POST UTME UI 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following trial balance as at 31st December, 2022. Prepare a balance sheet as at that date.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦10,000, Accounts Receivable ₦20,000, Cash ₦30,000. What is the total amount of the company's assets?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
A company's profit and loss account shows a net profit of ₦120,000. The balance on the retained earnings account is ₦80,000. What is the balance on the dividends account?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 4
A company's trial balance shows a debit balance of ₦20,000 in the account 'Accrued Expenses'. The company's accountant has prepared the following journal entry to correct the error: Debit: Accrued Expenses ₦20,000 Credit: Accrued Income ₦20,000 What is the correct journal entry to correct the error?
A. Debit: Accrued Expenses ₦20,000 Credit: Accrued Income ₦20,000
B. Debit: Accrued Income ₦20,000 Credit: Accrued Expenses ₦20,000
C. Debit: Accrued Expenses ₦20,000 Credit: Accrued Income ₦20,000
D. Debit: Accrued Income ₦20,000 Credit: Accrued Expenses ₦20,000
Question 5
A company's balance sheet shows a current ratio of 2.5:1. If the company's total current assets are \\,150,000 and its total current liabilities are \\,60,000, what is the company's quick ratio?
A. 1.25:1
B. 1.50:1
C. 2.00:1
D. 2.50:1
Question 6
A government agency has a budget of ₦1,500,000 for a project. If the project is completed 6 months ahead of schedule, and the agency saves 10% of the budget, how much will be spent on the project?
A. ₦1,350,000
B. ₦1,400,000
C. ₦1,450,000
D. ₦1,500,000
Question 7
A company has the following balance sheet: Assets: ₦100,000, Liabilities: ₦50,000, Equity: ₦50,000. What is the correct ratio of debt to equity?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 8
A company uses the weighted average method of inventory valuation. If the cost of goods available for sale is ₦500,000, the cost of goods sold is ₦400,000, and the net realizable value of the closing inventory is ₦50,000, calculate the cost of goods sold using the weighted average method.
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 9
A company has the following transactions during the year: Partnership A invested ₦10,000 cash and Partnership B invested ₥20,000 cash. The company also purchased equipment for ₦30,000. Prepare the journal entries for the above transactions.
A. Debit equipment ₦30,000, credit cash ₦10,000
B. Debit equipment ₦30,000, credit cash ₦20,000
C. Debit equipment ₦30,000, credit cash ₦10,000
D. Debit equipment ₦30,000, credit cash ₦20,000
Question 10
A company uses the straight-line method of depreciation. If the cost of a machine is ₦150,000 and its residual value is ₦20,000, calculate the annual depreciation charge for a machine that is used for 5 years.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦10,000, Accounts Receivable ₦20,000, Cash ₦30,000. What is the total amount of the company's assets?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦240,000, how much will each partner receive?
A. ₦180,000
B. ₦120,000
C. ₦100,000
D. ₦80,000
Question 13
A partnership has two partners, A and B, who share profits in the ratio 5:3. If the total profit for the year is ₦300,000, and A withdraws ₦20,000 from the business, how much will B receive?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 14
A company uses the self-balancing ledger system. The following transactions are recorded in the ledger: Debit: Office Supplies ₦15,000 Credit: Cash ₦15,000 What is the effect of this transaction on the company's cash balance?
A. The cash balance decreases by ₦15,000
B. The cash balance increases by ₦15,000
C. The cash balance remains the same
D. The cash balance increases by ₦30,000
Question 15
A company's trial balance shows an error of ₦0.50 in the debit side of the accounts payable account. The error was caused by an incorrect posting of ₦0.50 from the purchases ledger to the accounts payable ledger. What is the correct journal entry to rectify this error?
A. Debit purchases ledger ₦0.50, credit accounts payable ledger ₦0.50
B. Debit accounts payable ledger ₦0.50, credit purchases ledger ₦0.50
C. Debit purchases ledger ₦0.50, credit purchases returns ledger ₦0.50
D. Debit accounts payable ledger ₦0.50, credit purchases returns ledger ₦0.50

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