POST UTME GREENFIELD UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's trial balance shows a credit balance of ₦10,000 in the account 'Drawings'. What is the amount of drawings that partner A has made?
A. ₦6,000
B. ₦8,000
C. ₦10,000
D. ₦12,000
Question 2
A company has two partners, A and B, who share profits and losses in the ratio 3:2. If the company makes a profit of ₦120,000, how much will each partner receive?
A. ₦60,000 and ₦40,000
B. ₦72,000 and ₦48,000
C. ₦90,000 and ₦30,000
D. ₦80,000 and ₦40,000
Question 3
A company prepares its financial statements in accordance with the accrual accounting method. The company's revenue for the year is ₦1,500,000, and its expenses for the year are ₦1,200,000. What is the company's net income?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 4
A company uses the single-entry system of accounting. The company's assets at the beginning of the year were ₦100,000, and the assets at the end of the year were ₦150,000. What is the company's net income for the year?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 5
A company uses a self-balancing ledger to record its transactions. The ledger shows a debit balance of ₦50,000. The company's bank statement shows a credit balance of ₦60,000. What is the correct balance in the ledger?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 6
A company uses the accrual basis of accounting. The company's accounts payable at the beginning of the year were ₦50,000, and the accounts payable at the end of the year were ₦75,000. What is the company's net income for the year?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 7
A company's financial statements show the following: Revenue: ₦1,000,000, Expenses: ₦800,000. What is the company's net income?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 8
A manufacturing company produces two products, A and B. Product A has a selling price of ₦100 and a variable cost of ₦60. Product B has a selling price of ₦120 and a variable cost of ₦80. If the company sells 100 units of A and 50 units of B, what is the total contribution margin?
A. ₦10,000
B. ₦12,000
C. ₦15,000
D. ₦18,000
Question 9
A company's balance sheet shows the following: Assets: ₦1,000,000, Liabilities: ₦500,000. What is the company's equity?
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 10
A company has the following transactions in its ledger: Debit: ₦100,000, Credit: ₦150,000. What is the company's net change in equity?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 11
A company has the following ledger balances at the beginning of the year: Debtors: ₦20,000 Creditors: ₦15,000 The following transactions were recorded during the year: Sales: ₦50,000 Purchases: ₦30,000 Prepare the trading and profit and loss account for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 12
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will each partner receive?
A. ₦54,000 and ₦36,000
B. ₦42,000 and ₦30,000
C. ₦48,000 and ₦32,000
D. ₦60,000 and ₦40,000
Question 13
A company has the following ledger balances at the beginning of the year: Debtors: ₦20,000 Creditors: ₦15,000 The following transactions were recorded during the year: Sales: ₦50,000 Purchases: ₦30,000 Prepare the trading and profit and loss account for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 14
A partnership has two partners, A and B. The capital of A is ₦200,000, and the capital of B is ₦300,000. The profit-sharing ratio is 2:3. What is the amount of profit that A will receive?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 15
A company's trial balance shows the following: Debit: ₦200,000, Credit: ₦300,000. What is the company's net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

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