POST UTME UI 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a partnership account, the capital of a partner is increased by the amount of the partner's share of the profits. If the total capital of the partnership is ₦250,000 and the profits for the year are ₦75,000, and the capital of one of the partners is increased by ₦20,000, what is the capital of the other partner?
A. ₦170,000
B. ₦190,000
C. ₦210,000
D. ₦230,000
Question 2
The following is a statement of affairs of a sole trader as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦1,000,000
Question 3
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount of share capital and the amount of share premium.
A. ₦350,000
B. ₦300,000
C. ₦400,000
D. ₦450,000
Question 4
A company's balance sheet as at 31st December 2022 shows an increase in the value of its inventory by ₦800,000. The increase was due to the acquisition of new stock. Prepare the necessary journal entry to record the increase in value.
A. ₦800,000 debit to Inventory
B. ₦800,000 credit to Inventory
C. ₦800,000 debit to Inventory and ₦800,000 credit to Purchases
D. ₦800,000 credit to Inventory and ₦800,000 debit to Sales
Question 5
A company uses the single-entry system of accounting. The following transactions are recorded: Debit Sales ₦20,000, Credit Purchases ₦15,000. What is the effect of this transaction on the accounting equation?
A. Increases assets and decreases liabilities
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
D. Increases equity and decreases assets
Question 6
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,000,000, Cost of Goods Sold: ₦600,000, Gross Profit: ₦400,000, Operating Expenses: ₦150,000, Net Profit: ₦250,000. Calculate the company's gross profit margin.
A. 40%
B. 50%
C. 60%
D. 70%
Question 7
A public sector organization has the following transactions for the year ended December 31, 2022:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 8
A manufacturing company has the following cost accounts: Direct Materials: ₦120,000, Direct Labour: ₦150,000, Factory Overheads: ₦80,000. Calculate the total cost of production.
A. ₦350,000
B. ₦450,000
C. ₦550,000
D. ₦650,000
Question 9
A company purchased a machine for ₦150,000 and sold it for ₦120,000. Calculate the loss on the sale of the machine.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 10
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Purchases ₦15,000. What is the effect of this transaction on the accounting equation?
A. Increases assets and decreases liabilities
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
D. Increases equity and decreases assets
Question 11
A manufacturing company has the following departmental accounts for the year ended December 31, 2022:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
The following is a statement of cash flows of a company as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦1,000,000
Question 13
A partnership has two partners, A and B. A invested ₦50,000 and B invested ₦30,000. The profit is to be divided in the ratio 3:2. Calculate the share of profit of each partner.
A. ₦45,000
B. ₦30,000
C. ₦60,000
D. ₦75,000
Question 14
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product in stock, costing ₦100 each. During the year, 500 units were sold, and 200 units were returned by customers. The company purchased 1,200 units at ₦120 each in March 2022 and 800 units at ₦130 each in September 2022. Calculate the cost of goods sold for the year.
A. ₦60,000
B. ₦62,000
C. ₦64,000
D. ₦66,000
Question 15
A company's balance sheet shows the following balances: ₦500,000 in Cash, ₦200,000 in Accounts Receivable, ₦150,000 in Inventory, ₦100,000 in Prepaid Rent, and ₦50,000 in Accumulated Depreciation. What is the total value of the company's assets?
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000

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