POST UTME GREENFIELD UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A public sector organization has the following transactions for the month of February:
A. Debit Government Account ₦20,000, Credit Revenue Account ₦20,000
B. Debit Revenue Account ₦20,000, Credit Government Account ₦20,000
C. Debit Government Account ₦20,000, Credit Asset Account ₦20,000
D. Debit Liability Account ₦20,000, Credit Government Account ₦20,000
Question 2
A company's debt-to-equity ratio is 1.5.
A. Debt = ₦150,000
B. Debt = ₦200,000
C. Debt = ₦250,000
D. Debt = ₦300,000
Question 3
A company's bank reconciliation statement shows the following discrepancies: Bank balance ₦50,000, Cash balance ₦40,000, and Outstanding checks ₦10,000. What is the correct bank balance?
A. ₦60,000
B. ₦50,000
C. ₦40,000
D. ₦30,000
Question 4
A company uses the single-entry system of accounting. The company's accounting records show the following transactions for the year:
A. Debit Cash ₦10,000 and Credit Accounts Payable ₦10,000
B. Debit Accounts Payable ₦10,000 and Credit Cash ₦10,000
C. Debit Cash ₦10,000 and Credit Accounts Receivable ₦10,000
D. Debit Accounts Receivable ₦10,000 and Credit Cash ₦10,000
Question 5
A company uses the single-entry system of accounting. The company's trial balance as at December 31, 2022, shows the following balances: Cash ₥ 500,000, Accounts Payable ₥ 200,000, and Common Stock ₥ 300,000. What is the company's total equity as at December 31, 2022?
A. ₥ 300,000
B. ₥ 400,000
C. ₥ 500,000
D. ₥ 600,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' account. However, the company's accounting records show that the actual expense incurred was ₦20,000. What is the correct journal entry to rectify this discrepancy?
A. Debit Accrued Expenses ₦5,000, Credit Profit and Loss Account ₦5,000
B. Debit Accrued Expenses ₦5,000, Credit Cash ₦5,000
C. Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000
D. Debit Accrued Expenses ₦5,000, Credit Bank ₦5,000
Question 7
A company uses the double-entry system of accounting. The following transactions were recorded during the month of January:
A. Debit Cash ₦10,000, Credit Bank Loan ₦10,000
B. Debit Bank Loan ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Asset Account ₦10,000
D. Debit Liability Account ₦10,000, Credit Cash ₦10,000
Question 8
A company's cost of goods sold is 60% of its total sales.
A. Gross Profit = 40% of Sales
B. Gross Profit = 30% of Sales
C. Gross Profit = 20% of Sales
D. Gross Profit = 10% of Sales
Question 9
A company's trial balance shows a credit balance in the 'Rent Expense' account. However, the company's accounting records indicate that it has not paid any rent for the year. What is the most likely cause of this discrepancy?
A. The company has prepaid rent for the year.
B. The company has accrued rent for the year.
C. The company has not recorded the rent expense correctly.
D. The company has not recorded the rent payment correctly.
Question 10
A company's capital structure consists of 60% debt and 40% equity.
A. Debt-to-Equity Ratio = 1.5
B. Debt-to-Equity Ratio = 1.0
C. Debt-to-Equity Ratio = 0.75
D. Debt-to-Equity Ratio = 0.5
Question 11
A company uses the single-entry system of accounting. The company's trial balance as at December 31, 2022, shows the following balances: Cash ₥ 500,000, Accounts Payable ₥ 200,000, and Common Stock ₥ 300,000. What is the company's total assets as at December 31, 2022?
A. ₥ 700,000
B. ₥ 800,000
C. ₥ 900,000
D. ₥ 1,000,000
Question 12
A company's trial balance as at 31st December, 2022 is as follows: Debit ₠ 50,000 Credit ₠ 40,000 What is the correct balance of the trial balance?
A. ₠ 10,000
B. ₠ 20,000
C. ₠ 30,000
D. ₠ 40,000
Question 13
A company uses the double-entry system of accounting. The company's journal entries for the year ended December 31, 2022, include the following: Debit Cash ₥ 100,000 and Credit Accounts Payable ₥ 100,000. What is the effect of this journal entry on the company's financial statements?
A. Increases both Assets and Liabilities
B. Increases Assets and Decreases Liabilities
C. Decreases Assets and Increases Liabilities
D. Decreases both Assets and Liabilities
Question 14
A partnership has two partners, A and B. The partnership agreement states that profits and losses are to be shared in the ratio 3:2. If the partnership has a profit of ₦100,000, how much will each partner receive?
A. ₦60,000 and ₦40,000
B. ₦50,000 and ₦50,000
C. ₦70,000 and ₦30,000
D. ₦80,000 and ₦20,000
Question 15
A partnership business has two partners, A and B. The capital contributed by A is ₠ 50,000 and by B is ₠ 30,000. The profit-sharing ratio is 3:2. Calculate the share of profit of A.
A. ₠ 27,000
B. ₠ 30,000
C. ₠ 32,000
D. ₠ 35,000

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