POST UTME CRAWFORD UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A public sector organization has the following transactions for the year:
Debit: ₦0,000 (purchase of office equipment)
₦0,000 (purchase of vehicles)
₦0,000 (purchase of furniture)
₦0,000 (purchase of computers)
Credit: ₦0,000 (sale of goods)
₦0,000 (sale of services)
Prepare the cash flow statement for the year.
Question 2
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 3
A company's ledger accounts are as follows: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Common Stock ₦100,000, and Retained Earnings ₦150,000. What is the net income for the year?
Question 4
A company uses the double entry system of accounting. The company's trial balance as at 31st December 2023 is as follows: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000, and Dividends ₦20,000. Prepare the company's trading and profit and loss account for the year.
Question 5
A company purchased a machine for ₦200,000. At the end of the first year, its value decreased by 20%. At the end of the second year, its value decreased by a further 15%. What is the value of the machine at the end of the second year?
Question 6
A company uses the single-entry system. The following transactions occurred during the year: Cash sales ₦200,000, Cash purchases ₦150,000, Accounts Payable ₦100,000, and Common Stock ₦50,000. What is the net income for the year?
Question 7
A company purchased a machine for ₦0,000 and depreciated it by 10% per annum. Calculate the value of the machine after 3 years.
Question 8
A partnership has two partners, A and B. The partnership's trial balance shows the following balances: A's capital, ₦50,000; B's capital, ₦30,000; and drawings, ₦10,000. What is the total capital of the partnership?
Question 9
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, valued at ₦ 50 each. During the year, 300 units were sold, and 200 units were purchased at ₦ 55 each. Calculate the cost of goods sold for the year.
Question 10
A company uses the double-entry system to record its transactions. If the company purchases office equipment for ₦120,000 cash, what is the effect on the accounting equation?
Question 11
A partnership account is maintained by a firm with two partners, A and B. The firm's capital is divided equally between the partners. If the firm's profit for the year is ₦120,000 and the capital is ₦200,000, what is the ratio of A's share to B's share of the profit?
Question 12
A company's financial statements for the year ended 31st December 2023 are as follows: Trading Account ₦200,000, Profit and Loss Account ₦150,000, and Balance Sheet ₦300,000. Calculate the company's net profit for the year.
Question 13
A company's trial balance contains the following accounts: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Profit ₦200,000. Prepare the company's statement of profit or loss for the year.
Question 14
A company issued 5,000 shares of 1 par value at a premium of 3 per share. If the company received a total of 15,000 from the sale of these shares, what is the total amount of the premium received?
Question 15
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. If the company's cash balance is ₦50,000 and its accounts payable balance is ₦30,000, what is the company's net worth?
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