POST UTME VERITAS UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions during the year ended December 31, 2022: Purchased office equipment for ₦200,000; Sold office equipment for ₦150,000; Purchased office supplies for ₦30,000; Sold office supplies for ₦20,000. Prepare the statement of stockholders' equity for the above transactions.
A. Common Stock ₦1,000,000, Retained Earnings ₦500,000
B. Common Stock ₦500,000, Retained Earnings ₦1,000,000
C. Common Stock ₦1,000,000, Retained Earnings ₦0
D. Common Stock ₦500,000, Retained Earnings ₦0
Question 2
A company's ledger shows the following transactions: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect of this transaction on the company's accounting equation?
A. Increases Assets, Decreases Liabilities
B. Increases Liabilities, Decreases Assets
C. Increases Equity, Decreases Liabilities
D. Increases Assets, Increases Liabilities
Question 3
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 4
A company's balance sheet shows the following: Assets: ₦4,000,000; Liabilities: ₦3,500,000. Calculate the equity.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 5
A company's balance sheet shows the following: Assets: ₦2,000,000; Liabilities: ₦1,500,000. Calculate the equity.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000
Question 6
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦3,000,000 and a profit and loss account balance of ₦1,200,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦4,500,000
B. ₦4,200,000
C. ₦4,700,000
D. ₦4,300,000
Question 7
A company has a single-entry accounting system and records the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash received from loans ₦20,000. What is the total amount of cash received?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 8
A company has a control account for its accounts payable and records the following transactions: Purchased goods on credit ₦100,000, Paid cash to suppliers ₦50,000, and Received cash from customers ₦20,000. What is the total amount of accounts payable?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
A company has the following ledger balances as at December 31, 2022: Cash ₦500,000; Accounts Payable ₦200,000; Common Stock ₦1,000,000. Prepare the statement of cash flows for the company.
A. Cash Flows from Operating Activities ₦500,000, Cash Flows from Investing Activities ₦0
B. Cash Flows from Operating Activities ₦0, Cash Flows from Investing Activities ₦500,000
C. Cash Flows from Operating Activities ₦500,000, Cash Flows from Financing Activities ₦0
D. Cash Flows from Operating Activities ₦0, Cash Flows from Financing Activities ₦500,000
Question 10
A company's balance sheet as at 31st December 2022, showed a capital of ₦3,000,000 and a profit and loss account balance of ₦1,200,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦4,500,000
B. ₦4,200,000
C. ₦4,700,000
D. ₦4,300,000
Question 11
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Debtors | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | | | | | 45,000 | | 50,000 | What is the amount of stock?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 12
A company's profit and loss account shows the following: Sales: ₦2,000,000; Cost of Goods Sold: ₦1,800,000. Calculate the gross profit.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 13
A company uses the weighted average method to value its inventory. The following data are available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of ending inventory: ₦1,200,000; Beginning inventory: ₦800,000. Calculate the cost of goods sold using the weighted average method.
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 14
Determine the amount of depreciation for the year ended December 31, 2022, on a machine purchased on January 1, 2020, for ₦250,000, with an estimated useful life of 5 years and a residual value of ₦20,000. The machine is depreciated using the straight-line method.
A. ₦40,000
B. ₦50,000
C. ₦45,000
D. ₦60,000
Question 15
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Bank | | 1,000 | | 3 | Cash | | 500 | | 4 | Bank | 500 | | | 5 | Cash | | 1,000 | What is the balance in the cash account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000

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