POST UTME UNIPORT 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance showed a discrepancy of ₦50,000.
A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦500,000
Question 2
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦90,000
D. ₦100,000
Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | 0 | | 2nd Jan | Bank | 0 | 1,500 | | 3rd Jan | Cash | 0 | 500 | What is the total amount of cash transactions as at 3rd January?
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 4
The following is a trial balance for XYZ Ltd. as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 5
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦1,200,000. Calculate the company's gearing ratio.
A. 0.6
B. 0.7
C. 0.8
D. 0.9
Question 6
A company purchases a machine for ₦1,500,000. The machine has a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation using the straight-line method.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 7
A company purchases a machine for ₦1,000,000. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation using the reducing balance method.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 8
A company's cash book for the year ended 31st December 2022 is as follows: Cash at Bank: ₦500,000; Cash in Hand: ₦200,000. Calculate the company's cash balance.
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 9
The following is a diagram of a cash book.
A. ₦1,000,000
B. ₦500,000
C. ₦200,000
D. ₦300,000
Question 10
A company's public sector accounting statement for the year ended 31st December 2022 is as follows: Revenue: ₦1,500,000; Expenditure: ₦1,200,000. Calculate the company's surplus.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 11
A company's cash book shows a balance of ₦80,000 in the 'Cash' account. However, the company's bank statement shows a balance of ₦70,000. What is the reason for the difference?
A. The company has deposited ₦10,000 into the bank but has not yet been credited.
B. The company has written a cheque for ₦10,000 but has not yet been debited.
C. The company has received a bank transfer of ₦10,000 but has not yet been credited.
D. The company has made a cash withdrawal of ₦10,000 but has not yet been debited.
Question 12
A company uses the double-entry system of accounting. If the company has a debit balance of 5,000 in the Accounts Payable account and a credit balance of 10,000 in the Cash account, what is the net effect on the company's assets?
A. ₦5,000 increase
B. ₦5,000 decrease
C. ₦10,000 increase
D. ₦10,000 decrease
Question 13
A company's income statement shows the following: | Revenue | ₦ | Expenses | ₦ | | --- | --- | --- | --- | | Sales | 100,000 | Rent | 10,000 | | Interest | 20,000 | Salaries | 30,000 | | Profit | 50,000 | | | What is the total amount of expenses?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | 0 | | 2nd Jan | Bank | 0 | 1,500 | | 3rd Jan | Cash | 0 | 500 | What is the bank balance as at 3rd January?
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 15
A company's balance sheet shows a current liability of ₦100,000. However, the company's accounting records show that the liability has been settled. What is the correct journal entry to record the settlement?
A. Debit Current Liability ₦100,000, Credit Cash ₦100,000
B. Debit Current Liability ₦100,000, Credit Bank ₦100,000
C. Debit Cash ₦100,000, Credit Current Liability ₦100,000
D. Debit Bank ₦100,000, Credit Current Liability ₦100,000

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