POST UTME UI 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's accounting equation is Assets = Liabilities + Equity. If the company's total assets are ₦500,000 and total liabilities are ₦200,000, calculate the company's net worth.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 2
A company's trial balance showed the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000. Prepare a corrected trial balance.
A. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
B. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
C. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
D. Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000
Question 3
A company has the following transactions during the year ended December 31, 2023: Purchased office equipment for ₦500,000; Sold office equipment for ₦300,000; Depreciated office equipment by 20%. Calculate the profit or loss on the sale of the office equipment.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 4
A company has the following transactions during the year ended December 31, 2023: Purchased office equipment for ₦500,000; Sold office equipment for ₦300,000; Depreciated office equipment by 20%. Calculate the net book value of the office equipment at December 31, 2023.
A. ₦400,000
B. ₦300,000
C. ₦500,000
D. ₦200,000
Question 5
A company has the following transactions during the year ended December 31, 2023: Purchased office equipment for ₦500,000; Sold office equipment for ₦300,000; Depreciated office equipment by 20%. Calculate the gain or loss on the sale of the office equipment.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 6
A government agency is considering the purchase of a new asset with a cost of £ 50,000. The asset is expected to have a useful life of 5 years and a residual value of £ 5,000. Calculate the annual depreciation using the straight-line method.
A. £ 9,000
B. £ 10,000
C. £ 11,000
D. £ 12,000
Question 7
A company has a balance sheet as follows: Assets ₦100,000, Liabilities ₦50,000, and Capital ₦50,000. If the company issues 1,000 shares of ₦10 each, calculate the new capital of the company.
A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000
Question 8
A government agency is considering the purchase of a new asset with a cost of £ 75,000. The asset is expected to have a useful life of 10 years and a residual value of £ 10,000. Calculate the annual depreciation using the straight-line method.
A. £ 7,000
B. £ 7,500
C. £ 8,000
D. £ 8,500
Question 9
A company issued 5,000 debentures of ₦1,000 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
A. ₦5,500,000
B. ₦6,000,000
C. ₦6,500,000
D. ₦7,000,000
Question 10
A company has the following trial balance: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. What is the net income?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 11
A company's balance sheet shows a decrease in its current assets by ₦50,000 and an increase in its current liabilities by ₦30,000. What is the effect on the company's working capital?
A. ₦20,000 decrease
B. ₦20,000 increase
C. ₦10,000 decrease
D. ₦10,000 increase
Question 12
A company issued 5,000 debentures of £ 100 each at a premium of £ 20 per debenture. Calculate the total amount received from the issue of debentures.
A. £ 500,000
B. £ 550,000
C. £ 600,000
D. £ 650,000
Question 13
A company has a capital of ₦100,000, divided into 10,000 shares of ₦10 each. If the company issues 2,000 debentures of ₦50 each, calculate the new capital of the company.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 14
A company has the following error: A credit of ₦10,000 was posted to the wrong account. What is the correct journal entry to correct the error?
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
B. Debit Accounts Payable ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Accounts Receivable ₦10,000
D. Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000
Question 15
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦1,000,000, the work-in-progress has a cost of ₦2,000,000, and the finished goods have a cost of ₦3,000,000. If the total value of the inventory is ₦6,000,000, calculate the value of the finished goods.
A. ₦1,500,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,500,000

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