POST UTME UNIPORT 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account showed a net profit of ₦150,000. The company's balance sheet showed a total asset of ₦500,000 and a total liability of ₦300,000. What is the company's equity?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000
Question 2
A company's balance sheet shows the following balances: | Asset | Liability | Equity | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | | 2000 | | Purchases | 1500 | | | Capital | | 3000 | What is the total equity of the company?
A. ₦6000
B. ₦6500
C. ₦7000
D. ₦7500
Question 3
A trader bought goods worth ₦50,000 and sold them at a profit of 25%. Calculate the selling price of the goods.
A. ₦62,500
B. ₦60,000
C. ₦55,000
D. ₦58,750
Question 4
A company's balance sheet shows the following balances: | Asset | Liability | Equity | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | | 2000 | | Purchases | 1500 | | | Capital | | 3000 | What is the total liability of the company?
A. ₦6000
B. ₦6500
C. ₦7000
D. ₦7500
Question 5
A government ministry has the following transactions: Salaries: ₦500,000; Rent: ₦200,000; Travelling Allowance: ₦150,000; Miscellaneous Expenses: ₦100,000. What is the total expenditure for the year?
A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 6
A company has two partners, A and B, who share profits in the ratio 3:2. The capital of the company is divided in the ratio 5:3. What is the ratio of A's share of profit to his capital?
A. 1:2
B. 2:3
C. 3:5
D. 5:8
Question 7
A company's profit and loss account shows the following transactions: Gross profit ₦50,000, Operating expenses ₦20,000, and Net profit ₦30,000. Prepare the profit and loss account.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 8
A company's cash book shows the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash paid to employees ₦20,000. Prepare the cash book.
A. Debit Cash ₦100,000, Credit Sales ₦100,000
B. Debit Cash ₦50,000, Credit Purchases ₦50,000
C. Debit Cash ₦20,000, Credit Wages ₦20,000
D. Debit Cash ₦170,000, Credit Sales ₦100,000, Purchases ₦50,000, Wages ₦20,000
Question 9
A company uses the single entry system. The following transactions occurred during the year: Purchase of goods for ₦50,000, Sale of goods for ₦75,000, and Payment of ₦20,000 to a creditor. Prepare the ledger accounts for the company.
A. Debit Purchases ₦50,000, Credit Cash ₦50,000
B. Debit Sales ₦75,000, Credit Cash ₦75,000
C. Debit Creditor ₦20,000, Credit Cash ₦20,000
D. Debit Purchases ₦50,000, Credit Sales ₦75,000
Question 10
The following is a balance sheet for XYZ Limited as at 31st December, 2018:
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 11
A company's trial balance shows an error of ₦2,000 in the accounts payable account. The correct balance is ₦20,000. What is the correct balance in the accounts receivable account if the company's total assets are ₦300,000 and its total liabilities are ₦150,000?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 12
A manufacturing company produces 10,000 units of a product in a month. The selling price per unit is ₦200, and the variable cost per unit is ₦120. The fixed cost for the month is ₦500,000. Calculate the contribution margin per unit.
A. ₦80
B. ₦90
C. ₦100
D. ₦110
Question 13
A company issued 5,000 debentures of ₦1,000 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
A. ₦55,000
B. ₦50,000
C. ₦45,000
D. ₦40,000
Question 14
A company's cash book shows the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash paid to employees ₦20,000. Prepare the cash book.
A. Debit Cash ₦100,000, Credit Sales ₦100,000
B. Debit Cash ₦50,000, Credit Purchases ₦50,000
C. Debit Cash ₦20,000, Credit Wages ₦20,000
D. Debit Cash ₦170,000, Credit Sales ₦100,000, Purchases ₦50,000, Wages ₦20,000
Question 15
A company uses the double entry system of accounting. The following transactions were recorded during the month of January:
A. Debit Cash and Credit Accounts Payable
B. Debit Accounts Payable and Credit Cash
C. Debit Cash and Credit Accounts Receivable
D. Debit Accounts Receivable and Credit Cash

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