POST UTME UNN 2020 Accounting | Objective

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Question 1
A company's balance sheet as at 31 December 2020 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Inventory | 30,000 | Share Capital | 50,000 | | Property, Plant and Equipment | 40,000 | Retained Earnings | 10,000 | What is the total amount of shareholders' funds?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 2
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1,000 | | | Bank | | 500 | | Accounts Payable | | 2,000 | | Sales | | 3,000 | What is the total amount of the company's assets?
A. ₦4,000
B. ₦5,000
C. ₦6,000
D. ₦7,000
Question 3
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | ₦8,000 | | | 4 Jan | Bank | | ₦12,000 | What is the balance in the cash book on 4 January?
A. ₦2,000
B. ₦8,000
C. ₦12,000
D. ₦18,000
Question 4
A company has the following ledger balances at the end of the year:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 5
A company's balance sheet as at 31 December 2020 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Inventory | 30,000 | Share Capital | 50,000 | | Property, Plant and Equipment | 40,000 | Retained Earnings | 10,000 | What is the total amount of liabilities?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 6
A company has the following trial balance: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000, Dividends ₦5,000, Equipment ₦80,000, Retained Earnings ₦30,000, Sales ₦200,000, Salaries Expense ₦40,000, Utilities Expense ₦10,000. Prepare the balance sheet.
A. Assets ₦240,000, Liabilities ₦50,000, Equity ₦190,000
B. Assets ₦240,000, Liabilities ₦60,000, Equity ₦180,000
C. Assets ₦250,000, Liabilities ₦50,000, Equity ₦200,000
D. Assets ₦240,000, Liabilities ₦50,000, Equity ₦190,000
Question 7
A company's trial balance as at 31st December, 2020 is as follows: Debit ₦1,000,000 ₦200,000 ₦300,000 ₦400,000 ₦500,000 ₦600,000 ₦700,000 ₦800,000 ₦900,000 ₦1,000,000 Credit ₦1,000,000 ₦200,000 ₦300,000 ₦400,000 ₦500,000 ₦600,000 ₦700,000 ₦800,000 ₦900,000 ₦1,000,000 Determine the correct journal entry to rectify the error in the trial balance.
A. ₦1,000,000 debit to Profit and Loss Account
B. ₦1,000,000 credit to Profit and Loss Account
C. ₦1,000,000 debit to Capital Account
D. ₦1,000,000 credit to Capital Account
Question 8
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦5,000, what is the total depreciation charge for the 5-year period if the asset cost ₦100,000?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 9
A firm has a cash book balance of ₦120,000. The bank statement shows a balance of ₦150,000. The firm's cash book shows a debit of ₦10,000 for a bank charge. The bank statement shows a credit of ₦5,000 for a bank interest. What is the correct balance in the firm's cash book?
A. ₦115,000
B. ₦120,000
C. ₦125,000
D. ₦130,000
Question 10
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 1,000 | What is the balance of the cash account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 11
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 1,000 | What is the balance of the accounts payable account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 12
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1,000 | | | Bank | | 500 | | Accounts Payable | | 2,000 | | Sales | | 3,000 | What is the total amount of the company's liabilities?
A. ₦4,000
B. ₦5,000
C. ₦6,000
D. ₦7,000
Question 13
A company has a trade receivable balance of ₦1,000,000 and a trade payable balance of ₦500,000. What is the company's net trade position?
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 1,000 | What is the balance of the sales account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 15
A company has two partners, A and B, who share profits in the ratio 3:2. The company's profit for the year is ₦120,000. Calculate the amount of profit to be distributed to partner A.
A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

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