POST UTME CRAWFORD UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct journal entry for the rent transaction on 10-Jan?
A. Debit Rent 5,000, Credit Cash 5,000
B. Debit Rent 5,000, Credit Accounts Payable 5,000
C. Debit Accounts Payable 5,000, Credit Rent 5,000
D. Debit Cash 5,000, Credit Rent 5,000
Question 2
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct ledger account for the purchase transaction on 15-Jan?
A. Debit Purchase 8,000, Credit Cash 8,000
B. Debit Purchase 8,000, Credit Accounts Payable 8,000
C. Debit Accounts Payable 8,000, Credit Purchase 8,000
D. Debit Cash 8,000, Credit Purchase 8,000
Question 3
A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labor and 1 hour of indirect labor, while product Y requires 1 hour of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 200 units of product X and 300 units of product Y, what is the total labor cost for the day?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 4
A company's bank statement shows the following transactions: Bank debit ₦40,000, Bank credit ₦30,000, and Bank balance ₦20,000. What is the correct bank reconciliation statement?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company's self-balancing ledger shows the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 6
A company's final accounts show the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 7
A company uses the double-entry system of accounting. The following transactions occurred during the year:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000
Question 8
A company's partnership accounts show the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 9
A company's trial balance shows the following account balances: Accounts Payable 30,000, Accounts Receivable 15,000, and Common Stock 150,000. What is the total amount of the company's liabilities?
A. ₦45,000
B. ₦55,000
C. ₦65,000
D. ₦75,000
Question 10
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct journal entry for the purchase transaction on 15-Jan?
A. Debit Purchase 8,000, Credit Cash 8,000
B. Debit Purchase 8,000, Credit Accounts Payable 8,000
C. Debit Accounts Payable 8,000, Credit Purchase 8,000
D. Debit Cash 8,000, Credit Purchase 8,000
Question 11
A company has the following transactions for the year:
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 12
A company's trial balance shows the following balances:
A. Debit 10,000 and Credit 10,000
B. Credit 10,000 and Debit 10,000
C. Debit 5,000 and Credit 5,000
D. Credit 5,000 and Debit 5,000
Question 13
A company has the following transactions for the year:
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 14
A company issued 20,000 shares of 10 par value at a premium of 3 per share. If the company received a total of 240,000 from the sale of these shares, what is the total amount of the premium received?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 15
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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