POST UTME UNN 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the double-declining balance method of depreciation. If the cost of the asset is ₦150,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦30,000
B. ₦25,000
C. ₦22,500
D. ₦20,000
Question 2
A company has the following transactions: Purchased goods for ₦50,000 on credit. Sold goods for ₦60,000 on credit. Paid cash of ₦10,000 for rent. Prepare a cash book and a sales ledger account.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 3
A company has the following ledger balances: Debtors: ₦80,000; Creditors: ₦60,000; Capital: ₦100,000. Prepare the balance sheet for the company.
A. ₦100,000; ₦120,000; ₦180,000
B. ₦120,000; ₦100,000; ₦180,000
C. ₦140,000; ₦80,000; ₦220,000
D. ₦160,000; ₦60,000; ₦220,000
Question 4
A company has the following transactions: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦50,000 to a creditor. Prepare the cash flow statement for the company.
A. ₦50,000; ₦100,000; ₦150,000
B. ₦60,000; ₦120,000; ₦180,000
C. ₦70,000; ₦140,000; ₦210,000
D. ₦80,000; ₦160,000; ₦240,000
Question 5
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. What is the correct procedure to reconcile this discrepancy?
A. Prepare a bank reconciliation statement
B. Prepare a cash book reconciliation statement
C. Prepare a trial balance
D. Prepare a balance sheet
Question 6
A company uses a self-balancing ledger to record transactions. The following journal entry is made: Debit: Sales ₦ 10,000, Credit: Accounts Receivable ₦ 10,000. What is the effect of this transaction on the self-balancing ledger?
A. The Sales account will be debited and the Accounts Receivable account will be credited.
B. The Sales account will be credited and the Accounts Receivable account will be debited.
C. The Sales account will be debited and the Accounts Receivable account will be credited, resulting in an increase in the company's assets.
D. The Sales account will be credited and the Accounts Receivable account will be debited, resulting in a decrease in the company's assets.
Question 7
A company's trial balance shows the following balances: Accounts Payable ₹20,000, Accounts Receivable ₹30,000, Sales ₹1,00,000, Cost of Goods Sold ₹80,000. Prepare the Trading and Profit and Loss Account.
A. ₹20,000
B. ₹30,000
C. ₹40,000
D. ₹50,000
Question 8
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦16,000
Question 9
A company uses the single entry system. The following transactions are recorded in the journal: 1. Purchased office equipment for ₦ 120,000. 2. Sold goods for ₦ 150,000. 3. Purchased raw materials for ₦ 80,000. 4. Paid salaries of ₦ 30,000. What is the total amount of assets recorded in the ledger?
A. ₦ 230,000
B. ₦ 270,000
C. ₦ 300,000
D. ₦ 330,000
Question 10
A company issued 10,000 shares of ₹10 each at a premium of ₹5 per share. The issue expenses were ₹20,000. Calculate the amount of share capital.
A. ₹1,00,000
B. ₹1,20,000
C. ₹1,50,000
D. ₹1,80,000
Question 11
A bank statement shows a balance of ₹50,000, but the cash book shows a balance of ₹40,000. The bank charges ₹500 for a cheque returned unpaid. The cash book shows a credit of ₹10,000 for a cash sale. What is the correct balance?
A. ₹40,000
B. ₹45,000
C. ₹50,000
D. ₹55,000
Question 12
A company's trial balance shows an error of ₦15,000 in the accounts payable account. The correct balance should be ₦120,000. What is the correct balance in the accounts receivable account?
A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦125,000
Question 13
A company's trading account for the year ended 31st December 2023 is as follows: Sales: ₦ 500,000 Purchases: ₦ 300,000 Returns Outwards: ₦ 20,000 Returns Inwards: ₦ 10,000 What is the gross profit for the year?
A. ₦ 190,000
B. ₦ 200,000
C. ₦ 210,000
D. ₦ 220,000
Question 14
A company has a control account for its cash account. The following transactions affect the cash account: Debit: Cash ₦ 10,000, Credit: Purchases ₦ 10,000. What is the effect of this transaction on the control account?
A. The control account will be debited and the Purchases account will be credited.
B. The control account will be credited and the Purchases account will be debited.
C. The control account will be debited and the Purchases account will be credited, resulting in an increase in the company's assets.
D. The control account will be credited and the Purchases account will be debited, resulting in a decrease in the company's assets.
Question 15
A company issued 10,000 shares of ₹10 each at a premium of ₹5 per share. The issue expenses were ₹20,000. Calculate the amount of share capital.
A. ₹1,00,000
B. ₹1,20,000
C. ₹1,50,000
D. ₹1,80,000

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