POST UTME UNILORIN 2024 Accounting | Objective

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Question 1
A company uses the straight-line method of depreciation. It purchased a machine on January 1, 2024, for ₦500,000. The machine has an estimated useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation for the year ended December 31, 2024.
A. ₦90,000
B. ₦92,000
C. ₦95,000
D. ₦98,000
Question 2
A company's balance sheet shows a decrease in the 'Accumulated Depreciation' account of ₦20,000. What is the effect of this decrease on the company's net assets?
A. Increase in net assets by ₦20,000
B. Decrease in net assets by ₦20,000
C. No effect on net assets
D. Increase in net assets by ₦10,000
Question 3
A manufacturing company has the following departmental accounts: Direct Materials (₦60,000), Direct Labour (₦40,000), and Overheads (₦30,000). What is the total cost of production?
A. ₦130,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 4
A company's profit and loss account shows a net loss of ₦100,000. If the company's trading account shows a loss of ₦150,000 and its non-trading income is ₦50,000, what is the amount of its non-trading expenses?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 5
A public sector organization has the following transactions for the year ended December 31, 2024: - Received ₦1,000,000 from the government for a grant. - Paid ₦500,000 for salaries. - Collected ₦200,000 from customers. - Paid ₦300,000 for rent. What is the total revenue for the year?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 6
A government agency's bank reconciliation statement shows a difference of ₦10,000 between the cash book balance and the bank statement balance. What is the correct journal entry to reconcile this difference?
A. ₦10,000 debit to cash and ₦10,000 credit to bank
B. ₦10,000 credit to cash and ₦10,000 debit to bank
C. ₦10,000 debit to bank and ₦10,000 credit to cash
D. ₦10,000 credit to bank and ₦10,000 debit to cash
Question 7
A company has the following trial balance as at December 31, 2024: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦500,000 | | Cost of Goods Sold | ₦200,000 | | | Net Income | | ₦100,000 | What is the correct balance for the Cash account?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 8
A manufacturing company has the following departmental accounts: Direct Materials (₦50,000), Direct Labour (₦30,000), and Overheads (₦20,000). What is the total cost of production?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 9
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, how much of the amount will be credited to the share premium account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The proceeds from the issue of shares are credited to the 'Share Capital' account. What is the amount credited to the 'Share Capital' account?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while product B requires 1 hour of direct labor and 2 hours of indirect labor. If the company produces 100 units of product A and 50 units of product B, what is the total direct labor hours and indirect labor hours?
A. Direct labor hours: 250, Indirect labor hours: 150
B. Direct labor hours: 150, Indirect labor hours: 250
C. Direct labor hours: 200, Indirect labor hours: 200
D. Direct labor hours: 300, Indirect labor hours: 100
Question 12
A company's ledger shows a balance of ₦40,000 in the accounts payable account. However, the trial balance shows a debit balance of ₦35,000 in the accounts payable account. What is the correct journal entry to correct this error?
A. ₦5,000 debit to accounts payable and ₦5,000 credit to purchases
B. ₦5,000 credit to accounts payable and ₦5,000 debit to purchases
C. ₦5,000 debit to purchases and ₦5,000 credit to accounts payable
D. ₦5,000 credit to purchases and ₦5,000 debit to accounts payable
Question 13
A company's balance sheet shows a total assets of ₦5,000,000 and a total liabilities of ₦3,000,000. What is the amount of its equity?
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 14
A company's balance sheet shows a total asset value of ₦600,000 and a total liability value of ₦400,000. What is the company's equity?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 15
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, costing ₦100 each. During the year, 300 units were sold, and 200 units were purchased at ₦120 each. Calculate the cost of goods sold for the year.
A. ₦30,000
B. ₦32,000
C. ₦35,000
D. ₦38,000

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