POST UTME UNIOSUN 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦15,000. The company's bank statement shows a credit balance of ₦20,000. What is the correct journal entry to reconcile the two balances?
A. ₦15,000 debit to Cash and ₦20,000 credit to Bank
B. ₦20,000 debit to Bank and ₦15,000 credit to Cash
C. ₦15,000 credit to Cash and ₦20,000 debit to Bank
D. ₦20,000 credit to Bank and ₦15,000 debit to Cash
Question 2
A manufacturing company produces two products: A and B. Product A has a selling price of ₦100,000 and a variable cost of ₦60,000. Product B has a selling price of ₦80,000 and a variable cost of ₦40,000. What is the contribution margin ratio for Product A?
A. 60%
B. 70%
C. 80%
D. 90%
Question 3
A company's cash book showed the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash received from bank ₦20,000. Prepare the company's cash book.
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 4
A company uses the single-entry system of accounting. The following transactions are recorded in the cash book: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of goods for ₦80,000 cash. (iii) Payment of rent for ₦20,000 by cheque. (iv) Purchase of goods for ₦60,000 by cheque. Determine the net cash received by the company from the above transactions.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 5
In a partnership account, if the capital of one partner is increased by ₦50,000 and the capital of the other partner is decreased by ₦20,000, what is the net effect on the total capital of the partnership?
A. ₦30,000 increase
B. ₦30,000 decrease
C. ₦10,000 increase
D. ₦10,000 decrease
Question 6
A company prepares a trial balance but discovers that the debit and credit totals do not agree. The debit total is ₦1,500,000 and the credit total is ₦1,800,000. What is the reason for the difference?
A. The company has not recorded all its transactions in the trial balance.
B. The company has made an error in the preparation of the trial balance.
C. The company has not included all its accounts in the trial balance.
D. The company has not checked the trial balance for errors.
Question 7
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦100,000 and its residual value is ₦20,000, what is the annual depreciation expense?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 8
A company's cash book shows the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of goods for ₦80,000 cash. (iii) Payment of rent for ₦20,000 by cheque. (iv) Purchase of goods for ₦60,000 by cheque. Determine the net cash received by the company from the above transactions.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 9
A company's bank reconciliation statement showed the following discrepancies: Bank statement balance ₦100,000, Cash balance ₦80,000, and Outstanding checks ₦20,000. Prepare the company's bank reconciliation statement.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 10
A company's balance sheet shows a total asset value of ₦100,000. The company's balance sheet also shows a total liability value of ₦50,000. What is the correct journal entry to record the depreciation of the assets?
A. ₦50,000 debit to Depreciation Expense and ₦50,000 credit to Accumulated Depreciation
B. ₦100,000 debit to Depreciation Expense and ₦100,000 credit to Accumulated Depreciation
C. ₦50,000 credit to Depreciation Expense and ₦50,000 debit to Accumulated Depreciation
D. ₦100,000 credit to Depreciation Expense and ₦100,000 debit to Accumulated Depreciation
Question 11
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C, with quantities of 100, 200, and 300 units, respectively. The costs of these inventories are ₦100, ₦120, and ₦150 per unit, respectively. What is the weighted average cost per unit?
A. ₦120
B. ₦125
C. ₦130
D. ₦135
Question 12
A company's balance sheet shows a current liability of ₦150,000. Its non-current liability is ₦200,000. What is the total liability of the company?
A. ₦350,000
B. ₦250,000
C. ₦150,000
D. ₦200,000
Question 13
A company's cash book shows the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of goods for ₦80,000 cash. (iii) Payment of rent for ₦20,000 by cheque. (iv) Purchase of goods for ₦60,000 by cheque. Determine the net cash received by the company from the above transactions.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 14
A company's single entry system showed the following transactions: Cash received from customers ₦150,000, Cash paid to suppliers ₦75,000, and Cash received from bank ₦30,000. Prepare the company's single entry system.
A. ₦245,000
B. ₦255,000
C. ₦265,000
D. ₦275,000
Question 15
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000

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