POST UTME CHRISTOPHER UNIVERSITY 2025 Accounting | Objective

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Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Correct A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: A

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Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦1,000 | | | 2 Jan | Bank | | ₦500 | | 3 Jan | Cash | | ₦500 | | 4 Jan | Bank | | ₦200 | | 5 Jan | Cash | ₦200 | | What is the balance in the cash book?
Correct A. ₦800
B. ₦900
C. ₦700
D. ₦600

Correct Answer: A

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Question 3
A company's balance sheet as at 31 Dec 2024 is as follows: | Assets | ₦ | Liabilities | ₦ | Equity | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | | | Bank | 15,000 | Share Capital | | | | | Stock | 30,000 | Profit & Loss | | | | | | | | | | | If the company issues 5,000, 10% debentures of ₦100 each at a premium of 5%, calculate the amount received from debenture holders.
Correct A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: A

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Question 4
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦1,000 | | | 2 Jan | Bank | | ₦500 | | 3 Jan | Cash | | ₦500 | | 4 Jan | Bank | | ₦200 | | 5 Jan | Cash | ₦200 | | What is the balance in the cash book?
Correct A. ₦800
B. ₦900
C. ₦700
D. ₦600

Correct Answer: A

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Question 5
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Correct A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: A

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Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
Correct B. ₦15,000 debit to Rent Paid and ₦20,000 credit to Rent Received
C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
D. ₦20,000 debit to Rent Received and ₦15,000 credit to Rent Paid

Correct Answer: B

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Question 7
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦120,000 and the Assembly department has a total cost of ₦180,000. If the company produces 1,000 units, what is the total cost per unit?
A. ₦200
B. ₦300
Correct C. ₦400
D. ₦500

Correct Answer: C

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Question 8
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
Correct D. ₦25,000

Correct Answer: D

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Question 9
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦120,000 and its current liabilities are ₦60,000, what is the company's quick ratio?
A. 1:1
Correct B. 2:1
C. 3:1
D. 4:1

Correct Answer: B

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Question 10
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
Correct B. ₦15,000 debit to Rent Paid and ₦20,000 credit to Rent Received
C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
D. ₦20,000 debit to Rent Received and ₦15,000 credit to Rent Paid

Correct Answer: B

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Question 11
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 12
A manufacturing 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 raw materials cost ₦100,000, the work-in-progress costs ₦150,000, and the finished goods cost ₦200,000. If the company uses a 20% weight for raw materials, a 30% weight for work-in-progress, and a 50% weight for finished goods, calculate the total value of the inventory.
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 13
A partnership has three partners: A, B, and C. Partner A has a 30% interest in the partnership, partner B has a 25% interest, and partner C has a 45% interest. If the partnership has a profit of ₦500,000, calculate the amount of profit that each partner will receive.
Correct A. ₦150,000
B. ₦125,000
C. ₦175,000
D. ₦200,000

Correct Answer: A

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Question 14
A company has a debt of ₦1,000,000 and a share capital of ₦500,000. If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, calculate the amount of debt that the company will be able to pay off.
A. ₦500,000
Correct B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000

Correct Answer: B

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Question 15
A company has a profit of ₦500,000 and a loss of ₦200,000. If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, calculate the amount of profit that the company will make after issuing the shares.
A. ₦300,000
B. ₦400,000
Correct C. ₦500,000
D. ₦600,000

Correct Answer: C

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Question 16
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦100,000. The bank reconciliation statement reveals that there is an outstanding cheque of ₦20,000 and a deposit of ₦10,000 that has not been credited to the account. What is the correct balance of the company's cash book?
Correct A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000

Correct Answer: A

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Question 17
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Debtors: ₦50,000, Creditors: ₦30,000, Capital: ₦100,000. What is the total value of the company's assets?
Correct A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

Correct Answer: A

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Question 18
A company's trading account shows a profit of ₦80,000. The company's profit and loss account shows a net profit of ₦120,000. What is the company's net worth?
A. ₦200,000
Correct B. ₦220,000
C. ₦240,000
D. ₦260,000

Correct Answer: B

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Question 19
A company's manufacturing account shows a cost of goods sold of ₦150,000. The company's selling price is ₦200,000. What is the company's gross profit?
A. ₦50,000
B. ₦60,000
C. ₦70,000
Correct D. ₦80,000

Correct Answer: D

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Question 20
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦200,000. What is the company's net worth?
A. ₦300,000
Correct B. ₦350,000
C. ₦400,000
D. ₦450,000

Correct Answer: B

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Question 21
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦1,000,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 22
A company's trial balance showed the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. Prepare the company's balance sheet.
A. Assets ₦150,000, Liabilities ₦50,000, Equity ₦100,000
B. Assets ₦200,000, Liabilities ₦50,000, Equity ₦150,000
Correct C. Assets ₦150,000, Liabilities ₦50,000, Equity ₦100,000
D. Assets ₦200,000, Liabilities ₦50,000, Equity ₦150,000

Correct Answer: C

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Question 23
A company's income statement for the year ended December 31, 2024, showed the following: Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦50,000, Net Income ₦150,000. Prepare the company's income statement.
Correct A. Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦50,000, Net Income ₦150,000
B. Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦50,000, Net Income ₦150,000
C. Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦50,000, Net Income ₦150,000
D. Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦50,000, Net Income ₦150,000

Correct Answer: A

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Question 24
A company's balance sheet as of December 31, 2024, showed the following: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. Prepare the company's statement of cash flows.
Correct A. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
B. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
C. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
D. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0

Correct Answer: A

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Question 25
A company's income statement for the year ended December 31, 2024, showed the following: Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦50,000, Net Income ₦150,000. Prepare the company's statement of stockholders' equity.
Correct A. Common Stock ₦100,000, Retained Earnings ₦30,000, Total Stockholders' Equity ₦130,000
B. Common Stock ₦100,000, Retained Earnings ₦30,000, Total Stockholders' Equity ₦130,000
C. Common Stock ₦100,000, Retained Earnings ₦30,000, Total Stockholders' Equity ₦130,000
D. Common Stock ₦100,000, Retained Earnings ₦30,000, Total Stockholders' Equity ₦130,000

Correct Answer: A

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