POST UTME CRAWFORD UNIVERSITY 2025 Accounting | Objective

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Question 1 View Details
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦1,000,000
Correct B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

Correct Answer: B

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Question 2 View Details
A company's trial balance shows an error of ₦10,000. The error is due to an omission of a transaction. Prepare the necessary journal entry to rectify the error.
Correct A. Debit Cash ₦10,000, Credit Profit and Loss ₦10,000
B. Debit Profit and Loss ₦10,000, Credit Cash ₦10,000
C. Debit Profit and Loss ₦10,000, Credit Capital ₦10,000
D. Debit Capital ₦10,000, Credit Profit and Loss ₦10,000

Correct Answer: A

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Question 3 View Details
A company's balance sheet shows a decrease in inventory of ₦50,000. The decrease is due to a sale of goods. Prepare the necessary journal entry to record the sale.
A. Debit Sales ₦50,000, Credit Inventory ₦50,000
B. Debit Inventory ₦50,000, Credit Cost of Goods Sold ₦50,000
Correct C. Debit Cost of Goods Sold ₦50,000, Credit Inventory ₦50,000
D. Debit Inventory ₦50,000, Credit Sales ₦50,000

Correct Answer: C

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Question 4 View Details
A company issues 5,000, 12% preference shares of ₦50 each at a premium of 20%. Calculate the amount received from preference shareholders.
A. ₦250,000
Correct B. ₦275,000
C. ₦300,000
D. ₦325,000

Correct Answer: B

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Question 5 View Details
A company's trial balance shows an error of ₦20,000. The error is due to an overstatement of an asset. Prepare the necessary journal entry to rectify the error.
A. Debit Profit and Loss ₦20,000, Credit Asset ₦20,000
Correct B. Debit Asset ₦20,000, Credit Profit and Loss ₦20,000
C. Debit Profit and Loss ₦20,000, Credit Capital ₦20,000
D. Debit Capital ₦20,000, Credit Profit and Loss ₦20,000

Correct Answer: B

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Question 6 View Details
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that profits will be shared in the ratio 3:2. If the profit for the year is ₦750,000, calculate the amount of profit that will be shared by A.
Correct A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: A

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Question 7 View Details
A company produces two products, X and Y. The selling price of X is ₦200 per unit, and the selling price of Y is ₦300 per unit. The company sells 500 units of X and 300 units of Y. Calculate the total revenue generated by the company.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 8 View Details
A company has the following transactions: Purchase of goods for ₦100,000, Sales of goods for ₦150,000, Purchase of equipment for ₦50,000, and Payment of rent for ₦20,000. Prepare a simple ledger account for the company.
Correct A. Assets: ₦150,000, Liabilities: ₦20,000, Equity: ₦130,000
B. Assets: ₦100,000, Liabilities: ₦50,000, Equity: ₦50,000
C. Assets: ₦150,000, Liabilities: ₦50,000, Equity: ₦100,000
D. Assets: ₦100,000, Liabilities: ₦20,000, Equity: ₦80,000

Correct Answer: A

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Question 9 View Details
A company has the following transactions: Purchase of goods for ₦100,000, Sales of goods for ₦150,000, Purchase of equipment for ₦50,000, and Payment of rent for ₦20,000. Prepare a simple balance sheet for the company.
A. Assets: ₦150,000, Liabilities: ₦50,000, Equity: ₦100,000
B. Assets: ₦100,000, Liabilities: ₦20,000, Equity: ₦80,000
Correct C. Assets: ₦150,000, Liabilities: ₦20,000, Equity: ₦130,000
D. Assets: ₦100,000, Liabilities: ₦50,000, Equity: ₦50,000

Correct Answer: C

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Question 10 View Details
A company has the following transactions: Purchase of goods for ₦100,000, Sales of goods for ₦150,000, Purchase of equipment for ₦50,000, and Payment of rent for ₦20,000. Prepare a simple income statement for the company.
Correct A. Revenue: ₦150,000, Cost of Goods Sold: ₦100,000, Gross Profit: ₦50,000
B. Revenue: ₦150,000, Cost of Goods Sold: ₦50,000, Gross Profit: ₦100,000
C. Revenue: ₦150,000, Cost of Goods Sold: ₦150,000, Gross Profit: ₦0
D. Revenue: ₦150,000, Cost of Goods Sold: ₦200,000, Gross Profit: ₦-50,000

Correct Answer: A

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Question 11 View Details
A company issues 5,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total premium received.
A. ₦50,000
Correct B. ₦50,500
C. ₦50,000
D. ₦50,500

Correct Answer: B

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Question 12 View Details
A company's trial balance shows an error of ₦1,000 in the debit side of the accounts payable account. The correct balance is ₦50,000. Prepare the necessary journal entry to correct the error.
A. Debit Accounts Payable ₦1,000, Credit Cash ₦1,000
B. Debit Accounts Payable ₦1,000, Credit Bank ₦1,000
Correct C. Debit Cash ₦1,000, Credit Accounts Payable ₦1,000
D. Debit Bank ₦1,000, Credit Accounts Payable ₦1,000

Correct Answer: C

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Question 13 View Details
A company's cash book shows a balance of ₦20,000 in the cash account. However, the bank statement shows a balance of ₦30,000. Prepare the necessary bank reconciliation statement.
Correct A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: A

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Question 14 View Details
A company's manufacturing account shows a cost of ₦100,000 for direct materials and ₦50,000 for direct labor. Calculate the total prime cost.
Correct A. ₦150,000
B. ₦100,000
C. ₦50,000
D. ₦200,000

Correct Answer: A

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Question 15 View Details
A company's departmental accounts show a profit of ₦20,000 in the sales department and a loss of ₦10,000 in the production department. Calculate the total profit or loss.
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 16 View Details
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 10,000, Credit Cash £ 10,000
Correct B. Debit Share Capital £ 10,000, Credit Cash £ 10,500
C. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Debit Issue Expenses £ 5,000
D. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Credit Issue Expenses £ 5,000

Correct Answer: B

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Question 17 View Details
A company's trial balance as at 31st December 2024 is as follows: Debit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Credit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Identify the error in the trial balance.
A. The debit and credit balances are equal.
B. The debit balances are greater than the credit balances.
Correct C. The credit balances are greater than the debit balances.
D. The trial balance is not balanced.

Correct Answer: C

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Question 18 View Details
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 10,000, Credit Cash £ 10,000
Correct B. Debit Share Capital £ 10,000, Credit Cash £ 10,500
C. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Debit Issue Expenses £ 5,000
D. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Credit Issue Expenses £ 5,000

Correct Answer: B

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Question 19 View Details
A company's trial balance as at 31st December 2024 is as follows: Debit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Credit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Identify the error in the trial balance.
A. The debit and credit balances are equal.
B. The debit balances are greater than the credit balances.
Correct C. The credit balances are greater than the debit balances.
D. The trial balance is not balanced.

Correct Answer: C

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Question 20 View Details
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 10,000, Credit Cash £ 10,000
Correct B. Debit Share Capital £ 10,000, Credit Cash £ 10,500
C. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Debit Issue Expenses £ 5,000
D. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Credit Issue Expenses £ 5,000

Correct Answer: B

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Question 21 View Details
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
Correct B. ₦45,000
C. ₦50,000
D. ₦55,000

Correct Answer: B

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Question 22 View Details
A business uses the percentage of completion method to account for construction contracts. If a contract is 75% complete and the total contract price is ₦1,500,000, what is the amount of revenue recognized if the contract price is ₦1,200,000?
A. ₦900,000
B. ₦1,000,000
Correct C. ₦1,050,000
D. ₦1,100,000

Correct Answer: C

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Question 23 View Details
A company's cash book shows a debit balance of ₦120,000. The bank statement shows a credit balance of ₦150,000. What is the difference between the two balances?
A. ₦30,000
B. ₦40,000
C. ₦50,000
Correct D. ₦60,000

Correct Answer: D

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Question 24 View Details
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership's profit is ₦240,000, what is partner A's share of the profit?
A. ₦144,000
B. ₦160,000
Correct C. ₦168,000
D. ₦176,000

Correct Answer: C

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Question 25 View Details
A company uses the double-declining balance method of depreciation. If the asset's cost is ₦200,000 and its residual value is ₦20,000, what is the annual depreciation charge if the asset's useful life is 5 years?
A. ₦40,000
Correct B. ₦45,000
C. ₦50,000
D. ₦55,000

Correct Answer: B

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