POST UTME UNIBEN 2018 Accounting | Objective

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Question 1
A, B and C are partners in a firm sharing profits and losses in the ratio 3:2:1. Their respective capitals are ₦120,000, ₦80,000 and ₦60,000. The firm's profit for the year ended 31st December 2018 is ₦150,000. Calculate the amount of profit to be distributed to each partner.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A company uses the perpetual inventory system. On January 1, the inventory balance was ₦50,000. During the year, purchases were ₦100,000 and sales were ₦150,000. Calculate the cost of goods sold.
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 3
A company has the following transactions during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 4
A company has the following transactions during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company has the following ledger balances at the end of the year:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 6
A company has two departments: A and B. Department A has a production cost of ₦120,000 and a selling price of ₦180,000. Department B has a production cost of ₦80,000 and a selling price of ₦120,000. If the company sold 500 units of product A and 300 units of product B, what is the total profit?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 7
A company's income statement shows the following: Sales ₦1,500,000, Cost of Goods Sold ₦900,000, Operating Expenses ₦200,000. What is the company's gross profit?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 8
A company has a capital of ₦500,000 and a profit of ₦150,000. If the company issues 5,000 shares of ₦1 each, what is the new capital?
A. ₦650,000
B. ₦600,000
C. ₦700,000
D. ₦750,000
Question 9
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 10
A company's cash book shows the following transactions.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 11
A company's income statement shows the following: Sales ₦1,500,000, Cost of Goods Sold ₦900,000, Operating Expenses ₦200,000. What is the company's net income?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 12
A company has the following ledger balances at the end of the year:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A company has the following ledger balances at the end of the year:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company has a capital of ₦1,500,000 and a profit of ₦300,000. If the company issues 15,000 shares of ₦1 each, what is the new capital?
A. ₦1,800,000
B. ₦1,700,000
C. ₦1,900,000
D. ₦2,000,000
Question 15
A company has the following balance sheet: | Asset | ₦ | Liability | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Accounts Payable | 5,000 | | Accounts Receivable | 20,000 | Notes Payable | 10,000 | | Inventory | 30,000 | Common Stock | 20,000 | | Total | 60,000 | Total | 55,000 | What is the amount of the company's net income?
A. ₦ 5,000
B. ₦ 10,000
C. ₦ 15,000
D. ₦ 20,000

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