POST UTME UNIBEN 2024 Accounting | Objective

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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
Correct C. ₦1,050
D. ₦1,500

Correct Answer: C

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Question 2
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials cost ₦0.50 per unit, the work-in-progress costs ₦1.25 per unit, and the finished goods cost ₦2.00 per unit. If the company has 100 units of raw materials, 50 units of work-in-progress, and 200 units of finished goods, calculate the total value of the inventory.
A. ₦1,250
B. ₦1,500
Correct C. ₦1,750
D. ₦2,000

Correct Answer: C

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Question 3
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.
Correct 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

Correct Answer: A

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Question 4
A company's income statement for the year ended December 31, 2023, is as follows: Revenue ₦1,500,000, Cost of Goods Sold ₦0,750,000, Gross Profit ₦0,750,000, Operating Expenses ₦0,250,000, Net Income ₦0,500,000. Prepare a statement of cash flows for the company.
A. Cash Flows from Operating Activities: ₦1,500,000, Cash Flows from Investing Activities: ₦0,000, Cash Flows from Financing Activities: ₦0,000
B. Cash Flows from Operating Activities: ₦0,500,000, Cash Flows from Investing Activities: ₦0,000, Cash Flows from Financing Activities: ₦0,000
Correct C. Cash Flows from Operating Activities: ₦0,750,000, Cash Flows from Investing Activities: ₦0,000, Cash Flows from Financing Activities: ₦0,000
D. Cash Flows from Operating Activities: ₦0,250,000, Cash Flows from Investing Activities: ₦0,000, Cash Flows from Financing Activities: ₦0,000

Correct Answer: C

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Question 5
A company has the following transactions: Purchased raw materials for ₦0,000, Sold goods for ₦1,000, and Paid salaries of ₦0,500. Prepare a journal entry for the transactions.
Correct A. Debit Raw Materials ₦0,000, Credit Cash ₦0,000
B. Debit Cash ₦0,000, Credit Raw Materials ₦0,000
C. Debit Sales ₦1,000, Credit Cash ₦1,000
D. Debit Cash ₦0,500, Credit Salaries ₦0,500

Correct Answer: A

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Question 6
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: ₦300,000 for salaries, ₦200,000 for rent, ₦150,000 for utilities, and ₦100,000 for miscellaneous. What is the percentage of the budget spent on salaries?
A. 20%
Correct B. 25%
C. 30%
D. 35%

Correct Answer: B

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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
Correct B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: B

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Question 8
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?
Correct A. ₦10,000 decrease
B. ₦10,000 increase
C. ₦20,000 decrease
D. ₦20,000 increase

Correct Answer: A

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Question 9
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
Correct C. ₦75,000
D. ₦80,000

Correct Answer: C

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Question 10
A company has the following financial statements: Balance sheet, Income statement. What is the purpose of the Balance sheet?
A. To show the company's profitability
Correct B. To show the company's financial position
C. To show the company's cash flow
D. To show the company's equity

Correct Answer: B

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Question 11
In a partnership account, the capital of two partners, A and B, is N100,000 and N150,000 respectively. If the profit for the year is N50,000, and the profit-sharing ratio is 3:2, what is the amount of profit to be distributed to partner A?
Correct A. N30,000
B. N40,000
C. N50,000
D. N60,000

Correct Answer: A

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Question 12
A public sector organization has the following transactions for the year: Debit: Office Supplies N10,000, Salaries N50,000, Rent N20,000, Utilities N5,000 Credit: Office Supplies N5,000, Salaries N40,000, Rent N15,000, Utilities N3,000 What is the net expense for the year?
A. N5,000
Correct B. N10,000
C. N15,000
D. N20,000

Correct Answer: B

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Question 13
A company uses the straight-line method of depreciation for its assets. If the asset cost N100,000 and has a residual value of N20,000, what is the annual depreciation charge for the first year?
A. N10,000
Correct B. N20,000
C. N30,000
D. N40,000

Correct Answer: B

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Question 14
A company has the following ledger balances: Debit: Office Supplies N10,000, Salaries N50,000, Rent N20,000, Utilities N5,000 Credit: Office Supplies N5,000, Salaries N40,000, Rent N15,000, Utilities N3,000 What is the net expense for the year?
A. N5,000
Correct B. N10,000
C. N15,000
D. N20,000

Correct Answer: B

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Question 15
A company uses the straight-line method of depreciation for its assets. If the asset cost N100,000 and has a residual value of N20,000, what is the annual depreciation charge for the first year?
A. N10,000
Correct B. N20,000
C. N30,000
D. N40,000

Correct Answer: B

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Question 16
A partnership consisting of three partners, A, B, and C, has a capital of ₦500,000. The profit-sharing ratio is 2:3:4. If the profit for the year is ₦200,000, calculate the amount of profit that will be distributed to partner C.
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 17
A company uses the straight-line method of depreciation. The cost of a machine is ₦250,000 and its residual value is ₦50,000. If the machine is used for 5 years, calculate the annual depreciation charge.
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 18
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
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 19
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 30,000 | | Stock | 40,000 | Creditors | 15,000 | Profit | 25,000 | | Total | 50,000 | Total | 35,000 | Total | 65,000 | Calculate the company's gearing ratio.
A. 1.43
Correct B. 1.57
C. 1.71
D. 1.85

Correct Answer: B

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Question 20
A company's trading account shows the following: | Particulars | ₦ | | --- | --- | --- | | Sales | 100,000 | | Cost of Goods Sold | 60,000 | | Gross Profit | 40,000 | Calculate the company's gross profit percentage.
Correct A. 40%
B. 50%
C. 60%
D. 70%

Correct Answer: A

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Question 21
A company's profit and loss account shows the following: | Particulars | ₦ | | --- | --- | --- | | Sales | 100,000 | | Cost of Goods Sold | 60,000 | | Gross Profit | 40,000 | | Operating Expenses | 20,000 | | Net Profit | 20,000 | Calculate the company's operating profit.
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 22
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 30,000 | | Stock | 40,000 | Creditors | 15,000 | Profit | 25,000 | | Total | 50,000 | Total | 35,000 | Total | 65,000 | Calculate the company's current ratio.
A. 1.43
Correct B. 1.57
C. 1.71
D. 1.85

Correct Answer: B

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Question 23
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

Correct Answer: VIEW ANSWER

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Question 24
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were used to purchase equipment. The equipment was depreciated using the straight-line method over a 5-year useful life. At the end of the first year, the equipment had a book value of 18,000. What was the total amount of depreciation expense for the first year?
A. ₦150,000
B. ₦120,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 25
A public sector organization has the following transactions for the year ended December 31, 2023: Revenue from government grants ₦500,000, Salaries and wages ₦1,200,000, Rent paid ₦200,000, and Depreciation on assets ₦300,000. What is the total expense for the year?
Correct A. ₦2,200,000
B. ₦2,500,000
C. ₦2,000,000
D. ₦1,800,000

Correct Answer: A

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