POST UTME GREENFIELD UNIVERSITY 2021 Accounting | Objective

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Question 1 View Details
A company issued 5,000 shares of ₠ 10 each at a premium of ₠ 5 per share. Calculate the total amount received from the issue of shares.
A. ₠ 50,000
Correct B. ₠ 55,000
C. ₠ 60,000
D. ₠ 65,000

Correct Answer: B

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Question 2 View Details
A firm's cash book shows a balance of ₠ 12,000. The bank statement shows a balance of ₠ 15,000. The firm's cash book also shows a credit balance of ₠ 2,000 in the bank column. What is the correct balance of the firm's cash book?
A. ₠ 14,000
Correct B. ₠ 15,000
C. ₠ 16,000
D. ₠ 17,000

Correct Answer: B

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Question 3 View Details
A company has two partners, A and B. A has a 60% interest in the profits and B has a 40% interest. If the profits for the year are ₠ 120,000, how much will A receive?
Correct A. ₠ 72,000
B. ₠ 80,000
C. ₠ 90,000
D. ₠ 100,000

Correct Answer: A

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Question 4 View Details
A company purchases a machine for ₠ 80,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
Correct A. ₠ 51,200
B. ₠ 52,800
C. ₠ 54,400
D. ₠ 56,000

Correct Answer: A

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Question 5 View Details
A company issues 10,000 shares of ₠ 10 each at a premium of ₠ 5 per share. The company also issues 5,000 debentures of ₠ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₠ 550,000
Correct B. ₠ 600,000
C. ₠ 650,000
D. ₠ 700,000

Correct Answer: B

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Question 6 View Details
A government agency's trial balance shows a debit balance in the 'Accounts Payable' account. However, the agency's financial statements show a credit balance in the same account. What could be the reason for this discrepancy?
A. The agency has not recorded all its liabilities.
Correct B. The agency has incorrectly recorded a credit transaction as a debit.
C. The agency has not properly accounted for a prior year's error.
D. The agency has incorrectly calculated the interest on its liabilities.

Correct Answer: B

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Question 7 View Details
A company uses the double-entry system of accounting. If the company's trial balance shows a debit balance in the 'Accounts Payable' account, what does this indicate?
Correct A. The company has not recorded all its liabilities.
B. The company has incorrectly recorded a credit transaction as a debit.
C. The company has a surplus of cash.
D. The company has a deficit of cash.

Correct Answer: A

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Question 8 View Details
A company's balance sheet shows a 'Control Account' for its 'Accounts Payable' account. What is the purpose of this control account?
A. To record the company's liabilities.
B. To record the company's assets.
Correct C. To reconcile the company's trial balance with its financial statements.
D. To record the company's equity.

Correct Answer: C

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Question 9 View Details
A company's financial statements show a 'Trading Account' with a net profit of ₦100,000. What does this indicate?
A. The company has a surplus of cash.
B. The company has a deficit of cash.
C. The company has a net loss of ₦100,000.
Correct D. The company has a net profit of ₦100,000.

Correct Answer: D

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Question 10 View Details
A company's balance sheet shows a 'Balance Sheet' with a total asset value of ₦500,000 and a total liability value of ₦300,000. What does this indicate?
A. The company has a surplus of cash.
B. The company has a deficit of cash.
Correct C. The company has a net worth of ₦200,000.
D. The company has a net worth of ₦200,000.

Correct Answer: C

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Question 11 View Details
A company issued 10,000 shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
A. ₦50,000
Correct B. ₦100,000
C. ₦200,000
D. ₦500,000

Correct Answer: B

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Question 12 View Details
A company's cash book shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the balance in the cash book?
Correct A. ₦2,000
B. ₦8,000
C. ₦10,000
D. ₦12,000

Correct Answer: A

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Question 13 View Details
A company's trial balance shows the following balances: Sales: ₦100,000; Purchases: ₦80,000. What is the net profit?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 14 View Details
A company's bank statement shows the following transactions: Debit: ₦15,000; Credit: ₦12,000. What is the balance in the bank account?
Correct A. ₦3,000
B. ₦12,000
C. ₦15,000
D. ₦18,000

Correct Answer: A

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Question 15 View Details
A company's cash book shows the following transactions: Debit: ₦20,000; Credit: ₦18,000. What is the balance in the cash book?
Correct A. ₦2,000
B. ₦18,000
C. ₦20,000
D. ₦22,000

Correct Answer: A

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Question 16 View Details
A company's trial balance shows the following balances: Sales: ₦120,000; Purchases: ₦90,000. What is the net profit?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 17 View Details
A company's bank statement shows the following transactions: Debit: ₦25,000; Credit: ₦22,000. What is the balance in the bank account?
Correct A. ₦3,000
B. ₦22,000
C. ₦25,000
D. ₦28,000

Correct Answer: A

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Question 18 View Details
A company's cash book shows the following transactions: Debit: ₦30,000; Credit: ₦28,000. What is the balance in the cash book?
Correct A. ₦2,000
B. ₦28,000
C. ₦30,000
D. ₦32,000

Correct Answer: A

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Question 19 View Details
A company's trial balance shows the following balances: Sales: ₦150,000; Purchases: ₦110,000. What is the net profit?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 20 View Details
A company's bank statement shows the following transactions: Debit: ₦35,000; Credit: ₦32,000. What is the balance in the bank account?
A. ₦3,000
B. ₦32,000
C. ₦35,000
D. ₦38,000

Correct Answer: VIEW ANSWER

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Question 21 View Details
A company uses the double-entry system of accounting. The following transactions occurred during the year: Debit: Raw Materials ₥ 50,000, Work-in-Progress ₥ 20,000, Finished Goods ₥ 30,000 Credit: Purchases ₥ 50,000, Direct Labour ₥ 20,000, Manufacturing Overheads ₥ 30,000 What is the net effect on the company's cash balance?
Correct A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000

Correct Answer: A

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Question 22 View Details
A company's cash book shows the following transactions: Debit: Cash ₥ 50,000, Bank ₥ 20,000 Credit: Purchases ₥ 50,000, Direct Labour ₥ 20,000 What is the net effect on the company's cash balance?
Correct A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000

Correct Answer: A

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Question 23 View Details
A government agency uses the cash basis of accounting. The following transactions occurred during the year: Debit: Cash ₥ 50,000, Bank ₥ 20,000 Credit: Purchases ₥ 50,000, Direct Labour ₥ 20,000 What is the net effect on the agency's cash balance?
Correct A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000

Correct Answer: A

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Question 24 View Details
A company uses the accrual basis of accounting. The following transactions occurred during the year: Debit: Raw Materials ₥ 50,000, Work-in-Progress ₥ 20,000, Finished Goods ₥ 30,000 Credit: Purchases ₥ 50,000, Direct Labour ₥ 20,000, Manufacturing Overheads ₥ 30,000 What is the net effect on the company's cash balance?
Correct A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000

Correct Answer: A

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Question 25 View Details
A company's cash book shows the following transactions: Debit: Cash ₥ 50,000, Bank ₥ 20,000 Credit: Purchases ₥ 50,000, Direct Labour ₥ 20,000 What is the net effect on the company's cash balance?
Correct A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000

Correct Answer: A

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