POST UTME UNIOSUN 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

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 charge if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 2
A government agency is responsible for the collection of taxes. The agency's cash book for the month of January 2020 is as follows: Debit: Cash: ₦100,000 Bank: ₦200,000 Credit: Tax Revenue: ₦300,000 What is the agency's net cash inflow for the month?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 3
A company's bank reconciliation statement shows the following discrepancies: overdraft of ₦1,000, credit of ₦500, overdraft of ₦800, credit of ₦200. Calculate the net balance in the bank account.
A. ₦300
B. ₦400
C. ₦500
D. ₦600
Question 4
A company's control account in the ledger shows a balance of ₦1,000,000. The trial balance shows a credit balance of ₦800,000 for the same account. What is the correct balance of the control account?
A. ₦1,000,000
B. ₦800,000
C. ₦1,200,000
D. ₦1,800,000
Question 5
A company has the following ledger balances: Cash 10,000, Accounts Receivable 20,000, Inventory 30,000, and Equipment 40,000. What is the total value of the company's assets?
A. 100,000
B. 120,000
C. 140,000
D. 160,000
Question 6
A company's trial balance shows the following: Sales ₦100,000, Purchases ₦80,000, Gross Profit ₦20,000. What is the company's net profit?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company is owned by two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The company makes a profit of ₦20,000. How will the profit be divided between A and B?
A. ₦60,000 to A and ₦10,000 to B
B. ₦50,000 to A and ₦15,000 to B
C. ₦40,000 to A and ₦20,000 to B
D. ₦30,000 to A and ₦25,000 to B
Question 8
A company's trading account for the year ended 31st December 2019 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Credit: Cost of Goods Sold: ₦1,000,000 What is the company's gross profit for the year?
A. ₦500,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 9
A company's cash book shows a credit balance of ₦15,000 in the cash account. However, the bank statement shows a debit balance of ₦10,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque that has not been presented for payment.
B. The company has deposited cash into the bank that has not been credited to the cash account.
C. The company has paid a bill that has not been debited from the cash account.
D. The company has received a refund from a supplier that has not been credited to the cash account.
Question 10
A company has the following incomplete records: Cash 10,000, Accounts Receivable 20,000, and Inventory 30,000. What is the total value of the company's assets?
A. 60,000
B. 70,000
C. 80,000
D. 90,000
Question 11
A bank's cash book shows a balance of ₦500,000. The bank reconciliation statement shows a difference of ₦20,000 between the cash book balance and the bank statement balance. What is the correct balance of the bank's cash?
A. ₦520,000
B. ₦480,000
C. ₦500,000
D. ₦480,000
Question 12
A company issued 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 13
A company uses the double-entry system of accounting. The journal entry for the purchase of equipment on credit is as follows: Debit Equipment 10,000 and Credit Accounts Payable 10,000. What is the effect of this transaction on the accounting equation?
A. Increases both assets and liabilities
B. Increases assets and decreases liabilities
C. Decreases assets and increases liabilities
D. Decreases both assets and liabilities
Question 14
A company has two types of shares: ordinary and preference. The ordinary shares have a par value of ₦10 each, while the preference shares have a par value of ₦20 each. If the company issues 1,000 ordinary shares and 500 preference shares, calculate the total amount of share capital.
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
A company's cash book showed a balance of ₦20,000. The bank statement showed a balance of ₦25,000. Calculate the difference and explain the reason for the difference.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000

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