POST UTME GREENFIELD UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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
D. ₦1,800,000
Question 2
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
C. ₦101,000
D. ₦100,200
Question 3
A company's manufacturing account shows a cost of goods sold of ₦200,000. However, the company's balance sheet shows a work-in-progress of ₦30,000. What is the correct adjustment to be made to the manufacturing account?
A. Debit Work-in-Progress ₦30,000, Credit Cost of Goods Sold ₦30,000
B. Debit Cost of Goods Sold ₦30,000, Credit Work-in-Progress ₦30,000
C. Debit Work-in-Progress ₦200,000, Credit Cost of Goods Sold ₦200,000
D. Debit Cost of Goods Sold ₦200,000, Credit Work-in-Progress ₦200,000
Question 4
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that it has paid a total of ₦20,000 in rent for the year. What is the correct journal entry to correct this error?
A. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
B. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
C. Debit Rent Received ₦20,000, Credit Rent Paid ₦20,000
D. Debit Rent Paid ₦20,000, Credit Rent Received ₦20,000
Question 5
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the net profit for the year is ₦150,000, how much will A receive as their share of the profit?
A. ₦90,000
B. ₦120,000
C. ₦135,000
D. ₦150,000
Question 6
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Accounts Payable | | ₦30,000 | | Sales Revenue | ₦100,000 | | | Cost of Goods Sold | | ₦60,000 | What is the total amount of net income?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 7
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received 250,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦125,000
B. ₦250,000
C. ₦375,000
D. ₦500,000
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the total profit to be shared by the partners?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 9
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.
A. ₦25,000
B. ₦35,000
C. ₦45,000
D. ₦55,000
Question 10
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.
A. ₦24,000
B. ₦32,000
C. ₦40,000
D. ₦48,000
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:
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000
Question 12
A company uses the perpetual inventory system. The beginning inventory is 100 units at ₦50 each. During the period, 500 units were purchased at ₦60 each and 200 units were sold at ₦80 each. Calculate the cost of goods sold.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 13
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
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 14
A government agency recorded the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 01/01 | Cash received from customers | ₦100,000 | | | 01/02 | Salaries paid | | ₦50,000 | | 01/03 | Rent received | ₦20,000 | | | 01/04 | Utilities paid | | ₦10,000 | What is the total amount of cash received from customers?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 15
A company produces two products, X and Y. The production process involves two departments: Manufacturing and Assembly. The Manufacturing department produces 500 units of X and 300 units of Y. The Assembly department assembles 400 units of X and 200 units of Y. The total cost of production for X is ₦120,000 and for Y is ₦90,000. The selling price of X is ₦150 and of Y is ₦120. Calculate the profit or loss for each product.
A. ₦30,000 profit on X and ₦20,000 loss on Y
B. ₦20,000 profit on X and ₦30,000 profit on Y
C. ₦30,000 loss on X and ₦20,000 profit on Y
D. ₦20,000 loss on X and ₦30,000 loss on Y

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