POST UTME CRAWFORD UNIVERSITY 2017 Accounting | Objective

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Question 1
A partnership has two partners, A and B. The capital accounts of A and B are ₦500,000 and ₦300,000 respectively. The profit for the year is ₦150,000. Prepare the profit and loss account for the partnership.
A. ₦800,000
B. ₦700,000
C. ₦600,000
D. ₦500,000
Question 2
A company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 3,000, and Common Stock 8,000. What is the total amount of the liabilities recorded in the trial balance?
A. 18,000
B. 17,000
C. 16,000
D. 15,000
Question 3
A company has two departments: manufacturing and sales. The manufacturing department has a direct labor cost of ₦150,000 and an overhead cost of ₦75,000. The sales department has a direct labor cost of ₦50,000 and an overhead cost of ₦25,000. What is the total cost of the manufacturing department?
A. ₦225,000
B. ₦250,000
C. ₦275,000
D. ₦300,000
Question 4
A company has the following transactions: - Purchased office supplies for ₦5,000 cash - Sold goods for ₦20,000 on credit - Purchased equipment for ₦10,000 on credit What is the correct journal entry to record these transactions?
A. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash; ₦20,000 debit to Sales and ₦20,000 credit to Accounts Receivable; ₦10,000 debit to Equipment and ₦10,000 credit to Accounts Payable
B. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies; ₦20,000 debit to Accounts Receivable and ₦20,000 credit to Sales; ₦10,000 debit to Accounts Payable and ₦10,000 credit to Equipment
C. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash; ₦20,000 debit to Sales and ₦20,000 credit to Accounts Receivable; ₦10,000 debit to Equipment and ₦10,000 credit to Accounts Payable
D. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies; ₦20,000 debit to Accounts Receivable and ₦20,000 credit to Sales; ₦10,000 debit to Accounts Payable and ₦10,000 credit to Equipment
Question 5
A company purchased a machine for £ 15,000. It was sold for £ 12,000 after 3 years. Calculate the annual depreciation.
A. £ 2,000
B. £ 2,500
C. £ 3,000
D. £ 3,500
Question 6
A company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 3,000, and Common Stock 8,000. What is the total amount of the assets recorded in the trial balance?
A. 23,000
B. 22,000
C. 21,000
D. 20,000
Question 7
A trader's cash book showed the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Sales | | 1,500 | | 3rd Jan | Purchases | 800 | | | 4th Jan | Cash | | 1,200 | What was the trader's cash balance on 4th Jan?
A. ₦ 700
B. ₦ 800
C. ₦ 900
D. ₦ 1,000
Question 8
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 210,000
B. ₦ 220,000
C. ₦ 230,000
D. ₦ 240,000
Question 9
A company's balance sheet showed the following: | Assets | ₦ 100,000 | | Liabilities | ₦ 50,000 | | Capital | ₦ 50,000 | What was the company's net worth?
A. ₦ 0
B. ₦ 50,000
C. ₦ 100,000
D. ₦ 150,000
Question 10
A company has the following balance sheet: Assets ₦500,000, Liabilities ₦200,000, Equity ₦300,000. What is the company's current ratio?
A. 2.5
B. 3.0
C. 2.0
D. 1.5
Question 11
A company has an incomplete records system. The following information is available: Debtors: ₦200,000 Stock: ₦300,000 Accrued Expenses: ₦50,000 What is the total amount of assets?
A. ₦550,000
B. ₦650,000
C. ₦750,000
D. ₦850,000
Question 12
A company purchased a machine for ₦1,000,000. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation using the reducing balance method.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 13
A company uses the single-entry method to record its transactions. The company's journal entries show the following transactions: Debit Cash 1,000, Credit Accounts Payable 500, Debit Accounts Receivable 200, and Credit Common Stock 300. What is the total amount of the transactions recorded in the journal entries?
A. 1,700
B. 1,300
C. 1,200
D. 1,500
Question 14
A trader's cash book showed the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Sales | | 1,500 | | 3rd Jan | Purchases | 800 | | | 4th Jan | Cash | | 1,200 | What was the trader's cash balance on 4th Jan?
A. ₦ 700
B. ₦ 800
C. ₦ 900
D. ₦ 1,000
Question 15
A company has the following income statement: Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000. What is the company's net profit?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

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