Practice post utme unilag accounting 2024 Past Questions

Question 1

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 annual depreciation expense if the asset's cost is ₦120,000?

Correct A. ₦24,000

B. ₦20,000

C. ₦18,000

D. ₦22,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 2

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?

Correct A. ₦90,000

B. ₦60,000

C. ₦80,000

D. ₦120,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 3

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?

Correct 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

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 4

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?

Correct A. ₦5,000

B. ₦10,000

C. ₦15,000

D. ₦20,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 5

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?

Correct A. ₦72,000

B. ₦60,000

C. ₦48,000

D. ₦36,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 6

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

Correct 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

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 7

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?

Correct 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

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 8

A company's balance sheet shows an error of ₦10,000 in the debit side of the account 'Accumulated Depreciation'. The correct balance should be ₦00,000. What is the correct journal entry to rectify this error?

A. Debit Accumulated Depreciation ₦10,000, Credit Profit and Loss ₦10,000

B. Debit Profit and Loss ₦10,000, Credit Accumulated Depreciation ₦00,000

Correct C. Debit Accumulated Depreciation ₦00,000, Credit Profit and Loss ₦00,000

D. Debit Accumulated Depreciation ₦00,000, Credit Accumulated Depreciation ₦00,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 9

A company's trial balance shows an error of ₦5,000 in the credit side of the account 'Salaries and Wages'. The correct balance should be ₦10,000. What is the correct journal entry to rectify this error?

A. Credit Salaries and Wages ₦5,000, Debit Profit and Loss ₦5,000

B. Debit Salaries and Wages ₦10,000, Credit Profit and Loss ₦10,000

Correct C. Credit Salaries and Wages ₦10,000, Debit Profit and Loss ₦10,000

D. Debit Salaries and Wages ₦10,000, Credit Salaries and Wages ₦10,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 10

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?

Correct 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

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 11

In a public sector accounting system, what is the primary purpose of the 'Chart of Accounts'?

Correct 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

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 12

A company uses the double-entry system of accounting. If it purchases office equipment for ₦120,000 cash, what is the effect on the accounting equation?

A. Assets increase by ₦120,000 and equity decreases by ₦120,000

Correct B. Assets increase by ₦120,000 and equity increases by ₦120,000

C. Assets decrease by ₦120,000 and equity increases by ₦120,000

D. Assets decrease by ₦120,000 and equity decreases by ₦120,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 13

A company has a building with a carrying value of ₦1,500,000 and a useful life of 10 years. If the company uses the straight-line method of depreciation, what is the annual depreciation expense?

A. ₦150,000

Correct B. ₦150,000

C. ₦120,000

D. ₦100,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 14

A company has a control account for its cash account. If the cash account balance is ₦500,000 and the control account balance is ₦600,000, what is the difference between the two?

Correct A. ₦100,000

B. ₦50,000

C. ₦0

D. ₦-100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 15

A company uses the self-balancing ledger system. If it purchases office equipment for ₦120,000 cash, what is the effect on the ledger accounts?

A. Assets increase by ₦120,000 and equity increases by ₦120,000

Correct B. Assets increase by ₦120,000 and equity decreases by ₦120,000

C. Assets decrease by ₦120,000 and equity increases by ₦120,000

D. Assets decrease by ₦120,000 and equity decreases by ₦120,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 16

A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.

A. ₦0,500

B. ₦1,000

Correct C. ₦1,050

D. ₦1,500

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 17

A company's balance sheet shows a current ratio of 2.5:1. If the current assets are ₦1,500,000, what is the value of the current liabilities?

Correct A. ₦0,600,000

B. ₦0,800,000

C. ₦0,900,000

D. ₦1,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 18

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?

Correct A. ₦0,500

B. ₦0,000

C. ₦0,500

D. ₦0,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 19

A company's trading account shows a profit of ₦0,000. The profit and loss account shows a profit of ₦0,500. What is the correct profit of the company?

A. ₦0,000

Correct B. ₦0,500

C. ₦0,000

D. ₦0,500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 20

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?

Correct A. ₦0,700,000

B. ₦0,800,000

C. ₦0,700,000

D. ₦0,800,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 21

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

Correct B. ₦400

C. ₦450

D. ₦500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 22

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

Correct B. ₦400

C. ₦450

D. ₦500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 23

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

Correct B. ₦400

C. ₦450

D. ₦500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 24

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

Correct B. ₦400

C. ₦450

D. ₦500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Question 25

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

Correct B. ₦400

C. ₦450

D. ₦500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

POST UTME UNILAG 2024 Accounting | Objective

Master the Exam!

Help others prepare! Share this practice hub: