POST UTME GREENFIELD UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following is a balance sheet for Greenfield University:
A. ₦1,500,000
B. ₦1,800,000
C. ₦2,000,000
D. ₦2,500,000
Question 2
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦95,000
B. ₦95,500
C. ₦96,000
D. ₦96,500
Question 3
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2021 showed a capital of ₦1,200,000. The company issued 10,000 shares of ₦10 each on 1st January 2022. Calculate the company's retained earnings as at 31st December 2022.
A. ₦2,700,000
B. ₦2,400,000
C. ₦2,100,000
D. ₦1,800,000
Question 4
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the book value of the machine after 3 years.
A. ₦360,000
B. ₦360,000
C. ₦360,000
D. ₦360,000
Question 5
A company uses the FIFO method to value its inventory. The following information is available for the year ended December 31, 2022:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 6
A company has the following transactions: Purchased goods for ₦100,000, sold goods for ₦120,000, and purchased office equipment for ₦30,000. What is the total value of the company's liabilities?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company's balance sheet as at 31st December 2022 shows a current liability of ₦1,500,000. The company's profit and loss account for the year ended 31st December 2022 shows a profit of ₦2,000,000. Calculate the company's net assets as at 31st December 2022.
A. ₦3,500,000
B. ₦3,000,000
C. ₦2,500,000
D. ₦2,000,000
Question 8
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
A. Average Profit Method
B. Super Profit Method
C. Capitalization Method
D. Net Asset Method
Question 9
A company's balance sheet as at 31st December 2022 shows a current liability of ₦1,500,000. The company's profit and loss account for the year ended 31st December 2022 shows a profit of ₦2,000,000. Calculate the company's net assets as at 31st December 2022.
A. ₦3,500,000
B. ₦3,000,000
C. ₦2,500,000
D. ₦2,000,000
Question 10
A company has the following transactions during the year ended December 31, 2022:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 11
What is the primary purpose of the accounting equation in the preparation of financial statements?
A. To present the financial position of a business
B. To show the relationship between assets, liabilities, and equity
C. To determine the profitability of a business
D. To identify the sources of financing a business
Question 12
A company has the following ledger balances: Raw Materials ₦20,000; Work-in-Progress ₦30,000; Finished Goods ₦40,000. Prepare the statement of cost of goods sold.
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 13
The following is a trial balance for Greenfield University:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 14
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦500,000 and the Assembly department has a total cost of ₦300,000. What is the total cost of the product?
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,200,000
Question 15
A company has the following transactions: Purchased goods for ₦100,000, sold goods for ₦120,000, and purchased office equipment for ₦30,000. What is the total value of the company's assets?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000

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