POST UTME UNIOSUN 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦10,000 | | | 5-Jan | Accounts Payable | | ₦5,000 | | 10-Jan | Sales Revenue | | ₦20,000 | | 15-Jan | Cost of Goods Sold | ₦15,000 | | | 20-Jan | Net Income | | ₦5,000 | What is the correct journal entry to record the transactions?
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
B. Debit Sales Revenue ₦5,000, Credit Cost of Goods Sold ₦5,000
C. Debit Net Income ₦5,000, Credit Cost of Goods Sold ₦5,000
D. Debit Cash ₦5,000, Credit Accounts Payable ₦5,000
Question 2
A company's balance sheet at the end of the year shows the following balances:
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 3
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000. Prepare the company's income statement.
A. Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, Net Income ₦70,000
B. Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, Net Income ₦30,000
C. Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, Net Income ₦50,000
D. Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, Net Income ₦20,000
Question 4
A company's ledger showed the following balances: Cash ₦20,000, Accounts Receivable ₦30,000, Inventory ₦40,000. Prepare the company's balance sheet.
A. Cash ₦20,000, Accounts Receivable ₦30,000, Inventory ₦40,000
B. Cash ₦20,000, Accounts Receivable ₦30,000, Inventory ₦50,000
C. Cash ₦20,000, Accounts Receivable ₦30,000, Inventory ₦60,000
D. Cash ₦20,000, Accounts Receivable ₦30,000, Inventory ₦70,000
Question 5
A company has the following transactions: Purchased a machine for ₦50,000 Sold an old machine for ₦30,000 Depreciation on a machine: ₦10,000 What is the net effect on the company's assets?
A. +₦10,000
B. +₦20,000
C. +₦30,000
D. +₦40,000
Question 6
The following transactions were recorded by a public sector organization during the year:
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 7
A company uses the single entry system of accounting. The following transactions were recorded in the year: Depreciation on a machine: ₦10,000 Depreciation on a building: ₦20,000 Purchase of a new machine: ₦50,000 Sale of an old machine: ₦30,000 What is the total depreciation for the year?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 8
In a public sector accounting system, what is the primary purpose of the cash book?
A. To record all financial transactions of the government
B. To prepare the annual budget of the government
C. To maintain a record of cash receipts and payments
D. To prepare the financial statements of the government
Question 9
A company purchases a machine for ₦50,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
A. ₦30,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 10
A manufacturing company has the following costs: Direct Materials: ₦100,000; Direct Labour: ₦80,000; and Overheads: ₦60,000. Calculate the prime cost.
A. ₦240,000
B. ₦240,000
C. ₦240,000
D. ₦240,000
Question 11
A government agency has the following transactions: Received ₦100,000 from a grant; paid ₦50,000 to a supplier; and paid ₦20,000 to an employee. Prepare the statement of cash flows.
A. ₦130,000
B. ₦130,000
C. ₦130,000
D. ₦130,000
Question 12
A partnership has two partners: John and Mary. John's capital account has a balance of ₦50,000 and Mary's capital account has a balance of ₦30,000. If the partnership has a total capital of ₦100,000, what is the ratio of John's capital to Mary's capital?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 13
A public sector organization has the following transactions: Revenue: ₦10,000, Expenditure: ₦8,000. What is the net effect of these transactions on the organization's financial position?
A. ₦2,000 surplus
B. ₦2,000 deficit
C. ₦8,000 surplus
D. ₦8,000 deficit
Question 14
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦5,000 | | Sales Revenue | | ₦20,000 | | Cost of Goods Sold | ₦15,000 | | | Net Income | | ₦5,000 | | Total | ₦25,000 | ₦40,000 | What is the correct journal entry to correct the error in the trial balance?
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
B. Debit Sales Revenue ₦5,000, Credit Cost of Goods Sold ₦5,000
C. Debit Net Income ₦5,000, Credit Cost of Goods Sold ₦5,000
D. Debit Cash ₦5,000, Credit Accounts Payable ₦5,000
Question 15
A company uses the single entry system of accounting. The following transactions were recorded in the year: Depreciation on a machine: ₦10,000 Depreciation on a building: ₦20,000 Purchase of a new machine: ₦50,000 Sale of an old machine: ₦30,000 What is the total depreciation for the year?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

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