POST UTME SKYLINE UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased equipment for ₦20,000, and Sold goods for ₦30,000. What is the total amount of liabilities?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased equipment for ₦20,000, and Sold goods for ₦30,000. What is the total amount of equity?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 3
A company's trial balance as at December 31, 2022, shows the following: ₦100,000 debit balance in the trading account; ₦50,000 credit balance in the profit and loss account; ₦20,000 debit balance in the drawings account. Prepare the company's balance sheet as at December 31, 2022.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 4
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦150,000, while the general ledger shows a balance of ₦200,000. What is the reason for the difference?
A. The cash book is not up-to-date
B. The general ledger is not up-to-date
C. The cash book and general ledger are not reconciled
D. The cash book and general ledger are reconciled
Question 5
A company has a self-balancing ledger as follows: Debit ₦2,000,000, Credit ₦2,000,000. What is the company's net worth?
A. ₦0
B. ₦1,000,000
C. ₦2,000,000
D. ₦3,000,000
Question 6
A company's trial balance shows an error of ₦10,000 in the credit side of the purchases account. The correct amount of purchases is ₦200,000. What is the correct amount of purchases?
A. ₦210,000
B. ₦200,000
C. ₦190,000
D. ₦220,000
Question 7
A company's assets are valued at ₦100,000. The company's accountant has informed you that the correct value should be ₦120,000. What is the correct journal entry to correct this error?
A. ₦20,000 debit to assets, ₦20,000 credit to equity
B. ₦20,000 credit to assets, ₦20,000 debit to equity
C. ₦20,000 debit to assets, ₦20,000 credit to revenue
D. ₦20,000 credit to assets, ₦20,000 debit to revenue
Question 8
A company has the following transactions: Purchased office supplies for ₦10,000, Purchased equipment for ₦50,000, and Sold goods for ₦100,000. Prepare the company's journal entries for the transactions.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 9
A company's cash book shows the following transactions: ₦10,000 cash received from customers; ₦5,000 cash paid to suppliers; ₦8,000 bank deposit; ₦3,000 bank withdrawal. Prepare the cash book and bank reconciliation statement as at December 31, 2022.
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 10
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. The company also issued 2,000, 12% debentures of ₦50 each at a discount of 5%. Calculate the total premium and discount on the debentures.
A. ₦10,000
B. ₦12,000
C. ₦15,000
D. ₦18,000
Question 11
A company issues 5,000, 10% preference shares of ₦50 each at a premium of 20%. Calculate the total premium received.
A. ₦50,000
B. ₦1,00,000
C. ₦1,000,000
D. ₦10,000,000
Question 12
A company's assets are valued at ₦100,000. The company's accountant has informed you that the correct value should be ₦120,000. What is the correct journal entry to correct this error?
A. ₦20,000 debit to assets, ₦20,000 credit to equity
B. ₦20,000 credit to assets, ₦20,000 debit to equity
C. ₦20,000 debit to assets, ₦20,000 credit to revenue
D. ₦20,000 credit to assets, ₦20,000 debit to revenue
Question 13
A company purchased a machine for £ 10,000. The machine is expected to have a useful life of 5 years and a residual value of £ 1,000. Calculate the annual depreciation using the straight-line method.
A. £ 1,800
B. £ 1,900
C. £ 2,000
D. £ 2,100
Question 14
A partnership is formed by three partners, A, B, and C, with capital contributions of ₦200,000, ₦300,000, and ₦400,000 respectively. The profit-sharing ratio is 2:3:4. Calculate the total profit for the year ended December 31, 2022, if the total profit is ₦1,200,000.
A. ₦600,000
B. ₦800,000
C. ₦1,000,000
D. ₦1,200,000
Question 15
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After one year, the profit is shared in the ratio 2:3. If the profit is ₦60,000, how much does partner A receive?
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦42,000

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