POST UTME UNILAG 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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 ₦150,000, what is the share of profit of partner A?
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦120,000
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦200,000 respectively. The profit-sharing ratio is 3:2. If the profit for the year is ₦100,000, how much will each partner receive?
A. A: ₦30,000, B: ₤20,000
B. A: ₦40,000, B: ₣60,000
C. A: ₦50,000, B: ₣50,000
D. A: ₦60,000, B: ₣40,000
Question 3
A company has the following ledger accounts: Cash ₦10,000, Accounts Payable ₦20,000, Sales Revenue ₦30,000, Cost of Goods Sold ₦25,000. What is the net income of the company?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 4
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 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company has a total of 500 units in work-in-progress (WIP) at the end of the period. Calculate the total manufacturing cost per unit.
A. ₦350
B. ₦400
C. ₦450
D. ₦500
Question 5
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 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company has a total of 500 units in work-in-progress (WIP) at the end of the period. Calculate the total manufacturing cost per unit.
A. ₦350
B. ₦400
C. ₦450
D. ₦500
Question 6
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the asset's book value after 3 years if the asset's cost is ₦120,000?
A. ₦72,000
B. ₦60,000
C. ₦48,000
D. ₦36,000
Question 7
A company's single-entry system shows the following transactions:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 8
A company's trial balance shows an error of ₦5,000 in the debit side of the account 'Rent and Rates'. The correct balance should be ₦10,000. What is the correct journal entry to rectify this error?
A. Debit Rent and Rates ₦5,000, Credit Profit and Loss ₦5,000
B. Debit Profit and Loss ₦5,000, Credit Rent and Rates ₦10,000
C. Debit Rent and Rates ₦10,000, Credit Profit and Loss ₦10,000
D. Debit Rent and Rates ₦10,000, Credit Rent and Rates ₦10,000
Question 9
A company's incomplete records show the following transactions:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 10
A company's cash book shows a debit balance of ₦0,000. The bank reconciliation statement shows a difference of ₦0,500. What is the correct balance of the cash book?
A. ₦0,500
B. ₦0,000
C. ₦0,500
D. ₦0,000
Question 11
A company's balance sheet shows a total assets of ₦1,500,000 and a total liabilities of ₦0,800,000. What is the value of the equity?
A. ₦0,700,000
B. ₦0,800,000
C. ₦0,700,000
D. ₦0,800,000
Question 12
A company has two partners, A and B. The capital of A is ₦100,000 and that of B is ₦150,000. The profit sharing ratio is 2:3. The company made a profit of ₦50,000. How much will A receive as his share of the profit?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 13
A company's control account shows the following balances:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Receivable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 14
A company uses the double-entry system of accounting. If the company purchases an asset for ₦50,000 and pays ₦10,000 in cash, what is the journal entry to record the purchase?
A. Debit Asset ₦50,000, Credit Cash ₦10,000
B. Debit Cash ₦10,000, Credit Asset ₦50,000
C. Debit Asset ₦40,000, Credit Cash ₦10,000
D. Debit Cash ₦40,000, Credit Asset ₦10,000
Question 15
In a public sector accounting system, what is the primary purpose of the 'Chart of Accounts'?
A. To provide a detailed description of the organization's financial activities
B. To facilitate the preparation of financial statements
C. To enable the identification of assets, liabilities, and equity
D. To provide a framework for budgeting and forecasting

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: