POST UTME UNILORIN 2022 Accounting | Objective

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Question 1
A company uses the straight-line method of depreciation for its assets. If an asset has a cost of ₦500,000 and an estimated useful life of 5 years, what is the annual depreciation charge?
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 2
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product A and product B should be produced to maximize profit?
A. 10 units of product A and 15 units of product B
B. 15 units of product A and 10 units of product B
C. 20 units of product A and 5 units of product B
D. 5 units of product A and 20 units of product B
Question 3
A company's bank reconciliation statement as of December 31, 2022, is shown below. Identify the error in the bank reconciliation.
A. The bank statement balance is 10,000, but the company's records show a balance of 15,000.
B. The bank statement balance is 15,000, but the company's records show a balance of 10,000.
C. The bank statement balance is 20,000, but the company's records show a balance of 25,000.
D. The bank statement balance is 25,000, but the company's records show a balance of 20,000.
Question 4
A company purchased a machine for ₦800,000 and sold it after 3 years for ₦600,000. Calculate the annual depreciation using the straight-line method.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 5
A public sector organization has the following assets: | Asset | Cost | Accumulated Depreciation | | --- | --- | --- | | Building | 1,000,000 | 200,000 | | Machinery | 500,000 | 100,000 | | Vehicles | 200,000 | 50,000 | What is the total carrying value of the assets?
A. 1,400,000
B. 1,500,000
C. 1,600,000
D. 1,700,000
Question 6
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦120,000. The company's bank statement shows a credit balance of ₦150,000. What is the correct explanation for the difference?
A. The company has a bank overdraft of ₦30,000.
B. The company has a cash credit of ₦30,000.
C. The company has a bank loan of ₦30,000.
D. The company has a cash debit of ₦30,000.
Question 7
A government agency is required to prepare a cash flow statement for the year ended 31st December 2022. The statement should include the following information: (i) cash received from customers, (ii) cash paid to suppliers, (iii) cash received from loans, and (iv) cash paid to employees. The cash flow statement should be presented in the format of a diagram.
A. ₦1,200,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 8
A company's balance sheet shows the following assets: Cash ₦50,000, Accounts Receivable ₦30,000, and Inventory ₦100,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 9
A company issues 5,000 debentures of ₡0,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₤5,000,000
B. ₥0,000,000
C. ₥5,000,000
D. ₦0,000,000
Question 10
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 11
A company issues 10,000 shares of ₦.50 each at a premium of ₠.25 per share. Calculate the total amount received from the issue of shares.
A. ₦,500
B. ₧,000
C. ₧,500
D. ₨,000
Question 12
A company's trial balance as of December 31, 2022, is shown below. Identify the error in the trial balance.
A. The debit balance in the Cash account is 10,000, but the credit balance in the Accounts Payable account is 15,000.
B. The debit balance in the Accounts Payable account is 15,000, but the credit balance in the Cash account is 10,000.
C. The debit balance in the Accounts Receivable account is 20,000, but the credit balance in the Sales Revenue account is 25,000.
D. The debit balance in the Sales Revenue account is 25,000, but the credit balance in the Accounts Receivable account is 20,000.
Question 13
A company purchases a machine for ₦0,000. The machine has a useful life of 5 years and a residual value of ₣0,000. Calculate the annual depreciation using the reducing balance method.
A. ₡0,000
B. ₡2,000
C. ₡5,000
D. ₡8,000
Question 14
A company's bank reconciliation statement shows the following discrepancies:
A. The company has a bank overdraft of ₦10,000.
B. The company has a cash credit of ₦10,000.
C. The company has a bank loan of ₦10,000.
D. The company has a cash debit of ₦10,000.
Question 15
A partnership has two partners, John and Jane. The partnership's capital accounts are shown below. Identify the error in the capital accounts.
A. John's capital account is 10,000, but Jane's capital account is 15,000.
B. John's capital account is 15,000, but Jane's capital account is 10,000.
C. John's capital account is 20,000, but Jane's capital account is 25,000.
D. John's capital account is 25,000, but Jane's capital account is 20,000.

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