POST UTME CRAWFORD UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 1,000 shares of ₦10 each at a premium of ₦2 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 2
A manufacturing company has the following production costs for the month of January: direct materials ₦150,000, direct labor ₦120,000, and overheads ₦80,000. What is the total production cost?
A. ₦350,000
B. ₦450,000
C. ₦350,000
D. ₦450,000
Question 3
A company issued 1,000 shares of 1 par value at a premium of 2 per share. The proceeds from the issue were used to pay off a loan of 50,000. Prepare the journal entry to record the issue of shares.
A. Debit Cash 2,000, Credit Share Capital 2,000
B. Debit Share Capital 2,000, Credit Loan 50,000
C. Debit Cash 2,000, Credit Loan 50,000
D. Debit Share Capital 2,000, Credit Cash 2,000
Question 4
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; purchased office equipment for ₦20,000; and paid rent of ₦10,000. Prepare a journal entry for the purchase of goods.
A. Debit Purchases ₦100,000, Credit Cash ₦100,000
B. Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000
C. Debit Purchases ₦100,000, Credit Office Supplies ₦100,000
D. Debit Purchases ₦100,000, Credit Office Expenses ₦100,000
Question 5
A company has the following balance sheet: Assets ₦500,000, Liabilities ₦300,000, and Equity ₦200,000. If the company issues 10,000 shares of ₦10 each, what is the increase in equity?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 6
A company's trial balance as at 31st December, 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Prepare the trading and profit and loss account for the year.
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 7
A company's cash book shows the following transactions: a deposit of ₦50,000, a withdrawal of ₦20,000, and a payment of ₦30,000. What is the net change in cash?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
A partnership is formed between three individuals, A, B, and C. The capital contributions are as follows: A contributes ₦100,000, B contributes ₦80,000, and C contributes ₦60,000. If the profit is shared in the ratio 3:2:1, what is the share of profit of each partner?
A. ₦120,000
B. ₦80,000
C. ₦40,000
D. ₦20,000
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦2 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 10
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. During the year, A withdrew ₦100,000 for personal use, while B invested an additional ₦50,000. The profit for the year was ₦200,000. Prepare the partnership's statement of profit or loss and the statement of changes in equity.
A. ₦250,000
B. ₦300,000
C. ₦200,000
D. ₦150,000
Question 11
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. During the year, A withdrew ₦100,000 for personal use, while B invested an additional ₦50,000. The profit for the year was ₦200,000. Prepare the partnership's statement of profit or loss and the statement of changes in equity.
A. ₦250,000
B. ₦300,000
C. ₦200,000
D. ₦150,000
Question 12
A company's cash book shows a debit balance of ₦12,000. However, the bank statement shows a credit balance of ₦15,000. What is the correct explanation for this discrepancy?
A. The company has a bank overdraft.
B. The company has a cash credit.
C. The company has a bank loan.
D. The company has a cash debit.
Question 13
A company has the following trial balance: Accounts Payable 10,000, Accounts Receivable 5,000, Common Stock 20,000. Prepare the balance sheet.
A. Assets: Accounts Payable 10,000, Accounts Receivable 5,000. Liabilities: Common Stock 20,000
B. Assets: Accounts Payable 10,000, Accounts Receivable 5,000. Equity: Common Stock 20,000
C. Liabilities: Accounts Payable 10,000, Accounts Receivable 5,000. Equity: Common Stock 20,000
D. Assets: Accounts Payable 10,000, Accounts Receivable 5,000. Liabilities: Common Stock 20,000
Question 14
A manufacturing company uses a job costing system. The following data is available for a particular job: direct materials ₦15,000, direct labor ₦20,000, and overheads ₦10,000. Calculate the total cost of the job.
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 15
A company uses the straight-line method of depreciation. If the cost of a machine is ₦200,000 and its useful life is 5 years, what is the annual depreciation?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦80,000

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