POST UTME GREENFIELD UNIVERSITY 2021 Accounting | Objective

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Question 1
A company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. Calculate the total revenue.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 2
A company's cash book shows the following transactions: Debit: ₦20,000; Credit: ₦18,000. What is the balance in the cash book?
A. ₦2,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 3
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?
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.
Question 4
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.
C. To reconcile the company's trial balance with its financial statements.
D. To record the company's equity.
Question 5
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?
A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000
Question 6
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?
A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000
Question 7
A company's trial balance shows the following balances: Sales: ₦100,000; Purchases: ₦80,000. What is the net profit?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 8
A company purchases a machine for ₠ 80,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₠ 51,200
B. ₠ 52,800
C. ₠ 54,400
D. ₠ 56,000
Question 9
The following trial balance of Greenfield University is given. Prepare the company's balance sheet as at 31st December 2021.
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000
Question 10
A company's trial balance showed a discrepancy of ₦50,000. The following errors were discovered: a machine was recorded as an asset instead of an expense, and a bill was recorded as an expense instead of a liability. Calculate the correct amount of the discrepancy.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 11
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
B. ₠ 15,000
C. ₠ 16,000
D. ₠ 17,000
Question 12
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?
A. ₠ 72,000
B. ₠ 80,000
C. ₠ 90,000
D. ₠ 100,000
Question 13
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, costing ₦200 each. During the year, 300 units were sold, and 150 units were purchased at ₦250 each. Calculate the cost of goods sold for the year.
A. ₦75,000
B. ₦90,000
C. ₦105,000
D. ₦120,000
Question 14
A company's bank statement shows the following transactions: Debit: ₦15,000; Credit: ₦12,000. What is the balance in the bank account?
A. ₦3,000
B. ₦12,000
C. ₦15,000
D. ₦18,000
Question 15
A company's cash book shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the balance in the cash book?
A. ₦2,000
B. ₦8,000
C. ₦10,000
D. ₦12,000

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