POST UTME SUMMIT UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger accounts as at 31st December 2022.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 2
A company has the following ledger balances: Cash: ₦50,000 Bank: ₦100,000 Accounts Payable: ₦80,000 Sales: ₦120,000 Cost of Goods Sold: ₦90,000 What is the total amount of assets?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 3
A government agency is responsible for collecting taxes. The agency's budget for the year is ₦500,000,000. If the agency collects ₦400,000,000 in taxes, what is the percentage of the budget that has been collected?
A. 80%
B. 85%
C. 90%
D. 95%
Question 4
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: 1. Purchased office equipment for ₦120,000 cash. 2. Sold goods for ₦150,000 on credit. 3. Paid salaries of ₦80,000 by cheque. 4. Purchased goods for ₦200,000 on credit. What is the total amount of cash used in the above transactions?
A. ₦120,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 5
A company has the following transactions in its ledger: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Sales | ₦10,000 | | | 2nd Jan | Sales | ₦5,000 | | | 3rd Jan | Sales | | ₦15,000 | What is the balance of the sales account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 6
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: 1. Purchased office equipment for ₦120,000 cash. 2. Sold goods for ₦150,000 on credit. 3. Paid salaries of ₦80,000 by cheque. 4. Purchased goods for ₦200,000 on credit. What is the total amount of cash used in the above transactions?
A. ₦120,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 7
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Cash | ₦5,000 | | | 3rd Jan | Cash | | ₦15,000 | What is the balance of the cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 8
A company purchases a machine for ₦200,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
A. ₦36,000
B. ₦40,000
C. ₦42,000
D. ₦44,000
Question 9
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. Prepare a classified balance sheet.
A. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
B. Cash 10,000, Accounts Payable 5,000, Common Stock 30,000
C. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
D. Cash 10,000, Accounts Payable 5,000, Common Stock 40,000
Question 10
A company's financial statements show that its assets have increased by ₦200,000 and its liabilities have decreased by ₦20,000. What is the increase in equity?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 11
A company manufactures two products, X and Y. Product X requires 2 hours of direct labor and 1 hour of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 160 hours of direct labor and 80 hours of indirect labor in a week, how many units of product X and product Y should be produced?
A. 10 units of X and 20 units of Y
B. 20 units of X and 10 units of Y
C. 15 units of X and 15 units of Y
D. 25 units of X and 5 units of Y
Question 12
A company's balance sheet shows the following balances: Assets: ₦200,000 Liabilities: ₦150,000 What is the company's net worth?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A company uses the single-entry system and has the following transactions: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. Prepare a trial balance.
A. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
B. Cash 10,000, Accounts Payable 5,000, Common Stock 30,000
C. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
D. Cash 10,000, Accounts Payable 5,000, Common Stock 40,000
Question 14
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. Prepare a statement of retained earnings.
A. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
B. Cash 10,000, Accounts Payable 5,000, Common Stock 30,000
C. Cash 10,000, Accounts Payable 5,000, Common Stock 20,000
D. Cash 10,000, Accounts Payable 5,000, Common Stock 40,000
Question 15
A company has the following transactions in its ledger: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Purchases | ₦10,000 | | | 2nd Jan | Purchases | ₦5,000 | | | 3rd Jan | Purchases | | ₦15,000 | What is the balance of the purchases account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000

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