POST UTME UNIOSUN 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A public sector organization has the following transactions: Purchase of goods for ₦100,000, Payment of salaries ₦150,000, Receipt of taxes ₦200,000. What is the correct journal entry?
A. Debit Purchases ₦100,000, Credit Cash ₦100,000
B. Debit Salaries ₦150,000, Credit Cash ₦150,000
C. Debit Taxes ₦200,000, Credit Cash ₦200,000
D. Debit Purchases ₦100,000, Debit Salaries ₦150,000, Debit Taxes ₦200,000, Credit Cash ₦450,000
Question 2
A company has a cash book account with the following transactions: Debit: 1. Cash 2. Sales 3. Purchase 4. Bank Credit: 1. Cash 2. Sales 3. Purchase 4. Bank What is the correct classification of the cash book account?
A. Personal Account
B. Real Account
C. Nominal Account
D. Impersonal Account
Question 3
A company uses the straight-line method of depreciation. The company purchased a machine on 1st January 2022 for ₦100,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation for the year 2023.
A. ₦16,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 4
A company's balance sheet shows the following: Assets: ¦ 150,000, Liabilities: ¦ 100,000. What is the company's equity?
A. ¦ 50,000
B. ¦ 100,000
C. ¦ 150,000
D. ¦ 200,000
Question 5
A bank statement shows a balance of ₦500,000, but the company's cash book shows a balance of ₦450,000. The bank statement also shows a debit of ₦20,000 for a NSF cheque. What is the correct bank reconciliation?
A. Add NSF cheque debit of ₦20,000 to cash book balance
B. Add NSF cheque debit of ₦20,000 to bank statement balance
C. Debit NSF cheque of ₦20,000 to bank statement balance
D. Credit NSF cheque of ₦20,000 to bank statement balance
Question 6
A partnership has the following capital accounts: Partner A ₦200,000, Partner B ₦300,000. The partnership also has the following drawings: Partner A ₦50,000, Partner B ₦75,000. What is the correct journal entry to record the drawings?
A. Debit Partner A Drawings ₦50,000, Credit Partner A Capital ₦50,000
B. Debit Partner B Drawings ₦75,000, Credit Partner B Capital ₦75,000
C. Debit Partner A Drawings ₦50,000, Debit Partner B Drawings ₦75,000, Credit Partner A Capital ₦50,000, Credit Partner B Capital ₦75,000
D. Debit Partner A Drawings ₦50,000, Debit Partner B Drawings ₦75,000, Credit Cash ₦125,000
Question 7
A company has the following ledger accounts: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000. What is the total amount of assets and liabilities of the company?
A. 15,000
B. 20,000
C. 25,000
D. 30,000
Question 8
A company has the following balance sheet: | Asset | Liability | Equity | | --- | --- | --- | | 100,000 | 50,000 | 50,000 | If the company issues 10,000 shares at ₦10 per share, what is the new total equity?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 9
A company has the following accounting equation: Assets = Liabilities + Equity What is the correct classification of the accounting equation?
A. Balance Sheet
B. Income Statement
C. Cash Flow Statement
D. Statement of Changes in Equity
Question 10
A company has the following journal entry: Debit: Accounts Payable 5,000, Credit: Sales Revenue 5,000. What is the effect of this transaction on the accounting equation?
A. Increases assets and decreases liabilities
B. Increases liabilities and decreases assets
C. Increases equity and decreases liabilities
D. Increases assets and decreases equity
Question 11
A company's single entry system shows the following transactions for the year ended 31st December 2022: Debit: ₦50,000 Credit: ₦60,000 Prepare the company's ledger accounts and calculate the net profit for the year.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company has the following financial statements: Balance Sheet: 1. Assets 2. Liabilities 3. Equity Income Statement: 1. Revenue 2. Expenses 3. Net Income What is the correct classification of the financial statements?
A. Balance Sheet
B. Income Statement
C. Cash Flow Statement
D. Statement of Changes in Equity
Question 13
A company has the following control account: Purchases Control ₦500,000. The company's ledger accounts show the following: Purchases ₦400,000, Returns Outwards ₦50,000. What is the correct journal entry to update the control account?
A. Debit Purchases Control ₦400,000, Credit Purchases ₦400,000
B. Debit Purchases Control ₦450,000, Credit Purchases ₦400,000, Debit Returns Outwards ₦50,000
C. Debit Purchases Control ₦450,000, Credit Purchases ₦400,000, Credit Returns Outwards ₦50,000
D. Debit Purchases Control ₦500,000, Credit Purchases ₦400,000, Debit Returns Outwards ₦100,000
Question 14
A company's trial balance shows a debit balance in the 'Rent Expense' account of ₦120,000. However, the company's accounting records show that it has paid ₦150,000 in rent for the year. What is the correct journal entry to correct the error?
A. Debit Rent Expense ₦30,000, Credit Cash ₦30,000
B. Debit Rent Expense ₦30,000, Credit Prepaid Rent ₦30,000
C. Debit Rent Expense ₦120,000, Credit Cash ₦120,000
D. Debit Rent Expense ₦150,000, Credit Cash ₦150,000
Question 15
A partnership has the following capital accounts: Partner A: 1. Initial Capital 2. Additional Capital 3. Withdrawal 4. Share of Profit Partner B: 1. Initial Capital 2. Additional Capital 3. Withdrawal 4. Share of Profit What is the correct method of calculating the capital accounts?
A. Simple Interest
B. Compound Interest
C. Partnership Capital Account Method
D. Joint Capital Account Method

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