POST UTME UNIPORT 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following balance sheet as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 2
A company uses the departmental account method. The following information is available:
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 3
A company's trial balance shows the following accounts: Cash ₦1,500,000, Accounts Payable ₦800,000, Common Stock ₦2,000,000, and Retained Earnings ₦1,200,000. What is the total equity of the company?
A. ₦3,700,000
B. ₦4,200,000
C. ₦5,000,000
D. ₦6,300,000
Question 4
A company has two departments: Manufacturing and Sales. The Manufacturing department has a direct labor cost of ₦1,500,000 and an indirect labor cost of ₦800,000. The Sales department has a direct labor cost of ₦2,000,000 and an indirect labor cost of ₦1,200,000. What is the total labor cost for the company?
A. ₦4,500,000
B. ₦5,200,000
C. ₦6,300,000
D. ₦7,400,000
Question 5
A trader purchases goods on credit for ₦1,500. He sells the goods for ₦2,800 and incurs a carriage inwards of ₦0.50 and carriage outwards of ₦0.25. Calculate the profit made by the trader.
A. ₦1,000
B. ₦1,050
C. ₦1,100
D. ₦1,150
Question 6
A government agency has the following budget: Salaries ₦100,000, Rent ₦50,000, and Utilities ₦20,000. What is the total budget?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 7
A company uses the double-entry system of accounting. The following transactions occurred during the year:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 8
A company has the following public sector accounting records: Cash ₦1,500,000, Accounts Payable ₦800,000, and Common Stock ₦2,000,000. What is the total assets of the company?
A. ₦4,300,000
B. ₦5,200,000
C. ₦6,300,000
D. ₦7,400,000
Question 9
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦80,000; Factory Overheads: ₦60,000. Calculate the total cost of production for the month.
A. ₦260,000
B. ₦280,000
C. ₦300,000
D. ₦320,000
Question 10
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦ 1,000,000, Cost of Goods Sold: ₦ 600,000, Gross Profit: ₦ 400,000 What is the company's gross profit percentage?
A. 20%
B. 25%
C. 30%
D. 35%
Question 11
A company uses the straight-line method of depreciation. The cost of an asset is ₦120,000 and its residual value is ₦20,000. Calculate the annual depreciation charge.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company has two partners, A and B, who share profits in the ratio 3:2. The capital contributed by A and B are ₦120,000 and ₦80,000 respectively. Calculate the profit sharing ratio of A and B.
A. 3:2
B. 2:3
C. 4:3
D. 1:1
Question 13
A company has the following single entry as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 14
A company's profit and loss account for the year ended 31st December 2022 is as follows: Trading Profit: ₦ 400,000, Non-Trading Income: ₦ 100,000, Total Profit: ₦ 500,000 What is the company's net profit?
A. ₦ 400,000
B. ₦ 500,000
C. ₦ 600,000
D. ₦ 700,000
Question 15
A company uses the single-entry system of accounting. The following transactions occurred during the year:
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000

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