POST UTME VERITAS UNIVERSITY 2017 Accounting | Objective

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Question 1
A company has the following transactions in its incomplete records system: Cash sales: ₦50,000 Credit sales: ₦80,000 Returns: ₦10,000 What is the total sales revenue?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 2
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦150,000, while the general ledger shows a balance of ₦200,000. The bank statement shows a balance of ₦180,000. What is the cause of the discrepancy?
A. The company has not recorded a deposit of ₦30,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The bank has charged a service fee of ₦30,000.
D. The company has not recorded a loan of ₦30,000.
Question 3
A company uses the self-balancing ledger system. The following information is available for the year ended December 31, 2022: Purchases: ₦1,000,000 Sales: ₦1,200,000 What is the value of inventory at December 31, 2022?
A. ₦1,200,000
B. ₦1,000,000
C. ₦800,000
D. ₦600,000
Question 4
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. If the machine is depreciated for 5 years, calculate the total depreciation.
A. ₦150,000
B. ₦120,000
C. ₦180,000
D. ₦200,000
Question 5
A company's balance sheet shows an asset of ₦50,000 with a carrying value of ₦30,000. What is the amount of depreciation for the year?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A company purchased a machine for ₦200,000. The machine is depreciated using the reducing balance method. Calculate the value of the machine after 3 years, given that the annual depreciation rate is 20%.
A. ₦128,000
B. ₦144,000
C. ₦160,000
D. ₦176,000
Question 7
A company has the following transactions in its manufacturing account for the year: Opening inventory: ₦50,000 Direct materials used: ₦120,000 Direct labour: ₦80,000 Overheads: ₦60,000 Closing inventory: ₦90,000 What is the cost of goods manufactured?
A. ₦300,000
B. ₦320,000
C. ₦340,000
D. ₦360,000
Question 8
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The proceeds from the issue of shares are credited to the share capital account. What is the amount credited to the share capital account?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 9
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 12 hours and machine B operates for 15 hours, what is the total number of units of product X produced?
A. 30
B. 40
C. 50
D. 60
Question 10
A government agency has the following transactions in its public sector accounting system: Receipts: ₦100,000 Expenditures: ₦80,000 Transfers: ₦20,000 What is the net result of the transactions?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 11
A company's trial balance shows the following accounts: Accounts Payable (₦100,000), Accounts Receivable (₦80,000), Common Stock (₦200,000), and Retained Earnings (₦150,000). What is the total amount of assets?
A. ₦430,000
B. ₦450,000
C. ₦470,000
D. ₦490,000
Question 12
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦200,000, calculate the amount of profit that will be shared by A.
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 13
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, work-in-progress is ₦80,000, and finished goods is ₦150,000. The total cost of goods available for sale is ₦350,000. If the company uses a 20% discount on the total cost of goods available for sale, what is the value of the finished goods after the discount?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A and B.
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 15
A company prepares a trial balance as at 31st December, 2017. The trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, Dividends ₦20,000, Equipment ₦80,000, Retained Earnings ₦40,000, Sales Revenue ₦200,000, Salaries Expense ₦30,000, and Utilities Expense ₦20,000. What is the net income for the year?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

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