POST UTME UNILAG 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership agreement between two partners, A and B, is as follows: | Partner | Capital | Profit Sharing Ratio | | --- | --- | --- | | A | 50,000 | 3:2 | | B | 30,000 | | | If the profit for the year is ₦60,000, what is A's share of the profit?
A. ₦30,000
B. ₦36,000
C. ₦42,000
D. ₦48,000
Question 2
A company issued 10,000 shares of 5 par value at a premium of 2 per share. If the company received a total of 200,000, what is the amount of the premium received?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 3
A company purchases a machine for ₦50,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
A. ₦30,500
B. ₦31,500
C. ₦32,500
D. ₦33,500
Question 4
A company uses the control account system. The company's control account for the year ended 31st December 2022 is as follows: Debit: ₦300,000; Credit: ₦300,000 What is the effect of this control account on the company's financial position?
A. The company's assets will decrease by ₦300,000.
B. The company's liabilities will increase by ₦300,000.
C. The company's equity will decrease by ₦300,000.
D. The company's assets will increase by ₦300,000.
Question 5
A company's balance sheet shows a non-current asset of ₦150,000 and a non-current liability of ₦120,000. What is the net non-current position?
A. ₦30,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
B. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
C. Debit Rent Paid ₦20,000, Credit Rent Received ₦20,000
D. Debit Rent Received ₦15,000, Credit Rent Paid ₦15,000
Question 7
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. What is the distribution of profit between A and B?
A. ₦90,000 to A, ₦60,000 to B
B. ₦60,000 to A, ₦90,000 to B
C. ₦120,000 to A, ₦80,000 to B
D. ₦80,000 to A, ₦120,000 to B
Question 8
A company uses the self-balancing ledger system. The company's ledger account for the year ended 31st December 2022 is as follows: Debit: ₦200,000; Credit: ₦200,000 What is the effect of this ledger account on the company's financial position?
A. The company's assets will decrease by ₦200,000.
B. The company's liabilities will increase by ₦200,000.
C. The company's equity will decrease by ₦200,000.
D. The company's assets will increase by ₦200,000.
Question 9
A company's trading account shows a profit of ₦20,000. However, the profit and loss account shows a loss of ₦15,000. What is the correct explanation for this discrepancy?
A. The company has a loan outstanding with the bank.
B. The company has deposited cash into the bank but has not yet been credited.
C. The company has written a cheque but has not yet been debited.
D. The company has a credit balance in its trading account but a debit balance in its profit and loss account.
Question 10
A company uses a self-balancing ledger to record its transactions. If the ledger shows a balance of ₦100,000 and the control account shows a balance of ₦120,000, what is the difference between the two balances?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 11
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦95,000
C. ₦100,000
D. ₦105,000
Question 12
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department incurs costs of ₦120,000 and the Assembly department incurs costs of ₦180,000. The company produces 1,000 units of a product. The Cutting department incurs a direct labor cost of ₦50 per unit and the Assembly department incurs a direct labor cost of ₦30 per unit. The company uses a predetermined overhead rate of 150% of direct labor cost. Calculate the total cost of production for the 1,000 units.
A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000
Question 13
A company uses the straight-line method of depreciation. The company's asset has a cost of ₦500,000 and a residual value of ₦50,000. The asset is expected to have a useful life of 5 years. Calculate the annual depreciation charge.
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 14
A company purchased a machine for ₦2,000,000. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation using the straight-line method.
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 15
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to each partner.
A. ₦45,000
B. ₦60,000
C. ₦75,000
D. ₦90,000

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