. ₦25,000
Question 15
A company's cash book shows the following transactions: Cash Sale ₦10,000, Cash Purchase ₦5,000. What is the correct journal entry to record the cash sale?
A. Debit Cash ₦10,000, Credit Sales Revenue ₦10,000
B. Debit Sales Revenue ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Purchases ₦5,000
D. Debit Purchases ₦5,000, Credit Cash ₦10,000

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