POST UTME CHRISTOPHER UNIVERSITY 2017 Accounting | Objective

Are you preparing for POST UTME CHRISTOPHER UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
In a partnership account, what is the correct order of preparation of the final accounts?
Correct A. Trading and Profit and Loss Account, then Balance Sheet
B. Balance Sheet, then Trading and Profit and Loss Account
C. Trading and Profit and Loss Account, then Balance Sheet, then Reconciliation Statement
D. Reconciliation Statement, then Balance Sheet, then Trading and Profit and Loss Account

Correct Answer: A

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Question 2
A company has a trial balance that shows a discrepancy of ₦1,500. What is the first step in correcting the error?
Correct A. Identify the error and correct it
B. Prepare a revised trial balance
C. Reconcile the discrepancy with the bank statement
D. Prepare a balance sheet

Correct Answer: A

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Question 3
A partnership has two partners, A and B. The profit-sharing ratio is 3:2. If the total profit is ₦120,000, how much will A receive?
Correct A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 4
A company has the following ledger balances: Debtors: ₦50,000 Creditors: ₦30,000 Capital: ₦100,000 Drawings: ₦20,000 What is the total amount of working capital?
Correct A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000

Correct Answer: A

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Question 5
A company has the following trial balance: Debtors: ₦50,000 Creditors: ₦30,000 Capital: ₦100,000 Drawings: ₦20,000 What is the total amount of assets?
Correct A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000

Correct Answer: A

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