POST UTME GREENFIELD UNIVERSITY 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 debentures of ₹100 each at a discount of ₹5 per debenture. The amount received from the issue of debentures is ₹9,50,000. Calculate the amount of debenture capital.
A. ₹9,50,000
B. ₹9,75,000
C. ₹10,00,000
D. ₹10,25,000
Question 2
A company's balance sheet shows a current liability of ₦50,000. However, the company's accounting records show that the liability was actually ₦60,000. What is the correct journal entry to record the correction?
A. ₦10,000 debit to Current Liability and ₦10,000 credit to Cash
B. ₦10,000 debit to Cash and ₦10,000 credit to Current Liability
C. ₦10,000 debit to Current Liability and ₦10,000 credit to Profit and Loss
D. ₦10,000 debit to Profit and Loss and ₦10,000 credit to Current Liability
Question 3
A company's trial balance shows a credit balance of ₦15,000 in the account 'Rent Paid'. However, the company's accounting records show that the rent paid was actually ₦20,000. What is the correct journal entry to record the correction?
A. ₦15,000 debit to Rent Paid and ₦15,000 credit to Cash
B. ₦20,000 debit to Rent Paid and ₦20,000 credit to Cash
C. ₦15,000 debit to Rent Paid and ₦20,000 credit to Cash
D. ₦20,000 debit to Cash and ₦15,000 credit to Rent Paid
Question 4
A company's trading account shows a profit of ₦250,000, but its profit and loss account shows a loss of ₦150,000. What is the amount of the company's capital introduced by the proprietor?
A. ₦400,000
B. ₦350,000
C. ₦450,000
D. ₦500,000
Question 5
A company's ledger shows the following balances: Accounts Receivable ₦300,000, Accounts Payable ₦200,000, and Common Stock ₦500,000. Prepare a balance sheet.
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 6
A company manufactures 1,000 units of a product at a cost of ₦50 per unit. The selling price is ₦75 per unit. Calculate the profit or loss per unit.
A. ₦25
B. ₦30
C. ₦35
D. ₦40
Question 7
A company's trading account shows a loss of ₦200,000. If the company's capital introduced by the proprietor is ₦400,000 and its drawings are ₦150,000, what is the amount of the company's profit available for distribution?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 8
A company uses the weighted average method to value its inventory. The following data is available: Cost of Goods Available for Sale ₦150,000, Beginning Inventory ₦50,000, and Purchases ₦100,000. What is the cost of goods sold?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 9
A company's cash book showed the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦20,000, Cash received from bank ₦30,000, and Cash paid to bank ₦10,000. Prepare a Cash Book as at 31st December, 2022.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the company's net income?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 11
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. The partnership's net income for the year is 100,000. What is Partner A's share of the net income?
A. 60,000
B. 40,000
C. 80,000
D. 20,000
Question 12
A company's balance sheet shows a non-current asset of ₦50,000. However, the company's accounting records show that the non-current asset was actually ₦60,000. What is the correct journal entry to record the correction?
A. ₦10,000 debit to Non-Current Asset and ₦10,000 credit to Cash
B. ₦10,000 debit to Cash and ₦10,000 credit to Non-Current Asset
C. ₦10,000 debit to Non-Current Asset and ₦10,000 credit to Profit and Loss
D. ₦10,000 debit to Profit and Loss and ₦10,000 credit to Non-Current Asset
Question 13
A company issued 5,000 shares of ₹10 each at a premium of ₹3 per share. The amount received from the issue of shares is ₹1,50,000. Calculate the amount of share capital.
A. ₹75,000
B. ₹1,50,000
C. ₹2,25,000
D. ₹3,00,000
Question 14
A company has the following transactions: Purchased office supplies for 1,000 cash, purchased equipment for 5,000 on credit, and paid 2,000 cash for salaries. What is the net effect on the company's cash balance?
A. 3,000 increase
B. 3,000 decrease
C. 1,000 increase
D. 1,000 decrease
Question 15
A company uses the single-entry system of accounting. The company's trial balance as at 31st December, 2022, shows the following balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, Retained Earnings 15,000, and Dividends 2,000. What is the total amount of the company's assets as at 31st December, 2022?
A. 37,000
B. 42,000
C. 47,000
D. 52,000

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