POST UTME UI 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's control account for the year ended 31st December 2020 is as follows: Debit: ₦1,500,000 Credit: ₦1,200,000 What is the company's net effect on the control account?
A. ₦300,000
B. ₦200,000
C. ₦100,000
D. ₦0
Question 2
A company's balance sheet shows a current liability of ₦50,000 and a non-current liability of ₦100,000. What is the total amount of liabilities?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 3
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 2 Jan | Cash paid to suppliers | 0 | 5,000 | | 3 Jan | Cash received from bank | 8,000 | 0 | | 4 Jan | Cash paid to employees | 0 | 6,000 | What is the balance in the cash account at the end of the month?
A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000
Question 4
A company has the following transactions in its cash book: ₠ 10,000 received from customers, ₠ 5,000 paid to suppliers, and ₠ 2,000 paid to employees. Prepare the cash book for the month.
A. ₠ 7,000
B. ₠ 8,000
C. ₠ 9,000
D. ₠ 10,000
Question 5
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 6
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 7
The following is the Balance Sheet of XYZ Partnership as at 31st December 2020.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 8
A company uses the single-entry system of accounting. The company's accounting records show the following transactions for the year: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | ₦10,000 | | | Jan 15 | Rent Received | | ₦5,000 | | Feb 1 | Rent Paid | | ₦3,000 | | Mar 1 | Cash | ₦8,000 | | What is the correct journal entry to record the transactions?
A. ₦10,000 debit to Cash and ₦5,000 credit to Rent Received
B. ₦8,000 debit to Cash and ₦3,000 credit to Rent Paid
C. ₦5,000 debit to Rent Received and ₦3,000 credit to Rent Paid
D. ₦10,000 debit to Cash and ₦8,000 credit to Rent Paid
Question 9
A company uses the self-balancing ledger system. The following transactions were recorded during the month of January: Purchased office supplies for ₦10,000 cash. Sold goods for ₦50,000 on credit. Paid salaries of ₦20,000 by cheque. What is the total amount of assets recorded in the ledger?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 10
A company purchased a machine for ₠ 500,000. It is expected to have a useful life of 5 years and a residual value of ₠ 50,000. Calculate the annual depreciation using the straight-line method.
A. ₠ 90,000
B. ₠ 95,000
C. ₠ 100,000
D. ₠ 105,000
Question 11
A company's trading account for the year ended 31st December 2020 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Wages: ₦300,000 Rent: ₦150,000 Credit: Returns Outwards: ₦50,000 Returns Inwards: ₦20,000 What is the company's gross profit for the year?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total premium received.
A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000
Question 13
A company's self-balancing ledger for the year ended 31st December 2020 is as follows: Debit: ₦1,500,000 Credit: ₦1,200,000 What is the company's net effect on the self-balancing ledger?
A. ₦300,000
B. ₦200,000
C. ₦100,000
D. ₦0
Question 14
A company has a building worth ₦200,000. The company depreciates the building by 10% each year. What is the value of the building after 3 years?
A. ₦180,000
B. ₦190,000
C. ₦200,000
D. ₦210,000
Question 15
A company's accounting records show the following transactions for the year: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | ₦10,000 | | | Jan 15 | Rent Received | | ₦5,000 | | Feb 1 | Rent Paid | | ₦3,000 | | Mar 1 | Cash | ₦8,000 | | What is the correct journal entry to record the transactions?
A. ₦10,000 debit to Cash and ₦5,000 credit to Rent Received
B. ₦8,000 debit to Cash and ₦3,000 credit to Rent Paid
C. ₦5,000 debit to Rent Received and ₦3,000 credit to Rent Paid
D. ₦10,000 debit to Cash and ₦8,000 credit to Rent Paid

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