POST UTME SKYLINE UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account for the year ended 31st December 2020 is as follows:
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 2
A company has the following ledger accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦0 | ₦18,000 | | Net Income | ₦0 | ₦2,000 | Prepare a corrected trial balance.
A. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦18,000 | ₦0 | | Net Income | ₦2,000 | ₦0 |
B. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦15,000 | ₦0 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦18,000 | ₦0 | | Net Income | ₦2,000 | ₦0 |
C. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦18,000 | | Cost of Goods Sold | ₦0 | ₦18,000 | | Net Income | ₦0 | ₦2,000 |
D. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦18,000 | ₦0 | | Net Income | ₦2,000 | ₦0 |
Question 3
A company issued 5,000 debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of debentures.
A. ₦525,000
B. ₦500,000
C. ₦550,000
D. ₦520,000
Question 4
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 3 hours of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of product A and 50 units of product B, what is the total labor cost?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 5
A company's trial balance shows a debit balance of ₦15,000 in the account 'Office Equipment' and a credit balance of ₦20,000 in the account 'Office Supplies'. What is the correct journal entry to record the adjustment for the difference?
A. ₦5,000 debit to Office Equipment and ₦5,000 credit to Office Supplies
B. ₦5,000 debit to Office Supplies and ₦5,000 credit to Office Equipment
C. ₦10,000 debit to Office Equipment and ₦10,000 credit to Office Supplies
D. ₦10,000 debit to Office Supplies and ₦10,000 credit to Office Equipment
Question 6
The following transactions were recorded by a company during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 7
A company's trading account for the year ended 31st December 2020 is as follows:
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
In a partnership account, the capital of the partners is divided in the ratio of 3:5:7. If the total capital is ₦150,000, what is the amount of capital of the partner whose share is 5 parts?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 9
A company's trial balance shows a debit balance of ₦20,000 in the account 'Salaries Expense' and a credit balance of ₦25,000 in the account 'Salaries Payable'. What is the correct journal entry to record the adjustment for the difference?
A. ₦5,000 debit to Salaries Expense and ₦5,000 credit to Salaries Payable
B. ₦5,000 debit to Salaries Payable and ₦5,000 credit to Salaries Expense
C. ₦10,000 debit to Salaries Expense and ₦10,000 credit to Salaries Payable
D. ₦10,000 debit to Salaries Payable and ₦10,000 credit to Salaries Expense
Question 10
A company issued 10,000 shares of ₦10 each at a premium of ₦5. Calculate the total amount received from the issue of shares.
A. ₦105,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 11
A company has the following ledger accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦0 | ₦18,000 | | Net Income | ₦0 | ₦2,000 | Prepare a corrected trial balance.
A. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦18,000 | ₦0 | | Net Income | ₦2,000 | ₦0 |
B. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦15,000 | ₦0 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦18,000 | ₦0 | | Net Income | ₦2,000 | ₦0 |
C. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦18,000 | | Cost of Goods Sold | ₦0 | ₦18,000 | | Net Income | ₦0 | ₦2,000 |
D. | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦15,000 | | Sales | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦18,000 | ₦0 | | Net Income | ₦2,000 | ₦0 |
Question 12
A company has a cash book balance of ₦50,000 and a bank balance of ₦30,000. If the bank statement balance is ₦60,000, what is the amount of the bank reconciliation difference?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company purchased a machine for ₦500,000. Depreciation is calculated using the straight-line method. If the machine is expected to last for 5 years, what is the annual depreciation?
A. ₦100,000
B. ₦50,000
C. ₦90,000
D. ₦80,000
Question 14
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The company also issued 5,000 6% debentures of £ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦250,000
B. ₦275,000
C. ₦300,000
D. ₦325,000
Question 15
A company's cash book shows a debit balance of ₦25,000. The company's ledger shows a credit balance of ₦30,000 in the bank account. What is the correct journal entry to rectify the discrepancy?
A. ₦5,000 debit to bank account
B. ₦5,000 credit to bank account
C. ₦5,000 debit to cash account
D. ₦5,000 credit to cash account

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