POST UTME UNIPORT 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the company's equity?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 2
A company's balance sheet shows a capital of £,000. The company's profit and loss account shows a profit of £,800. Prepare the necessary journal entry to rectify the error.
A. Debit Capital £,800, Credit Profit and Loss £,800
B. Debit Profit and Loss £,800, Credit Capital £,800
C. Debit Capital £,800, Credit Bank £,800
D. Debit Profit and Loss £,800, Credit Trading Account £,800
Question 3
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. What is the correct journal entry to record the difference?
A. Debit Profit ₹50,000, Credit Loss ₹20,000
B. Debit Loss ₹20,000, Credit Profit ₹50,000
C. Debit Profit ₹50,000, Credit Profit ₹30,000
D. Debit Loss ₹20,000, Credit Loss ₹30,000
Question 4
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. What is the correct journal entry to record the difference?
A. Debit Profit ₹50,000, Credit Loss ₹20,000
B. Debit Loss ₹20,000, Credit Profit ₹50,000
C. Debit Profit ₹50,000, Credit Profit ₹30,000
D. Debit Loss ₹20,000, Credit Loss ₹30,000
Question 5
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 will be the new equity?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 6
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference of ₦30,000 is due to a dishonored cheque of ₦20,000 and an NSF cheque of ₦10,000. What is the correct journal entry to record the dishonored cheque?
A. Debit Dishonored Cheque ₹20,000, Credit Cash ₹20,000
B. Debit NSF Cheque ₹10,000, Debit Dishonored Cheque ₹20,000, Credit Cash ₹30,000
C. Debit NSF Cheque ₹10,000, Credit Dishonored Cheque ₹20,000, Credit Cash ₹30,000
D. Debit NSF Cheque ₹10,000, Credit NSF Cheque ₹10,000, Credit Cash ₹20,000
Question 7
A company has the following ledger accounts: Purchases, Sales, Returns Outwards, Returns Inwards, and Wages. Prepare a self-balancing ledger for the company using the given accounts.
A. Purchases | Sales | Returns Outwards | Returns Inwards | Wages
B. Purchases | Sales | Returns Inwards | Returns Outwards | Wages
C. Purchases | Sales | Returns Outwards | Returns Inwards | Wages
D. Purchases | Sales | Returns Inwards | Returns Outwards | Wages
Question 8
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | Share Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | 30,000 | | Inventory | 40,000 | Loans | 10,000 | | | | Property | 50,000 | | | | | | | | | | | | What is the total amount of liabilities?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 9
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | Share Capital | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | 30,000 | | Inventory | 40,000 | Loans | 10,000 | | | | Property | 50,000 | | | | | | | | | | | | What is the total amount of liabilities?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 10
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount of share capital and the amount of share premium.
A. ₦350,000
B. ₦300,000
C. ₦250,000
D. ₦200,000
Question 11
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Cash | | 500 | | 3 | Cash | | 1,000 | | 4 | Cash | | 500 | | 5 | Cash | | 1,000 | What is the balance in the cash book?
A. ₦0
B. ₦1,000
C. ₦2,000
D. ₦3,000
Question 12
A company's assets are valued at ₦1,000,000. The company's liabilities are ₦500,000. Calculate the company's net worth.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,500,000
Question 13
A company's trial balance shows an error of ¡£,000 in the debit side of the account 'Rent and Rates'. The error is due to the omission of a receipt of £,000. Prepare the necessary journal entry to rectify the error.
A. Debit Rent and Rates £,000, Credit Cash £,000
B. Debit Rent and Rates £,000, Credit Bank £,000
C. Debit Rent and Rates £,000, Credit Profit and Loss £,000
D. Debit Rent and Rates £,000, Credit Capital £,000
Question 14
A company uses the single-entry system of accounting. The company's journal entries for the year are as follows: Debit Purchases ₦100,000, Credit Returns Inwards ₦20,000. Prepare the company's ledger accounts.
A. Purchases | ₦100,000 | Returns Inwards | ₦20,000
B. Purchases | ₦80,000 | Returns Inwards | ₦20,000
C. Purchases | ₦100,000 | Returns Inwards | ₦20,000
D. Purchases | ₦80,000 | Returns Inwards | ₦20,000
Question 15
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C. The cost of inventory A is ₦120,000, and it has a weightage of 30%. The cost of inventory B is ₦80,000, and it has a weightage of 40%. The cost of inventory C is ₦60,000, and it has a weightage of 30%. What is the total cost of the inventory?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

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