POST UTME CRAWFORD UNIVERSITY 2021 Accounting | Objective

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Question 1
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.
A. ₦40,000
B. ₦30,000
C. ₦20,000
D. ₦10,000
Question 2
A firm has the following transactions: Purchased goods for ₦50,000 cash, sold goods for ₦75,000 on credit, and purchased goods for ₦30,000 on credit. Prepare a cash book and ledger accounts.
A. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
B. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
C. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
D. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
Question 3
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.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 4
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
C. ₦200,000
D. ₦250,000
Question 5
A company uses the straight-line method of depreciation for a machine that cost ₦500,000. The machine is expected to last for 5 years. Calculate the annual depreciation charge.
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 6
A company has the following transactions: Purchased goods for ₦50,000 cash, sold goods for ₦75,000 on credit, and purchased goods for ₦30,000 on credit. Prepare a cash book and ledger accounts.
A. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
B. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
C. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
D. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
Question 7
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.
A. ₦4,000,000
B. ₦4,000,000
C. ₦4,000,000
D. ₦4,000,000
Question 8
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
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 9
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
C. ₦175,000
D. ₦200,000
Question 10
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
C. ₦120,000
D. ₦130,000
Question 11
A company issued 10,000 shares of 50% preference shares of ₦10 each at a premium of ₦5. Calculate the total amount received from the issue of preference shares.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A firm has the following transactions: Purchased goods for ₦50,000 cash, sold goods for ₦75,000 on credit, and purchased goods for ₦30,000 on credit. Prepare a cash book and ledger accounts.
A. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
B. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
C. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
D. Cash Book: Debit Purchases ₦50,000, Credit Sales ₦75,000; Ledger: Debit Purchases ₦80,000, Credit Sales ₦75,000
Question 13
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
C. ₦240,000
D. ₦260,000
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 15
A company issued 10,000 shares of ₦10 each at a premium of ₦5. The company's capital structure consists of 60% preference shares and 40% ordinary shares. Calculate the total amount received from the issue of ordinary shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

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