POST UTME UNN 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company prepares its final accounts for the year. The trading profit is ₦200,000 and the profit before tax is ₦250,000. If the tax rate is 25%, what is the net profit for the year?
A. ₦187,500
B. ₦200,000
C. ₦212,500
D. ₦225,000
Question 2
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. What is the company's net income?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A company's trial balance shows a discrepancy of ₦1,000. What is the next step in the correction of errors?
A. Prepare a revised trial balance
B. Investigate the cause of the discrepancy
C. Make a journal entry to correct the discrepancy
D. Prepare a balance sheet
Question 4
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000. The beginning inventory is ₦200,000, and the cost of the current period's purchases is ₦1,300,000. If the company uses a 10% increase in the cost of goods sold as a weight, what is the value of the ending inventory?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 5
A company has the following transactions: Debit Cash 5,000, Credit Accounts Payable 5,000. What is the effect of this transaction on the company's balance sheet?
A. Increase in Cash and decrease in Accounts Payable
B. Decrease in Cash and increase in Accounts Payable
C. No effect on Cash and Accounts Payable
D. Increase in Accounts Payable and decrease in Cash
Question 6
The following trial balance of a company is given. Prepare the ledger accounts from the trial balance.
A. Assets: 100,000, Liabilities: 50,000, Equity: 50,000
B. Assets: 50,000, Liabilities: 100,000, Equity: 50,000
C. Assets: 50,000, Liabilities: 50,000, Equity: 100,000
D. Assets: 100,000, Liabilities: 50,000, Equity: 50,000
Question 7
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦45,000. What is the likely reason for the discrepancy?
A. The company has an outstanding cheque.
B. The bank has charged a fee for an overdraft.
C. The company has deposited cash but not yet recorded it in the cash book.
D. The company has an error in its cash book.
Question 8
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's assets?
A. 35,000
B. 40,000
C. 45,000
D. 50,000
Question 9
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. Prepare the journal entries for the transactions.
A. Debit Purchases ₦50,000, Credit Cash ₦50,000
B. Debit Sales ₦70,000, Credit Cash ₦70,000
C. Debit Equipment ₦30,000, Credit Cash ₦30,000
D. Debit Purchases ₦50,000, Credit Sales ₦70,000
Question 10
A company purchases a machine for 10,000. The machine has a useful life of 5 years and a salvage value of 2,000. What is the annual depreciation expense using the straight-line method?
A. 1,600
B. 1,800
C. 2,000
D. 2,400
Question 11
A company has the following balance sheet: Assets ₦100,000, Liabilities ₦50,000, and Equity ₦50,000. What is the company's net worth?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 12
A company's cash book shows a balance of ₦500,000. The bank statement shows a balance of ₦600,000. The company's cash book shows a debit balance of ₦50,000 for a bank overdraft. The bank statement shows a credit balance of ₦20,000 for a bank loan. What is the correct balance of the company's cash account?
A. ₦550,000
B. ₦560,000
C. ₦570,000
D. ₦580,000
Question 13
A company uses the double-entry system to record its transactions. If the company purchases an asset for ₦100,000 and pays ₦20,000 in cash, what is the journal entry to record the transaction?
A. Debit Asset ₦100,000, Credit Cash ₦20,000
B. Debit Asset ₦80,000, Credit Cash ₦20,000
C. Debit Asset ₦100,000, Credit Cash ₦80,000
D. Debit Asset ₦80,000, Credit Cash ₦100,000
Question 14
A company's trading account for the year ended 31st Dec 2022 is as follows: | Particulars | Debit | Credit | | --- | --- | --- | | Sales | | 1,500,000 | | Purchases | 1,200,000 | | | Wages | 150,000 | | | Rent | | 50,000 | Calculate the company's gross profit for the year.
A. ₦1,350,000
B. ₦1,400,000
C. ₦1,450,000
D. ₦1,500,000
Question 15
A company issues 1,000 shares of 10 par value at 15 per share. What is the amount of cash received from the issue of shares?
A. ₦15,000
B. ₦10,000
C. ₦15,000,000
D. ₦1,000,000

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