POST UTME VERITAS UNIVERSITY 2024 Accounting | Objective

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Question 1
A company's balance sheet as at 31st December, 2022 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 2
A company has the following trial balance: Debit: ₦50,000 - Office Equipment ₦20,000 - Rent ₦30,000 - Salaries Credit: ₦40,000 - Office Supplies ₦60,000 - Utilities What is the correct journal entry to record the following transaction: Debit: ₦10,000 to 'Office Equipment' Credit: ₦8,000 to 'Office Supplies'
A. Debit: ₦10,000 to 'Office Equipment' Credit: ₦8,000 to 'Office Supplies'
B. Debit: ₦10,000 to 'Office Supplies' Credit: ₦8,000 to 'Office Equipment'
C. Debit: ₦10,000 to 'Rent' Credit: ₦8,000 to 'Utilities'
D. Debit: ₦10,000 to 'Salaries' Credit: ₦8,000 to 'Office Supplies'
Question 3
A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 on credit, and paid a dividend of ₦30,000. Prepare the Trading Account, Profit and Loss Account, and Balance Sheet.
A. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000
B. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦270,000
C. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000
D. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦270,000
Question 4
A company's trial balance as of December 31, 2023, is as follows: Accounts Receivable ₦50,000, Accounts Payable ₦30,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Salaries Expense ₦100,000, Rent Expense ₦20,000. What is the net income for the year?
A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000
Question 5
A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 on credit, and paid a dividend of ₦30,000. Prepare the Trading Account, Profit and Loss Account, and Balance Sheet.
A. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000
B. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦270,000
C. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000
D. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦270,000
Question 6
A company has the following manufacturing account: Debit: ₦100,000 - Direct Materials ₦50,000 - Direct Labour Credit: ₦150,000 - Cost of Goods Sold What is the gross profit of the company?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 7
A company produces a product that requires 2 hours of direct labor and 1 hour of indirect labor to produce 1 unit. During the year, it produced 10,000 units. If the direct labor cost is ₦50 per hour and the indirect labor cost is ₦30 per hour, what is the total labor cost for the year?
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 8
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation expense if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 9
A company's profit and loss account for the year ended 31st December, 2022 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 10
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 11
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Equipment | | 10,000 | | Rent Expense | | 1,000 | | Utilities Expense | | 500 | | Salaries Expense | | 2,000 | | Total | 10,000 | 10,000 | What is the total amount of assets for the company?
A. ₦10,000
B. ₦9,500
C. ₦9,000
D. ₦8,500
Question 12
A company's trial balance as at 31st December, 2022 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 13
A company's cash flow statement for the year ended 31st December, 2022 is as follows:
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 14
A company's trial balance shows the following accounts: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000. What is the company's net profit?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 15
A company's cash book shows the following transactions: Cash Sale ₦100,000, Cash Purchase ₦50,000, Bank Deposit ₦20,000. What is the company's net cash flow?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

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