POST UTME UNIOSUN 2017 Accounting | Objective

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Question 1
In a self-balancing ledger, what is the purpose of the control account?
A. To record all transactions related to a specific account
Correct B. To reconcile the balance of the ledger with the balance of the control account
C. To record all transactions related to a specific department
D. To reconcile the balance of the ledger with the balance of the bank statement

Correct Answer: B

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Question 2
A company has the following transactions: Purchased goods for ₦100,000 on credit; sold goods for ₦120,000 on credit; and paid cash of ₦20,000 to a creditor. Prepare the trading account for the period.
A. Trading Account: ₦20,000; Profit: ₦20,000
Correct B. Trading Account: ₦40,000; Profit: ₦40,000
C. Trading Account: ₦60,000; Profit: ₦60,000
D. Trading Account: ₦80,000; Profit: ₦80,000

Correct Answer: B

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Question 3
A manufacturing company has the following costs: Direct Materials: ₦100,000; Direct Labour: ₦80,000; and Overheads: ₦60,000. Calculate the prime cost.
Correct A. ₦240,000
B. ₦240,000
C. ₦240,000
D. ₦240,000

Correct Answer: A

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Question 4
A company has the following trial balance: Accounts Payable: ₦50,000; Accounts Receivable: ₦30,000; and Common Stock: ₦100,000. Prepare the balance sheet.
Correct A. ₦180,000
B. ₦180,000
C. ₦180,000
D. ₦180,000

Correct Answer: A

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Question 5
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.
Correct A. ₦130,000
B. ₦130,000
C. ₦130,000
D. ₦130,000

Correct Answer: A

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Question 6
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
Correct C. To maintain a record of cash receipts and payments
D. To prepare the financial statements of the government

Correct Answer: C

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Question 7
A company has the following transactions: Purchased goods for ₦10,000 cash, sold goods for ₦15,000 credit, and paid salaries of ₦5,000 cash. What is the net effect on the company's cash balance?
Correct A. ₦5,000 increase
B. ₦5,000 decrease
C. ₦10,000 increase
D. ₦10,000 decrease

Correct Answer: A

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Question 8
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 ₦120,000, how much will partner A receive?
A. ₦60,000
Correct B. ₦80,000
C. ₦100,000
D. ₦120,000

Correct Answer: B

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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
Correct C. ₦45,000
D. ₦50,000

Correct Answer: C

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Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 11
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. After one year, the profit is ₦50,000. The profit is divided in the ratio of 2:3. Calculate the amount of profit that will be distributed to partner A.
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 12
The following transactions were recorded by a public sector organization during the year:
A. ₦1,000,000
B. ₦1,500,000
Correct C. ₦2,000,000
D. ₦2,500,000

Correct Answer: C

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Question 13
A company prepares its financial statements in accordance with the accrual accounting method. The company's trial balance at the end of the year shows the following balances:
A. ₦50,000
Correct B. ₦75,000
C. ₦100,000
D. ₦125,000

Correct Answer: B

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Question 14
A company's balance sheet at the end of the year shows the following balances:
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 15
A company's profit and loss account for the year shows the following balances:
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 16
In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for a period of 6 months?
Correct A. Capital is calculated as the average of the opening and closing balances.
B. Capital is calculated as the opening balance minus the drawings made during the period.
C. Capital is calculated as the closing balance plus the drawings made during the period.
D. Capital is calculated as the average of the opening and closing balances minus the drawings made during the period.

Correct Answer: A

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Question 17
A company manufactures two products, A and B. The selling price of A is ₦150 per unit, and the selling price of B is ₦200 per unit. The variable costs of A and B are ₦80 and ₦100 per unit, respectively. The fixed costs of the company are ₦50,000 per month. If the company sells 100 units of A and 80 units of B in a month, what is the profit of the company?
A. ₦15,000
B. ₦20,000
Correct C. ₦25,000
D. ₦30,000

Correct Answer: C

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Question 18
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
Correct C. Debit Net Income ₦5,000, Credit Cost of Goods Sold ₦5,000
D. Debit Cash ₦5,000, Credit Accounts Payable ₦5,000

Correct Answer: C

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Question 19
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
Correct C. Debit Net Income ₦5,000, Credit Cost of Goods Sold ₦5,000
D. Debit Cash ₦5,000, Credit Accounts Payable ₦5,000

Correct Answer: C

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Question 20
A company 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
Correct C. Debit Net Income ₦5,000, Credit Cost of Goods Sold ₦5,000
D. Debit Cash ₦5,000, Credit Accounts Payable ₦5,000

Correct Answer: C

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Question 21
A company issued 10,000 shares of ₦5 each at a premium of ₦2. The shares were sold for ₦7 each. Calculate the total amount received from the sale of shares.
A. ₦70,000
B. ₦80,000
C. ₦90,000
Correct D. ₦100,000

Correct Answer: D

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Question 22
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.
Correct 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

Correct Answer: A

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Question 23
A company's ledger showed the following balances: Cash ₦20,000, Accounts Receivable ₦30,000, Inventory ₦40,000. Prepare the company's balance sheet.
Correct 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

Correct Answer: A

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Question 24
A company issued 10,000 shares of ₦5 each at a premium of ₦2. The shares were sold for ₦7 each. Calculate the total amount received from the sale of shares.
A. ₦70,000
B. ₦80,000
C. ₦90,000
Correct D. ₦100,000

Correct Answer: D

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Question 25
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.
Correct 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

Correct Answer: A

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