POST UTME UNILAG 2021 Accounting | Objective

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Question 1
A company's balance sheet shows a total assets of ₠ 100,000 and total liabilities of ₠ 50,000. What is the company's net worth?
A. ₠ 50,000
B. ₠ 75,000
C. ₠ 100,000
D. ₠ 125,000
Question 2
A company's trial balance shows the following balances: £ 50,000 debit and £ 40,000 credit. Prepare the journal entry to correct the error.
A. Debit Profit £ 10,000, Credit A's Capital £ 5,000
B. Debit Profit £ 10,000, Credit A's Capital £ 3,333
C. Debit Profit £ 10,000, Credit A's Capital £ 6,667
D. Debit Profit £ 10,000, Credit A's Capital £ 6,667
Question 3
Determine the value of the asset 'Building' at the end of the year, given that it was purchased for ₦5,000,000, has a useful life of 10 years, and a residual value of ₦500,000. The company uses the straight-line method of depreciation.
A. ₦4,500,000
B. ₦4,000,000
C. ₦3,500,000
D. ₦3,000,000
Question 4
A company issued 10,000, 10% shares of ₦10 each at a premium of 20%. Calculate the amount received from the shareholders.
A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 5
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦250,000, what is the amount received from the issue of shares?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 6
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, what is the share of profit of partner A?
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 7
The following is a statement of profit or loss of XYZ Ltd. for the year.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 8
A government agency is required to prepare a budget for the upcoming fiscal year. The budget must be balanced, meaning that total revenues must equal total expenditures. If the agency has a total revenue of ₦500,000,000 and a total expenditure of ₦600,000,000, what is the amount of the deficit?
A. ₦100,000,000
B. ₦200,000,000
C. ₦300,000,000
D. ₦400,000,000
Question 9
A company uses the double-entry system to record its transactions. The company's journal shows the following entry: 'Debit Cash ₦100,000, Credit Office Supplies ₦100,000'. What is the effect of this entry on the company's financial statements?
A. The entry will increase the company's cash balance and decrease its office supplies balance.
B. The entry will decrease the company's cash balance and increase its office supplies balance.
C. The entry will have no effect on the company's financial statements.
D. The entry will increase the company's office supplies balance and decrease its cash balance.
Question 10
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
A. Average Profit Method
B. Super Profit Method
C. Capitalization Method
D. Net Profit Method
Question 11
A company issues 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. Calculate the total amount received from the issue of shares.
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000
Question 12
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 13
A company's cash book shows the following transactions: £ 1,000 cash received from customers, £ 500 cash paid to suppliers, and £ 200 cash paid to employees. Prepare the bank reconciliation statement.
A. Bank Balance £ 1,300, Cash in Hand £ 200
B. Bank Balance £ 1,200, Cash in Hand £ 300
C. Bank Balance £ 1,300, Cash in Hand £ 300
D. Bank Balance £ 1,200, Cash in Hand £ 200
Question 14
A company's single entry system shows a total of ₦ 50,000 as the total of all transactions for the year. The company's capital at the beginning of the year was ₦ 100,000. Calculate the company's capital at the end of the year.
A. ₦ 150,000
B. ₦ 200,000
C. ₦ 250,000
D. ₦ 300,000
Question 15
A company issued 5,000 shares of ₠ 10 each at a premium of ₠ 3 per share. Calculate the total amount received from the issue of shares.
A. ₠ 25,000
B. ₠ 30,000
C. ₠ 35,000
D. ₠ 40,000

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