POST UTME UNIOSUN 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows the following transactions for the year ended December 31, 2020:
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 2
A company's final accounts for the year ended December 31, 2020, show the following balances:
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 3
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 4
A company's control account for the year ended December 31, 2020, shows the following balances:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 5
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. If the issue expenses were ₦ 10,000, calculate the amount of share capital.
A. ₦ 120,000
B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000
Question 6
A company's trial balance as at 31st December 2020 is as follows: Debit: Cash ₦50,000 Accounts Payable ₦20,000 Sales ₦100,000 Credit: Accounts Receivable ₦30,000 Common Stock ₦150,000 Salaries Expense ₦40,000 What is the correct balance of the company's common stock?
A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000
Question 7
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. What is the total amount received from the debenture holders?
A. ₦95,000
B. ₦99,000
C. ₦100,000
D. ₦105,000
Question 8
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for the difference?
A. The company has not recorded all its transactions in the cash book.
B. The bank has made an error in its statement.
C. The company has not reconciled its cash book with the bank statement.
D. The company has not deposited all its cash into the bank.
Question 9
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the reducing balance method.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 10
A company's trial balance as at 31st December 2020 is as follows: Debit: Cash ₦50,000 Accounts Payable ₦20,000 Sales ₦100,000 Credit: Accounts Receivable ₦30,000 Common Stock ₦150,000 Salaries Expense ₦40,000 What is the correct balance of the company's common stock?
A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000
Question 11
A company's cash book shows the following transactions for the year ended December 31, 2020:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company's balance sheet as at 31st December 2020 showed a total asset value of ₦ 1,000,000. If the company's liabilities were ₦ 500,000, calculate the company's equity.
A. ₦ 500,000
B. ₦ 520,000
C. ₦ 540,000
D. ₦ 560,000
Question 13
A company's profit for the year ended 31st December 2020 was ₦500,000. The company's retained earnings as at 1st January 2020 were ₦200,000. What is the company's retained earnings as at 31st December 2020?
A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000
Question 14
A company's accounting policy requires that all manufacturing overheads be absorbed by the products produced during the period. The company uses a job-order costing system and has the following data for the year ended December 31, 2020:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 15
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the company's asset has a useful life of 5 years, calculate the annual depreciation charge.
A. ₦ 20,000
B. ₦ 22,000
C. ₦ 24,000
D. ₦ 26,000

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