POST UTME UNIOSUN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦90,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 2
A company uses the FIFO method of inventory valuation. The company purchases 100 units of inventory at ₦50 each and 50 units at ₦60 each. If the company sells 120 units, what is the cost of goods sold?
A. ₦6,000
B. ₦6,500
C. ₦7,000
D. ₦7,500
Question 3
A government agency uses the accrual basis of accounting. The agency's financial statements for the year ended December 31, 2022, show the following: Revenues = ₦500,000, Expenses = ₦400,000. What is the net income for the year?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 4
A company uses the weighted average method of inventory valuation. The company purchases 100 units of inventory at ₦50 each and 50 units at ₦60 each. If the company sells 120 units, what is the cost of goods sold?
A. ₦6,000
B. ₦6,500
C. ₦7,000
D. ₦7,500
Question 5
A company prepares a trial balance on December 31, 2022. The trial balance shows a debit balance of ₦50,000 in the account 'Office Supplies.' However, the company's records show that the office supplies account has a credit balance of ₦20,000. What is the most likely reason for the difference?
A. The company has recorded a sale in the office supplies account that has not been recorded in the trial balance.
B. The company has recorded a purchase in the office supplies account that has not been recorded in the trial balance.
C. The company has made an error in recording a transaction in the office supplies account.
D. The company has outstanding office supplies that have not been recorded in the trial balance.
Question 6
A government agency uses the accrual basis of accounting to record its transactions. The agency has a revenue of ₦1,000,000 and an expense of ₦800,000 for the year ended December 31, 2022. What is the net income of the agency for the year?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 7
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 ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000 on December 31, 2022. However, the bank statement shows a balance of ₦120,000 on the same date. What is the most likely reason for the difference?
A. The company has outstanding checks that have not been cleared by the bank.
B. The company has deposited cash into the bank that has not been recorded in the cash book.
C. The company has recorded a sale in the cash book that has not been recorded in the bank statement.
D. The company has made an error in recording a transaction in the cash book.
Question 9
A company's cash book shows a balance of ₦100,000. The bank statement shows a balance of ₦120,000. The difference is due to a bank overdraft of ₦20,000. What is the correct balance in the cash book?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 10
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦0,500
B. ₦1,000
C. ₦1,050
D. ₦1,500
Question 11
A company uses the single-entry system of accounting. The company's journal entries for the month of January are as follows: Debit Cash = ₦50,000, Credit Sales Revenue = ₦100,000. What is the net income for the month of January?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 12
A company's assets are valued at ₦1,500,000. The company depreciates its assets by 10% per annum. What is the value of the assets after 2 years?
A. ₦1,215,000
B. ₦1,350,000
C. ₦1,500,000
D. ₦1,650,000
Question 13
A company's profit is calculated as follows: Revenue - Cost of Goods Sold - Operating Expenses. If the company's revenue is ₦1,000,000, cost of goods sold is ₦600,000, and operating expenses are ₦150,000, what is the company's profit?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000
Question 14
A company's single entry system shows the following: Cash ₦100,000, Bank ₦50,000, Creditors ₦30,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 15
A company has the following transactions for the year: Purchased goods for ₦0,000. Sold goods for ₦1,500. Purchased office equipment for ₦1,000. Sold office equipment for ₦0,000. Calculate the net profit or loss for the year.
A. ₡0,000
B. ₡1,000
C. ₡2,000
D. ₡3,000

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