POST UTME UNIBEN 2020 Accounting | Objective

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Question 1
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. Calculate the total amount of capital raised by the company.
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 2
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the partnership makes a profit of ₦120,000, how much will A receive?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 3
A company's balance sheet as at 31st December 2019 showed a capital of ₦2,000,000. The company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. Calculate the company's retained earnings as at 31st December 2020.
A. ₦2,500,000
B. ₦3,000,000
C. ₦3,500,000
D. ₦4,000,000
Question 4
A manufacturing company produces 100 units of a product. The cost of raw materials is ₦50 per unit, and the labor cost is ₦20 per unit. What is the total cost of production?
A. ₦6,000
B. ₦7,000
C. ₦8,000
D. ₦9,000
Question 5
What is the difference between a departmental account and a manufacturing account?
A. A departmental account shows the cost of goods sold, while a manufacturing account shows the cost of production
B. A departmental account shows the profit or loss on the sale of goods, while a manufacturing account shows the selling price of goods
C. A departmental account shows the cost of production, while a manufacturing account shows the cost of goods sold
D. A departmental account shows the selling price of goods, while a manufacturing account shows the profit or loss on the sale of goods
Question 6
What is the primary function of the accounting equation?
A. To record all financial transactions
B. To prepare financial statements
C. To measure the financial position of a business
D. To report the financial performance of a business
Question 7
A company's balance sheet as at 31st December 2020 is as follows: Fixed Assets: ₦1,500,000; Current Assets: ₦1,200,000; Capital: ₦1,000,000; Reserves: ₦500,000. Calculate the ratio of capital to reserves.
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 8
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Bank | | 10,000 | | Sales | | 50,000 | | Purchases | 30,000 | | | Capital | | 20,000 | What is the correct balance in the sales account?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 10
A company has the following manufacturing costs: Direct Materials ₦120,000, Direct Labour ₦150,000, Factory Overheads ₦100,000. If the company produces 10,000 units, what is the cost per unit?
A. ₦12.50
B. ₦13.00
C. ₦13.50
D. ₦14.00
Question 11
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 12
A company's trial balance as of December 31, 2020, is as follows: Accounts Receivable 50,000, Accounts Payable 30,000, Common Stock 100,000, Retained Earnings 50,000, and Dividends 20,000. What is the total amount of net income for the year?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | 5,000 | | | 15th Jan | Bank | | 5,000 | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the balance in the cash book?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦9,000
Question 14
What is the difference between a cash flow statement and a balance sheet?
A. A cash flow statement shows the inflows and outflows of cash over a period of time, while a balance sheet shows the financial position of a business at a specific date
B. A cash flow statement shows the financial performance of a business over a period of time, while a balance sheet shows the financial position of a business at a specific date
C. A cash flow statement shows the equity of a business over a period of time, while a balance sheet shows the financial position of a business at a specific date
D. A cash flow statement shows the cash flow of a business over a period of time, while a balance sheet shows the financial performance of a business over a period of time
Question 15
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred the following costs: Direct Materials 10,000, Direct Labor 15,000, and Overhead 20,000. The Assembly department incurred the following costs: Direct Materials 8,000, Direct Labor 12,000, and Overhead 18,000. If the company produced 1,000 units, what is the total cost per unit?
A. ₦48
B. ₦50
C. ₦52
D. ₦54

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