POST UTME UNIPORT 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows the following balances: Cash ₦500,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Total Assets ₦1,500,000. What is the correct calculation of the company's Total Liabilities?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 2
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: (1) Purchased office supplies for ₦10,000 cash. (2) Sold goods for ₦50,000 on credit. (3) Purchased a machine for ₦80,000 on credit. (4) Paid salaries of ₦20,000. What is the total amount of assets on the balance sheet at the end of January?
A. ₦10,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 3
A partnership has two partners, A and B. The capital accounts of A and B are ₦80,000 and ₦60,000 respectively. If the profit for the year is ₦20,000, what is the distribution of the profit?
A. ₦12,000 to A and ₦8,000 to B
B. ₦10,000 to A and ₦10,000 to B
C. ₦14,000 to A and ₦6,000 to B
D. ₦16,000 to A and ₦4,000 to B
Question 4
A company's trial balance as at 31st December, 2020 is as follows: Debit Cash 10,000 Accounts Payable 5,000 Credit Accounts Receivable 8,000 Common Stock 20,000 Prepare the ledger accounts for the company.
A. Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, Common Stock 20,000
B. Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, Common Stock 20,000
C. Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, Common Stock 20,000
D. Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, Common Stock 20,000
Question 5
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 6
A company's cash book showed the following transactions: Date | Particulars | Debit | Credit 1st January | Cash | ₦1,000 | Bank 31st December | Bank | ₦2,000 | Cash The cash book balance as at 31st December is ₦1,000. The bank statement shows a balance of ₦3,000. Prepare the bank reconciliation statement.
A. ₦1,000
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 7
A company's accounting policy requires that depreciation be calculated using the straight-line method. The company purchased a machine for ₦120,000 and expects it to last for 5 years. What is the annual depreciation charge?
A. ₦20,000
B. ₦24,000
C. ₦30,000
D. ₦36,000
Question 8
A company has the following transactions: (1) Purchased goods for ₦100,000 on credit. (2) Sold goods for ₦150,000 on credit. (3) Paid salaries of ₦20,000. (4) Purchased a machine for ₦80,000 on credit. What is the total amount of assets on the balance sheet?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 9
A company's trial balance shows an error of ₦0.50 in the debit side of the Sales Returns account. The correct balance of the Sales Returns account is ₦1,500. What is the correct balance of the Sales Returns account after correcting the error?
A. ₦1,499.50
B. ₦1,500.50
C. ₦1,501.50
D. ₦1,502.50
Question 10
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦22,000
D. ₦18,000
Question 11
A company's ledger accounts are as follows: Sales ₦1,00,000, Purchases ₦0,50,000, Returns Outwards ₦0,20,000, Returns Inwards ₠0,30,000. What is the value of the closing stock?
A. ₦0,30,000
B. ₦0,40,000
C. ₦0,50,000
D. ₦0,60,000
Question 12
A company uses the double-entry system to record its financial transactions. Which of the following is a characteristic of the double-entry system?
A. It records each transaction twice.
B. It records each transaction once.
C. It records all transactions in a single ledger.
D. It records all transactions in a single journal.
Question 13
A company uses the double-entry system of accounting. If the company purchases an asset for ₦100,000, what is the journal entry to record the transaction?
A. Debit Asset A/c ₦100,000, Credit Cash A/c ₦100,000
B. Debit Cash A/c ₦100,000, Credit Asset A/c ₦100,000
C. Debit Asset A/c ₦100,000, Credit Bank A/c ₦100,000
D. Debit Bank A/c ₦100,000, Credit Asset A/c ₦100,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦1,00,000 and ₦1,50,000 respectively. The profit-sharing ratio is 3:2. What is the ratio of the capitals of A and B?
A. 3:2
B. 2:3
C. 1:1
D. 4:3
Question 15
The following trial balance of a manufacturing company is given. Prepare a balance sheet and an income statement for the year ended 31st December 2020.
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000

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