POST UTME UNILAG 2018 Accounting | Objective

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Question 1
A company uses the weighted average method to value its inventory. The company has two types of inventory: raw materials and work-in-progress. The raw materials are valued at ₦120,000 and the work-in-progress is valued at ₦180,000. If the company uses a weight of 0.6 for raw materials and 0.4 for work-in-progress, what is the total value of the inventory?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 2
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership has a profit of ₦120,000, how much will partner A receive?
Correct A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 3
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
Correct D. ₦110,000

Correct Answer: D

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Question 4
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
Correct D. ₦50,000

Correct Answer: D

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Question 5
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
Correct D. ₦110,000

Correct Answer: D

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Question 6
A company uses the single entry system. The following transactions were recorded in the cash book: Date Particulars Debit Credit 31/12/2017 Drawings ₦10,000 - 31/12/2017 Profit - ₦20,000 The cash book balance is ₦50,000. Prepare the ledger accounts for drawings and profit.
Correct A. Drawings: Debit: ₦10,000, Credit: ₦10,000; Profit: Debit: ₦20,000, Credit: ₦20,000
B. Drawings: Debit: ₦10,000, Credit: ₦0; Profit: Debit: ₦0, Credit: ₦20,000
C. Drawings: Debit: ₦0, Credit: ₦10,000; Profit: Debit: ₦20,000, Credit: ₦20,000
D. Drawings: Debit: ₦10,000, Credit: ₦10,000; Profit: Debit: ₦0, Credit: ₦0

Correct Answer: A

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Question 7
A company's trial balance as at 31/12/2017 is as follows: Debit Credit ₦50,000 ₦60,000 The company's accounting year ends on 31/12/2017. Prepare the balance sheet as at 31/12/2017.
Correct A. ₦50,000; ₦60,000
B. ₦60,000; ₦50,000
C. ₦0; ₦0
D. ₦100,000; ₦100,000

Correct Answer: A

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Question 8
A company's cash book for the year ended 31/12/2017 is as follows: Date Particulars Debit Credit 31/12/2017 Bank ₦20,000 - 31/12/2017 Cash - ₦20,000 The cash book balance is ₦50,000. Prepare the bank reconciliation statement.
Correct A. ₦50,000; ₦50,000
B. ₦30,000; ₦70,000
C. ₦20,000; ₦30,000
D. ₦70,000; ₦30,000

Correct Answer: A

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Question 9
A company's trading account for the year ended 31/12/2017 is as follows: Sales ₦100,000 Cost of Goods Sold ₦80,000 The company's profit is ₦20,000. Prepare the profit and loss account.
Correct A. ₦20,000
B. ₦80,000
C. ₦100,000
D. ₦0

Correct Answer: A

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Question 10
A company's balance sheet as at 31/12/2017 is as follows: Assets ₦100,000 Liabilities ₦80,000 The company's equity is ₦20,000. Prepare the balance sheet.
Correct A. ₦100,000; ₦80,000
B. ₦80,000; ₦100,000
C. ₦20,000; ₦80,000
D. ₦0; ₦0

Correct Answer: A

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Question 11
A company's trial balance shows a debit balance of ₦1,500 in the account 'Rent Received' and a credit balance of ₦1,200 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?
A. Debit Rent Paid ₦300, Credit Rent Received ₦300
Correct B. Debit Rent Paid ₦300, Credit Rent Received ₦1,500
C. Debit Rent Received ₦1,200, Credit Rent Paid ₦1,200
D. Debit Rent Received ₦1,500, Credit Rent Paid ₦1,200

Correct Answer: B

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Question 12
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?
Correct 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

Correct Answer: A

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Question 13
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?
Correct 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

Correct Answer: A

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Question 14
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?
Correct 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

Correct Answer: A

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Question 15
A company's trial balance shows a debit balance of ₦5,000 in the account 'Rent Received' and a credit balance of ₦4,200 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?
Correct A. Debit Rent Paid ₦800, Credit Rent Received ₦800
B. Debit Rent Paid ₦800, Credit Rent Received ₦5,000
C. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
D. Debit Rent Received ₦5,000, Credit Rent Paid ₦4,200

Correct Answer: A

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Question 16
A company issued 10,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦10,000
Correct B. ₦12,500
C. ₦15,000
D. ₦17,500

Correct Answer: B

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Question 17
A partnership was formed between two partners, A and B, who invested ₦50,000 and ₦30,000 respectively. The profit-sharing ratio was 3:2. Calculate the share of profit of each partner.
Correct A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000

Correct Answer: A

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Question 18
A company's trial balance showed the following balances: Sales ₦100,000, Cost of Goods Sold ₦80,000, and Profit ₦20,000. Prepare the Trading and Profit and Loss Account.
Correct A. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦10,000, Net Profit ₦10,000
B. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦20,000, Net Loss ₦0
C. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦30,000, Net Loss ₦10,000
D. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦40,000, Net Loss ₦20,000

Correct Answer: A

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Question 19
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.
Correct 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

Correct Answer: A

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Question 20
A company's Trial Balance showed the following balances: Sales ₦100,000, Cost of Goods Sold ₦80,000, and Profit ₦20,000. Prepare the Trading and Profit and Loss Account.
Correct A. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦10,000, Net Profit ₦10,000
B. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦20,000, Net Loss ₦0
C. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦30,000, Net Loss ₦10,000
D. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦40,000, Net Loss ₦20,000

Correct Answer: A

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Question 21
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
Correct D. ₦220,000

Correct Answer: D

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Question 22
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
Correct D. ₦220,000

Correct Answer: D

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Question 23
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
Correct D. ₦220,000

Correct Answer: D

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Question 24
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
Correct D. ₦220,000

Correct Answer: D

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Question 25
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
Correct D. ₦220,000

Correct Answer: D

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