POST UTME UNIBEN 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦0,500
B. ₦1,000
C. ₦1,050
D. ₦1,500
Question 2
A manufacturing company uses a job costing system. The following data is available for a particular job: Direct Materials: ₦50,000, Direct Labour: ₦30,000, Factory Overheads: ₦20,000. Calculate the total cost of the job.
A. ₦100,000
B. ₦120,000
C. ₦100,500
D. ₦120,500
Question 3
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The proceeds from the issue were credited to a share capital account. What is the amount credited to the share capital account?
A. ₦10,000,000
B. ₦15,000,000
C. ₦20,000,000
D. ₦25,000,000
Question 4
A company has a cash book balance of ₦20,000 and a bank statement balance of ₦30,000. The bank statement shows a credit of ₦10,000 for a cheque deposited but not yet cleared. What is the correct balance of the company's cash account?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 5
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. What is the amount credited to the share capital account?
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 6
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit of ₦10,000 for a cheque deposited but not yet cleared. What is the correct balance of the company's cash account?
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 7
A company has the following transactions: Purchased goods for ₦500,000 on credit, sold goods for ₦700,000 on credit, and purchased office supplies for ₦20,000 in cash. What is the total amount of cash received from customers?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 8
A company purchases a machine for ₦100,000 and depreciates it using the straight-line method over a period of 5 years. What is the annual depreciation charge?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 9
A company has the following transactions for the year ended December 31, 2023: Purchased goods for ₦1,000,000, Sold goods for ₦1,500,000, and Returned goods for ₦200,000. What is the net sales revenue for the year?
A. ₦1,300,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 10
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦0,000, Accounts Receivable ₦0,000, Common Stock ₦1,000, and Retained Earnings ₦0,000. Prepare a balance sheet for the company.
A. Assets: ₦1,000, Liabilities: ₦0,000, Equity: ₦1,000
B. Assets: ₦1,000, Liabilities: ₦0,000, Equity: ₦0,000
C. Assets: ₦0,000, Liabilities: ₦0,000, Equity: ₦0,000
D. Assets: ₦0,000, Liabilities: ₦1,000, Equity: ₦0,000
Question 12
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | | ₦20,000 | Calculate the bank balance on 3rd January.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 13
A company has the following cash book entries: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect on the cash balance?
A. ₦10,000 decrease
B. ₦10,000 increase
C. ₦20,000 decrease
D. ₦20,000 increase
Question 14
A company issued 5,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. What is the amount credited to the share capital account?
A. ₦15,000,000
B. ₦20,000,000
C. ₦25,000,000
D. ₦30,000,000
Question 15
A company has the following bank reconciliation statement: Bank balance ₦50,000, Cash balance ₦20,000, Outstanding checks ₦10,000, Deposits in transit ₦5,000. What is the correct bank balance?
A. ₦65,000
B. ₦70,000
C. ₦75,000
D. ₦80,000

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