POST UTME SKYLINE UNIVERSITY 2024 Accounting | Objective

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Question 1
A company's bank statement showed a balance of ₦120,000, but the company's cash book showed a balance of ₦150,000. The difference is due to an outstanding cheque of ₦15,000 and a deposit in transit of ₦5,000. What is the correct bank reconciliation statement?
A. Bank Balance ₦120,000, Cash Book Balance ₦150,000, Outstanding Cheque ₦15,000, Deposit in Transit ₦5,000
B. Bank Balance ₦150,000, Cash Book Balance ₦120,000, Outstanding Cheque ₦15,000, Deposit in Transit ₦5,000
C. Bank Balance ₦120,000, Cash Book Balance ₦150,000, Outstanding Cheque ₦5,000, Deposit in Transit ₦15,000
D. Bank Balance ₦150,000, Cash Book Balance ₦120,000, Outstanding Cheque ₦5,000, Deposit in Transit ₦15,000
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare the ledger accounts for the above transactions.
A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦50,000
B. Debit Accounts Receivable ₦30,000, Credit Sales Revenue ₦30,000
C. Debit Cost of Goods Sold ₦150,000, Credit Sales Revenue ₦150,000
D. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦50,000
Question 3
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that profits and losses will be shared in the ratio 3:2. If the partnership makes a profit of ₦150,000, how much will A receive?
A. ₦180,000
B. ₦120,000
C. ₦150,000
D. ₦200,000
Question 4
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit of partner A.
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 5
A company uses the weighted average method to value its inventory. The following data is available: Cost of goods available for sale: ₦1,500,000; Beginning inventory: ₦300,000; Ending inventory: ₦450,000. Calculate the cost of goods sold.
A. ₦900,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 6
Determine the amount of depreciation for a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method. The machine is currently in its 3rd year of use.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 7
A public sector organization has the following transactions: Debit: Salaries ¡ 100,000, Travel Expenses ¡ 20,000, and Office Supplies ¡ 10,000. Credit: Cash ¡ 130,000.
A. ₦100,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 8
A company's trial balance shows an error of ₦10,000. The error is due to an omission of a transaction. Prepare the necessary journal entry to rectify the error.
A. Debit Cash ₦10,000, Credit Profit and Loss Account ₦10,000
B. Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000
C. Debit Profit and Loss Account ₦10,000, Credit Capital Account ₦10,000
D. Debit Capital Account ₦10,000, Credit Profit and Loss Account ₦10,000
Question 9
A company's profit and loss account shows a profit of ₦50,000. However, the balance sheet shows a loss of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding revenue of ₦30,000
B. The company has an outstanding expense of ₦30,000
C. The company has an outstanding asset of ₦30,000
D. The company has an outstanding liability of ₦30,000
Question 10
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Accounts Payable ₦5,000, Debit Equipment ₦20,000, Credit Accounts Receivable ₦15,000. What is the net effect on the company's cash position?
A. ₦5,000 decrease
B. ₦5,000 increase
C. ₦10,000 decrease
D. ₦10,000 increase
Question 11
A company's financial statements show the following balances: Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare the journal entries for the above transactions.
A. Debit Cash ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Accounts Receivable ₦30,000, Credit Sales Revenue ₦30,000
C. Debit Cost of Goods Sold ₦150,000, Credit Sales Revenue ₦150,000
D. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦50,000
Question 12
A public sector organization has the following transactions: Debit: Salaries ¡ 100,000, Travel Expenses ¡ 20,000, and Office Supplies ¡ 10,000. Credit: Cash ¡ 130,000.
A. ₦100,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 13
A government agency has a budget of ₦500,000 for the year. The agency has already spent ₦300,000. Prepare a budget variance analysis to determine the under/over expenditure.
A. Under expenditure of ₦100,000
B. Over expenditure of ₦100,000
C. Under expenditure of ₦200,000
D. Over expenditure of ₦200,000
Question 14
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The shares were issued for £ 1.50 each. Calculate the amount received from the issue of shares.
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
A company uses the self-balancing ledger system. The following transactions were recorded during the year: Debit: Raw Materials ¡ 10,000, Work-in-Progress ¡ 20,000, Finished Goods ¡ 30,000, and Sales ¡ 50,000. Credit: Purchases ¡ 40,000, Wages ¡ 15,000, and Cost of Goods Sold ¡ 60,000.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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