POST UTME UNIBEN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has two departments: Manufacturing and Sales. The Manufacturing department has a work-in-progress (WIP) inventory of ₦120,000 at the end of the year. The Sales department has a cash balance of ₦150,000 at the end of the year. If the company's total assets are ₦1,200,000, what is the amount of the company's total liabilities?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 2
A company uses the single-entry system of accounting. The following transactions are recorded: Debit: Raw Materials ₦ 10,000, Work-in-Progress ₦ 20,000 Credit: Purchases ₦ 30,000, Wages ₦ 25,000 What is the accounting equation after these transactions?
A. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 0
B. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 75,000
C. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 100,000
D. Assets = ₦ 100,000, Liabilities = ₦ 0, Equity = ₦ 75,000
Question 3
A government agency is required to prepare a cash flow statement. Which of the following items would be included in the operating activities section?
A. Depreciation of assets
B. Increase in accounts payable
C. Payment of dividends
D. Collection of taxes
Question 4
A company has the following transactions:
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 5
A company's trial balance shows the following balances: Accounts Payable ₦60,000, Accounts Receivable ₦30,000, Sales Revenue ₦220,000, Cost of Goods Sold ₦140,000. Prepare a corrected trial balance.
A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦120,000
Question 6
A company has the following ledger balances: Debtors ₦ 50,000, Creditors ₦ 30,000, Cash ₦ 20,000, Bank ₦ 10,000 What is the total amount of liabilities?
A. ₦ 40,000
B. ₦ 50,000
C. ₦ 60,000
D. ₦ 70,000
Question 7
A company has a bank reconciliation statement that shows the following discrepancies: Bank Statement Balance ₦150,000, Cash Balance ₦120,000, and Outstanding Checks ₦30,000. If the company's total assets are ₦1,200,000, what is the amount of the company's total liabilities?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 8
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 is as follows:
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 9
A company issued 10,000 shares of ₦2 each at a premium of ₦1. Calculate the total amount received from the issue of shares.
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 10
A government agency received ₦1,000,000 from the federal government for a project. The agency spent ₦800,000 on materials and ₦150,000 on labor. Prepare a journal entry to record the expenditure.
A. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
B. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
C. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
D. Debit Materials ₦800,000, Debit Labor ₦150,000, Credit Expenditure ₦950,000
Question 11
A company has the following ledger accounts: Cash ₦100,000, Bank ₦50,000, Accounts Payable ₦20,000, and Accounts Receivable ₦30,000. What is the total value of the company's assets?
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 12
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials ₦ 10,000, Work-in-Progress ₦ 20,000, Factory Overheads ₦ 15,000 Credit: Purchases ₦ 30,000, Wages ₦ 25,000, Rent ₦ 10,000 What is the accounting equation after these transactions?
A. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 0
B. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 75,000
C. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 100,000
D. Assets = ₦ 100,000, Liabilities = ₦ 0, Equity = ₦ 75,000
Question 13
A company has a manufacturing account that shows the following transactions: Debit Work-in-Progress ₦80,000, Credit Raw Materials ₦40,000, and Debit Finished Goods ₦120,000. If the company's total assets are ₦1,200,000, what is the amount of the company's total liabilities?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 14
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000. Prepare a corrected trial balance.
A. ₦30,000
B. ₦50,000
C. ₦70,000
D. ₦100,000
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦40,000, Accounts Receivable ₦20,000, Sales Revenue ₦180,000, Cost of Goods Sold ₦100,000. Prepare a corrected trial balance.
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000

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