POST UTME CRAWFORD UNIVERSITY 2021 Accounting | Objective

Are you preparing for POST UTME CRAWFORD UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company issues 10,000 ordinary 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 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000. Prepare a balance sheet.
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 3
A company purchases a machine for ₦200,000 and depreciates it using the straight-line method over a useful life of 5 years. Calculate the annual depreciation.
Correct A. ₦40,000
B. ₦30,000
C. ₦20,000
D. ₦10,000

Correct Answer: A

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Question 4
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 5
A company's financial statements for the year ended 31 December 2020 are as follows: Revenue ₦500,000, Cost of Goods Sold ₦300,000, Operating Expenses ₦100,000. Calculate the net profit for the year.
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 6
In a partnership account, the capital of one partner is withdrawn and the remaining partners' capitals are adjusted proportionally. The capital of the withdrawing partner is ₦120,000. The capitals of the remaining partners are ₦80,000 and ₦60,000. If the withdrawing partner's share of profit is 30%, what is the total profit?
A. ₦24,000
B. ₦30,000
Correct C. ₦36,000
D. ₦40,000

Correct Answer: C

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Question 7
A company uses the weighted average method to value its inventory. The cost of the current year's purchases is ₦120,000, and the cost of the previous year's inventory is ₦80,000. If the total cost of goods available for sale is ₦200,000, what is the cost of the current year's inventory?
A. ₦100,000
B. ₦110,000
Correct C. ₦120,000
D. ₦130,000

Correct Answer: C

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Question 8
A company has the following trial balance: Debitors ₦100,000, Creditors ₦80,000, Capital ₦120,000. What is the total amount of the company's assets?
A. ₦200,000
B. ₦220,000
Correct C. ₦240,000
D. ₦260,000

Correct Answer: C

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Question 9
A company uses the perpetual inventory system. The cost of the current year's purchases is ₦120,000, and the cost of the previous year's inventory is ₦80,000. If the total cost of goods available for sale is ₦200,000, what is the cost of the current year's inventory?
A. ₦100,000
B. ₦110,000
Correct C. ₦120,000
D. ₦130,000

Correct Answer: C

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Question 10
A company has the following trial balance: Debitors ₦100,000, Creditors ₦80,000, Capital ₦120,000. What is the total amount of the company's assets?
A. ₦200,000
B. ₦220,000
Correct C. ₦240,000
D. ₦260,000

Correct Answer: C

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Question 11
A company's trading account for the year ended 31st December 2020, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2020, showed a current assets of ₦3,500,000 and current liabilities of ₦2,500,000. Calculate the company's net worth as at 31st December 2020.
A. ₦1,000,000
Correct B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

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Question 12
A manufacturing company uses a job costing system. The following data relates to Job No. 101: Cost of direct materials used ₦50,000, Cost of direct labour used ₦30,000, Factory overheads ₦20,000. Calculate the total cost of Job No. 101.
A. ₦100,000
B. ₦100,500
Correct C. ₦101,000
D. ₦101,500

Correct Answer: C

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Question 13
A company issued 5,000, 10% debentures of ₦100 each on 1st January 2020. The debentures are redeemable at par after 5 years. Calculate the annual charge for the debentures.
A. ₦50,000
Correct B. ₦50,000 per annum
C. ₦50,000 per annum for 5 years
D. ₦50,000 per annum for 10 years

Correct Answer: B

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Question 14
A company's balance sheet as at 31st December 2020, showed a total assets of ₦10,000,000 and total liabilities of ₦6,000,000. Calculate the company's net worth as at 31st December 2020.
Correct A. ₦4,000,000
B. ₦4,000,000
C. ₦4,000,000
D. ₦4,000,000

Correct Answer: A

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Question 15
A company issued 10,000, 5% preference shares of ₦10 each on 1st January 2020. The preference shares do not carry any voting rights. Calculate the annual charge for the preference shares.
A. ₦25,000
Correct B. ₦25,000 per annum
C. ₦25,000 per annum for 5 years
D. ₦25,000 per annum for 10 years

Correct Answer: B

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Question 16
A company issued 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount on the debentures.
Correct A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000

Correct Answer: A

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Question 17
A partnership has three partners: A, B, and C. The capital accounts of A, B, and C are ₦150,000, ₦200,000, and ₦250,000 respectively. The profit-sharing ratio is 2:3:4. Calculate the profit to be shared by each partner.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 18
A company purchased a machine for ₦500,000 and sold it after 5 years for ₦750,000. The annual depreciation is 10% of the book value. Calculate the total depreciation and the profit made on the sale of the machine.
A. ₦125,000
B. ₦150,000
Correct C. ₦175,000
D. ₦200,000

Correct Answer: C

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Question 19
A company issued 10,000, 9% debentures of ₦100 each at a premium of 5%. Calculate the amount received from debenture holders and the amount of premium on the debentures.
A. ₦1,050,000
Correct B. ₦1,100,000
C. ₦1,150,000
D. ₦1,200,000

Correct Answer: B

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Question 20
A company purchased a machine for ₦500,000 and sold it after 5 years for ₦750,000. The annual depreciation is 10% of the book value. Calculate the total depreciation and the profit made on the sale of the machine.
A. ₦125,000
B. ₦150,000
Correct C. ₦175,000
D. ₦200,000

Correct Answer: C

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Question 21
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total amount received from debenture holders.
A. ₦1,000,000
Correct B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000

Correct Answer: B

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Question 22
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦80,000; Factory Overheads: ₦60,000. Calculate the total cost of production for the month.
A. ₦260,000
B. ₦280,000
Correct C. ₦300,000
D. ₦320,000

Correct Answer: C

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Question 23
A company's trading account for the year ended 31st December 2020 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000. Calculate the gross profit for the year.
Correct A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000

Correct Answer: A

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Question 24
A company's balance sheet as at 31st December 2020 is as follows: Share Capital: ₦500,000; Reserves: ₦200,000; Debtors: ₦150,000; Creditors: ₦100,000. Calculate the total assets of the company.
A. ₦850,000
B. ₦900,000
C. ₦950,000
Correct D. ₦1,000,000

Correct Answer: D

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Question 25
A company's profit and loss account for the year ended 31st December 2020 is as follows: Gross Profit: ₦300,000; Operating Expenses: ₦150,000; Interest on Debentures: ₦50,000. Calculate the net profit for the year.
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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