POST UTME UNILAG 2023 Accounting | Objective

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Question 1
A company's cash book shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦5,000 | | | 5 Jan | Cash | | ₦25,000 | What is the balance in the cash book?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 3
A company uses the straight-line method of depreciation. The company's accountant has recorded the following information: Cost of asset 10,000, Useful life 5 years, Residual value 2,000 What is the annual depreciation expense?
A. 1,600
B. 1,800
C. 2,000
D. 2,400
Question 4
A company has the following financial statements: Balance Sheet, Income Statement. What is the purpose of the Balance Sheet?
A. To show the company's financial position at a specific point in time
B. To show the company's financial performance over a specific period of time
C. To show the company's cash flows over a specific period of time
D. To show the company's dividends paid over a specific period of time
Question 5
A company's cash book shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 6
A company uses the straight-line method of depreciation. The company's accountant has recorded the following information: Cost of asset 10,000, Useful life 5 years, Residual value 2,000 What is the annual depreciation expense?
A. 1,600
B. 1,800
C. 2,000
D. 2,400
Question 7
A company produces two products, X and Y. Product X has a variable cost of ₦120 per unit and a fixed cost of ₦150,000. Product Y has a variable cost of ₦180 per unit and a fixed cost of ₦200,000. If the selling price of Product X is ₦250 per unit and the selling price of Product Y is ₦300 per unit, and the company produces 200 units of Product X and 150 units of Product Y, what is the total profit?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
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 2:3. If the profit for the year is ₦50,000, what is the amount of profit to be distributed to partner A?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 9
A company's bank statement shows the following transactions: Date | Debit | Credit -----|-------|------- 1-Jan | ₦10,000 | ₦5,000 15-Jan | ₦20,000 | ₦10,000 What is the total amount of cash available at the end of the month?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 10
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The shares were subscribed for by the public for ₦ 120,000. The company also issued 5% debentures of ₦ 10,000 each at 5% discount. Prepare the share capital account and debenture account.
A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000
Question 11
A company uses the FIFO method of inventory valuation. The company's accountant has recorded the following information: Beginning inventory 100 units @ 10, Purchases 200 units @ 12, Sales 150 units @ 15 What is the cost of goods sold?
A. 1,800
B. 2,100
C. 2,400
D. 2,700
Question 12
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Inventory | 30,000 | Share Capital | 50,000 | | Property | 40,000 | Retained Earnings | 10,000 | What is the total amount of shareholders' funds?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company uses the double-entry system to record its transactions. The company's accountant has recorded the following transactions in the journal: Debit: Cash 10,000, Accounts Payable 5,000, Equipment 15,000 Credit: Common Stock 20,000, Retained Earnings 5,000 What is the correct journal entry for the purchase of equipment?
A. Debit Equipment 15,000, Credit Cash 15,000
B. Debit Equipment 15,000, Credit Accounts Payable 15,000
C. Debit Equipment 15,000, Credit Common Stock 15,000
D. Debit Equipment 15,000, Credit Retained Earnings 15,000
Question 14
A company has the following trial balance: Accounts Payable 10,000, Accounts Receivable 15,000, Common Stock 50,000, Retained Earnings 20,000. What is the total amount of assets?
A. ₦85,000
B. ₦85,000
C. ₦85,000
D. ₦85,000
Question 15
A company's trial balance as at 31st December 2022 is as follows: Debtors ₦ 50,000 Creditors ₦ 30,000 Capital ₦ 100,000 Profit ₦ 20,000 Drawings ₦ 10,000 Prepare the balance sheet as at 31st December 2022.
A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000

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