POST UTME UNIPORT 2024 Accounting | Objective

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Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account balance is 10,000. If A withdraws 2,000 from the partnership, what is the new balance of A's capital account?
A. 8,000
B. 9,000
C. 10,000
D. 11,000
Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1/1/2024 | Cash | 10,000 | | | 1/1/2024 | Bank | | 10,000 | | 15/1/2024 | Cash | | 8,000 | | 20/1/2024 | Bank | 12,000 | | | 25/1/2024 | Cash | | 15,000 | What is the balance in the bank account?
A. ₦2,000
B. ₦5,000
C. ₦8,000
D. ₦10,000
Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1/1/2024 | Cash | 10,000 | | | 1/1/2024 | Bank | | 10,000 | | 15/1/2024 | Cash | | 8,000 | | 20/1/2024 | Bank | 12,000 | | | 25/1/2024 | Cash | | 15,000 | What is the balance in the cash account?
A. ₦2,000
B. ₦5,000
C. ₦8,000
D. ₦10,000
Question 4
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's profit is ₦100,000. How much profit will each partner receive?
A. Partner A will receive ₦60,000 and partner B will receive ₦40,000.
B. Partner A will receive ₦40,000 and partner B will receive ₦60,000.
C. Partner A will receive ₦80,000 and partner B will receive ₦20,000.
D. Partner A will receive ₦20,000 and partner B will receive ₦80,000.
Question 5
A government agency prepares its financial statements on a accrual basis. The following transactions occurred during the year:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 6
A company's cash book shows a debit balance of ₦120,000. The bank statement shows a credit balance of ₦150,000. The difference between the cash book balance and the bank statement balance is ₦30,000. What is the reason for this difference?
A. The company has made a payment to a supplier.
B. The company has received a payment from a customer.
C. The company has deposited cash into the bank.
D. The company has withdrawn cash from the bank.
Question 7
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product on hand at a cost of ₦100 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦120 per unit. Calculate the cost of goods available for sale for the year.
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 8
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's debt-to-equity ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 9
A company has the following financial statements: Balance Sheet, Income Statement. Prepare the statement of cash flows.
A. Cash Flows from Operations ₦100,000, Cash Flows from Investing ₦50,000, Cash Flows from Financing ₦0
B. Cash Flows from Operations ₦0, Cash Flows from Investing ₦100,000, Cash Flows from Financing ₦50,000
C. Cash Flows from Operations ₦50,000, Cash Flows from Investing ₦0, Cash Flows from Financing ₦100,000
D. Cash Flows from Operations ₦0, Cash Flows from Investing ₦0, Cash Flows from Financing ₦0
Question 10
A company issued 10,000 debentures of ₦1,000 each at a discount of 5%. The total amount received from the issue of debentures is ₦9,500,000. Calculate the amount of debenture capital and the amount of debenture discount.
A. ₦9,500,000
B. ₦9,750,000
C. ₦10,000,000
D. ₦10,250,000
Question 11
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's current ratio?
A. 2:1
B. 3:1
C. 4:1
D. 5:1
Question 12
A company issued 20,000 ordinary shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 13
A company uses the perpetual inventory system. On January 1, 2023, the company had 100 units of item A in inventory at a cost of ₦100 per unit. During the year, the company purchased 200 units of item A at ₦120 per unit and sold 150 units of item A at ₦150 per unit. What is the cost of goods sold for the year?
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 14
A company has the following transactions: Purchased office supplies for ₦10,000, and sold goods for ₦50,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Purchases ₦10,000
B. Debit Sales ₦50,000, Credit Office Supplies ₦10,000
C. Debit Purchases ₦10,000, Credit Office Supplies ₦10,000
D. Debit Office Supplies ₦10,000, Credit Sales ₦50,000
Question 15
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

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