POST UTME UNIBEN 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions during the year ended December 31, 2022: 1. Purchased office equipment for ₦150,000. 2. Sold office equipment for ₦100,000. 3. Purchased a building for ₦500,000. 4. Sold a building for ₦400,000. 5. Declared dividends of ₦200,000. What is the net income for the year?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 2
A company issues 10,000 shares of ₦5 par value at a premium of ₦3 per share. What is the total amount received from the issue of these shares?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 3
A company uses the cash book to record its cash transactions. The cash book shows the following entries: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000, and Cash received from bank ₦20,000. What is the total amount of cash received by the company?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 4
A partnership has two partners, A and B. The capital accounts of A and B are £ 20,000 and £ 30,000 respectively. If the profit for the year is £ 10,000, how much will each partner receive?
A. A: £ 6,000, B: £ 4,000
B. A: £ 5,000, B: £ 5,000
C. A: £ 6,000, B: £ 4,000
D. A: £ 7,000, B: £ 3,000
Question 5
A company's trial balance shows a debit balance of ₦120,000 in the account 'Depreciation Expense' and a credit balance of ₦150,000 in the account 'Accumulated Depreciation'. What is the correct journal entry to record the depreciation of the company's assets?
A. Debit Accumulated Depreciation ₦120,000, Credit Depreciation Expense ₦120,000
B. Debit Accumulated Depreciation ₦150,000, Credit Depreciation Expense ₦150,000
C. Debit Accumulated Depreciation ₦120,000, Credit Depreciation Expense ₦150,000
D. Debit Accumulated Depreciation ₦150,000, Credit Depreciation Expense ₦120,000
Question 6
A company's balance sheet as of December 31, 20X7, is as follows:
A. 100,000
B. 150,000
C. 200,000
D. 250,000
Question 7
A company's trial balance as of December 31, 20X7, is as follows:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 8
A company maintains a self-balancing ledger for its cash account. The ledger shows a balance of ₦150,000. However, the company's bank statement shows a balance of ₦120,000. What is the most likely reason for the discrepancy?
A. The company has not yet deposited the cash into its bank account.
B. The company has not yet received the cash from its customers.
C. The bank has charged the company's account for a service fee.
D. The company's accountant has made an error in recording the cash transactions.
Question 9
A manufacturing company has the following costs: direct materials ₦120,000, direct labor ₦150,000, and factory overhead ₦80,000. What is the total cost of production?
A. ₦350,000
B. ₦450,000
C. ₦550,000
D. ₦650,000
Question 10
A company's depreciation schedule as of December 31, 20X7, is as follows:
A. 10,000
B. 15,000
C. 20,000
D. 25,000
Question 11
A company has the following assets: Buildings £ 50,000, Machinery £ 30,000, and Vehicles £ 20,000. If the company depreciates the assets by 10% per annum, what is the total depreciation for the year?
A. £ 6,000
B. £ 7,000
C. £ 8,000
D. £ 9,000
Question 12
A company issued 5,000, 10% shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000
Question 13
A company has the following transactions: Purchased £ 10,000 worth of goods on credit. Sold £ 8,000 worth of goods for cash. Paid £ 2,000 in cash for rent. What is the total amount of cash received or paid?
A. £ 6,000
B. £ 8,000
C. £ 10,000
D. £ 12,000
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a premium of 5%. Calculate the amount received from the debenture holders.
A. ₦500,000
B. ₦500,000
C. ₦500,000
D. ₦500,000
Question 15
A company issues 10,000, ₦1 shares at ₦2 per share. The issue is fully subscribed. Prepare the journal entry to record the issue of shares.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

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