POST UTME GREENFIELD UNIVERSITY 2019 Accounting | Objective

Are you preparing for POST UTME GREENFIELD UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 2
The following is a trial balance for a company as at 31st December 2022: Debtors: ₦500,000; Creditors: ₦200,000; Capital: ₦1,000,000; Profit and Loss Account: ₦300,000. Prepare the Balance Sheet.
A. ₦1,800,000
B. ₦2,000,000
Correct C. ₦2,200,000
D. ₦2,500,000

Correct Answer: C

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Question 3
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
Correct D. ₦1,800,000

Correct Answer: D

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Question 4
A company purchased a machine for ₦500,000 and depreciated it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₦300,000
B. ₦350,000
C. ₦400,000
Correct D. ₦450,000

Correct Answer: D

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Question 5
A company's trial balance as at 31st December 2022 is as follows: Debtors: ₦500,000; Creditors: ₦200,000; Capital: ₦1,000,000; Profit and Loss Account: ₦300,000. Prepare the Balance Sheet.
A. ₦1,800,000
B. ₦2,000,000
Correct C. ₦2,200,000
D. ₦2,500,000

Correct Answer: C

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Question 6
A public sector organization has a cash book and a general ledger. The cash book shows a balance of ₦120,000, while the general ledger shows a balance of ₦150,000. What is the reason for the difference in balances?
A. The cash book is not up-to-date.
B. The general ledger has not been reconciled with the cash book.
Correct C. The cash book has not been reconciled with the general ledger.
D. The cash book and general ledger are not properly maintained.

Correct Answer: C

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Question 7
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of capital raised?
A. ₦1,500,000
Correct B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000

Correct Answer: B

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Question 8
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
A. ₦300,000
B. ₦350,000
Correct C. ₦400,000
D. ₦450,000

Correct Answer: C

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Question 9
A company has a bank account with a balance of ₦100,000. The company deposits ₦50,000 and withdraws ₦20,000. What is the new balance?
Correct A. ₦130,000
B. ₦120,000
C. ₦110,000
D. ₦100,000

Correct Answer: A

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Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of capital raised?
A. ₦1,500,000
Correct B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000

Correct Answer: B

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Question 11
A company uses a job costing system to account for its manufacturing costs. The following information is extracted from the company's ledger accounts:
Correct A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000

Correct Answer: A

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Question 12
A company's cash book shows the following transactions:
A. ₦500
Correct B. ₦750
C. ₦1000
D. ₦1250

Correct Answer: B

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Question 13
A company's bank reconciliation statement shows the following discrepancies:
A. ₦500
B. ₦750
Correct C. ₦1000
D. ₦1250

Correct Answer: C

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Question 14
A company's ledger accounts show the following balances:
A. ₦500
Correct B. ₦750
C. ₦1000
D. ₦1250

Correct Answer: B

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Question 15
A company's cash book shows the following transactions:
A. ₦500
B. ₦750
Correct C. ₦1000
D. ₦1250

Correct Answer: C

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Question 16
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
Correct B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000

Correct Answer: B

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Question 17
A firm has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦10,000 | | Sales Revenue | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦15,000 | ₦0 | | Net Income | ₦0 | ₦5,000 | What is the correct journal entry to record the sale of goods?
A. Debit Cash ₦20,000, Credit Accounts Payable ₦20,000
Correct B. Debit Sales Revenue ₦20,000, Credit Cost of Goods Sold ₦15,000
C. Debit Cash ₦20,000, Credit Sales Revenue ₦20,000
D. Debit Accounts Payable ₦20,000, Credit Cost of Goods Sold ₦15,000

Correct Answer: B

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Question 18
A manufacturing company has the following production costs: | Cost | Amount | | --- | --- | | Direct Materials | ₦50,000 | | Direct Labor | ₦30,000 | | Manufacturing Overhead | ₦20,000 | What is the total production cost?
A. ₦100,000
B. ₦100,500
Correct C. ₦101,000
D. ₦100,200

Correct Answer: C

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Question 19
A company has the following balance sheet: | Asset | Amount | | --- | --- | | Cash | ₦50,000 | | Accounts Receivable | ₦30,000 | | Inventory | ₦40,000 | | Total Assets | ₦120,000 | What is the amount of equity?
A. ₦80,000
B. ₦90,000
C. ₦100,000
Correct D. ₦110,000

Correct Answer: D

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Question 20
A company issues 10,000, 10% shares of ₦10 each at a premium of ₦5. Calculate the amount received from the shareholders.
A. ₦105,000
B. ₦110,000
Correct C. ₦115,000
D. ₦120,000

Correct Answer: C

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Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
Correct B. ₦25,000
C. ₦75,000
D. ₦100,000

Correct Answer: B

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Question 22
A partnership was formed between A, B, and C with a capital of ₦100,000, ₦80,000, and ₦60,000 respectively. After 2 years, the profits were divided in the ratio 3:2:1. Calculate the share of profit of each partner.
Correct A. ₦24,000
B. ₦32,000
C. ₦40,000
D. ₦48,000

Correct Answer: A

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Question 23
A company purchased a machine for ₦150,000 and sold it after 5 years for ₦200,000. The company also incurred a loss of ₦10,000 on the sale. Calculate the gain or loss on the sale of the machine.
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 24
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2. The shares are redeemable at the end of 3 years. Calculate the amount of premium on the shares.
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 25
A company purchased a machine for ₦120,000 and sold it after 3 years for ₦180,000. The company also incurred a loss of ₦15,000 on the sale. Calculate the gain or loss on the sale of the machine.
Correct A. ₦25,000
B. ₦35,000
C. ₦45,000
D. ₦55,000

Correct Answer: A

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