POST UTME UNILAG 2022 Accounting | Objective

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Question 1
A company's balance sheet at the beginning of the year shows a capital of ₦4,000,000 and a profit and loss account balance of ₦1,200,000. The company's trading account for the year ended 31st December 2022 shows a profit of ₦1,800,000. The balance sheet at the end of the year shows a capital of ₦6,000,000 and a profit and loss account balance of ₦3,000,000. Calculate the amount of dividends paid to shareholders.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 2
A company uses a single entry system. The following transactions are recorded in the journal: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | | 200 | What is the total amount of cash recorded in the journal?
A. ₦1200
B. ₦1000
C. ₦800
D. ₦600
Question 3
A company's balance sheet at the beginning of the year shows a capital of ₦3,000,000 and a profit and loss account balance of ₦1,000,000. The company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance sheet at the end of the year shows a capital of ₦5,000,000 and a profit and loss account balance of ₦2,500,000. Calculate the amount of dividends paid to shareholders.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 4
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Accounts Payable | | 200 | What is the total amount of cash recorded in the ledger?
A. ₦1200
B. ₦1000
C. ₦800
D. ₦600
Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 6
A company's balance sheet shows a current ratio of 2:1. However, the company's current assets are ₦200,000 and its current liabilities are ₦100,000. What is the correct explanation for this discrepancy?
A. The company has not yet recorded the sale of its current assets.
B. The company has not yet recorded the purchase of its current assets.
C. The company has not yet recorded the payment of its current liabilities.
D. The company has not yet recorded the receipt of its current liabilities.
Question 7
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022, shows the following balances: Cash: ₦120,000, Accounts Payable: ₦150,000, Sales Revenue: ₦500,000, Cost of Goods Sold: ₦300,000, Net Income: ₦100,000. Determine the company's net worth as at 31st December 2022.
A. ₦120,000
B. ₦170,000
C. ₦270,000
D. ₦370,000
Question 8
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Accounts Payable | | 200 | What is the total amount of cash recorded in the ledger?
A. ₦1200
B. ₦1000
C. ₦800
D. ₦600
Question 9
A company uses the straight-line method to depreciate its assets. If the asset cost ₦500,000 and has a useful life of 5 years, what is the annual depreciation?
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 10
A company's balance sheet at the beginning of the year shows a capital of ₦2,000,000 and a profit and loss account balance of ₦800,000. The company's trading account for the year ended 31st December 2022 shows a profit of ₦1,200,000. The balance sheet at the end of the year shows a capital of ₦4,000,000 and a profit and loss account balance of ₦2,000,000. Calculate the amount of dividends paid to shareholders.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 11
A company has the following trial balance: Debitors ₦300,000, Creditors ₦200,000, Capital ₦500,000. What is the total amount of assets?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 12
A company uses the double-entry system of accounting. The company's ledger accounts show the following balances: Cash: ₦120,000, Accounts Payable: ₦150,000, Sales Revenue: ₦500,000, Cost of Goods Sold: ₦300,000, Net Income: ₦100,000. Determine the company's net worth as at 31st December 2022.
A. ₦120,000
B. ₦170,000
C. ₦270,000
D. ₦370,000
Question 13
A company uses the single-entry system of accounting. The company's beginning balance is ₦100,000, and its transactions during the period include a cash receipt of ₦50,000 and a cash payment of ₦20,000. Calculate the company's ending balance.
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 14
A company prepares its financial statements using the accrual basis of accounting. The company's revenue is ₦500,000, and its expenses are ₦400,000. However, the company also has an accounts receivable balance of ₦100,000 and an accounts payable balance of ₦50,000. Calculate the company's net income.
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 15
A company's trial balance as at 31st December 20X1 is as follows: Debit £ Cash £ 10,000 Debtors £ 20,000 Stock £ 30,000 Total Debit £ 60,000 Credit £ Creditors £ 15,000 Capital £ 45,000 Total Credit £ 60,000 What is the company's capital turnover ratio?
A. 2.00
B. 1.50
C. 1.33
D. 2.50

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