POST UTME UNILAG 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦20,000 | | Sales Revenue | | ₦50,000 | | Cost of Goods Sold | ₦30,000 | | | Net Income | | | What is the net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 2
A company's Balance Sheet showed the following balances: Share Capital ₦100,000, Reserves ₦50,000, and Total Assets ₦150,000. Prepare the Balance Sheet.
A. Share Capital ₦100,000, Reserves ₦50,000, Total Assets ₦150,000
B. Share Capital ₦100,000, Reserves ₦50,000, Total Liabilities ₦100,000
C. Share Capital ₦100,000, Reserves ₦50,000, Total Equity ₦150,000
D. Share Capital ₦100,000, Reserves ₦50,000, Total Assets ₦200,000
Question 3
A company's trial balance shows a debit balance of ₦3,000 in the account 'Salaries' and a credit balance of ₦2,500 in the account 'Wages'. What is the correct journal entry to record the correction of this error?
A. Debit Salaries ₦500, Credit Wages ₦500
B. Debit Salaries ₦500, Credit Wages ₦2,500
C. Debit Wages ₦2,500, Credit Salaries ₦2,500
D. Debit Salaries ₦3,000, Credit Wages ₦2,500
Question 4
A company uses the single entry system. The following transactions are recorded in the journal: Sale of goods for ₦120,000 Purchase of goods for ₦80,000 Payment of ₦30,000 to a creditor What is the total value of the assets of the company?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 5
A company has the following financial statements: Trading Account: Sales ₦500,000, Cost of Goods Sold ₦300,000; Profit and Loss Account: Profit ₦100,000. What is the net profit?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 6
Determine the amount of depreciation for a machine with a cost of ₦120,000, a useful life of 5 years, and a residual value of ₦20,000. The machine is depreciated using the straight-line method.
A. ₦20,000
B. ₦24,000
C. ₦28,000
D. ₦32,000
Question 7
A company has the following balance sheet: | Asset | Value | | --- | --- | | Cash | ₦10,000 | | Accounts Receivable | ₦20,000 | | Inventory | ₦30,000 | | Property, Plant, and Equipment | ₦50,000 | | Total Assets | ₦110,000 | What is the total value of the company's liabilities?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 8
A company uses the straight-line method to depreciate its assets. The company has a machine that cost ₦500,000 and has a useful life of 5 years. If the company uses a residual value of ₦50,000, what is the annual depreciation?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 9
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦100 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦120 per unit. Calculate the cost of goods sold for the year.
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 10
The following ledger accounts of a company are given. Prepare the trial balance as at 31st December 2018.
A. ₦150,000
B. ₦120,000
C. ₦180,000
D. ₦200,000
Question 11
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to A and B.
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 12
A company uses the single entry system. The following transactions are recorded in the journal: Sale of goods for ₦120,000 Purchase of goods for ₦80,000 Payment of ₦30,000 to a creditor What is the total value of the assets of the company?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 13
A company uses the single entry system. The following transactions are recorded in the journal: Sale of goods for ₦120,000 Purchase of goods for ₦80,000 Payment of ₦30,000 to a creditor What is the total value of the assets of the company?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 14
A company uses a self-balancing ledger system. The ledger shows a debit balance of ₦2,000 in the account 'Purchases' and a credit balance of ₦1,800 in the account 'Returns Inwards'. What is the correct journal entry to record the correction of this error?
A. Debit Purchases ₦200, Credit Returns Inwards ₦200
B. Debit Purchases ₦200, Credit Returns Inwards ₦1,800
C. Debit Returns Inwards ₦1,800, Credit Purchases ₦1,800
D. Debit Purchases ₦2,000, Credit Returns Inwards ₦1,800
Question 15
A company uses a control account system. The control account shows a debit balance of ₦4,000 in the account 'Trade Debtors' and a credit balance of ₦3,500 in the account 'Trade Creditors'. What is the correct journal entry to record the correction of this error?
A. Debit Trade Debtors ₦500, Credit Trade Creditors ₦500
B. Debit Trade Debtors ₦500, Credit Trade Creditors ₦3,500
C. Debit Trade Creditors ₦3,500, Credit Trade Debtors ₦3,500
D. Debit Trade Debtors ₦4,000, Credit Trade Creditors ₦3,500

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