POST UTME GREENFIELD UNIVERSITY 2022 Accounting | Objective

Are you preparing for POST UTME GREENFIELD UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2022 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company has the following incomplete records for the year ended 31st December 2022: Opening balance: ₦100,000 Closing balance: ₦150,000 Deposits: ₦50,000 Withdrawals: ₦20,000 Sales: ₦80,000 Cost of goods sold: ₦60,000 Using the single entry method, prepare the trading and profit and loss account for the year ended 31st December 2022.
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 2
A company has the following manufacturing account for the year ended 31st December 2022: Opening work-in-progress: ₦50,000 Closing work-in-progress: ₦30,000 Cost of goods manufactured: ₦200,000 Cost of goods sold: ₦180,000 Using the absorption costing method, calculate the profit for the year ended 31st December 2022.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 3
A partnership has the following balance sheet as at 31st December 2022: Assets: ₦500,000 Liabilities: ₦200,000 Partners' capital: ₦300,000 Using the ratio method, calculate the profit-sharing ratio of the partners.
Correct A. 2:1
B. 3:1
C. 4:1
D. 5:1

Correct Answer: A

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Question 4
A company has the following balance sheet as at 31st December 2022: Assets: ₦1,000,000 Liabilities: ₦800,000 Share capital: ₦200,000 Using the accounting equation, calculate the retained earnings.
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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Question 5
A company has the following financial statements for the year ended 31st December 2022: Trading and profit and loss account: ₦500,000 Balance sheet: ₦1,000,000 Using the accounting equation, calculate the retained earnings.
A. ₦200,000
B. ₦300,000
C. ₦400,000
Correct D. ₦500,000

Correct Answer: D

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Question 6
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
A. Average Profit Method
Correct B. Super Profit Method
C. Capitalization Method
D. Net Asset Method

Correct Answer: B

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Question 7
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge?
A. ₦50,000
B. ₦60,000
Correct C. ₦80,000
D. ₦100,000

Correct Answer: C

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Question 8
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
Correct C. ₦190,000
D. ₦200,000

Correct Answer: C

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Question 9
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
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 10
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 equity?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 11
A company uses the single entry system to record its transactions. The company's cash book shows a balance of ₦150,000. However, the company's bank statement shows a balance of ₦120,000. What is the reason for the difference?
Correct A. The company has a loan outstanding with the bank.
B. The company has a credit balance in its cash book.
C. The company has a debit balance in its cash book.
D. The company has a difference in exchange rates.

Correct Answer: A

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Question 12
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
Correct C. ₦1,000,000
D. ₦1,200,000

Correct Answer: C

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Question 13
A company uses the straight-line method to depreciate its assets. The company's asset has a cost of ₦500,000 and a useful life of 5 years. What is the annual depreciation?
Correct A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦250,000

Correct Answer: A

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Question 14
A company uses the cash book to record its transactions. The company's cash book shows a balance of ₦200,000. However, the company's bank statement shows a balance of ₦250,000. What is the reason for the difference?
A. The company has a loan outstanding with the bank.
B. The company has a credit balance in its cash book.
Correct C. The company has a debit balance in its cash book.
D. The company has a difference in exchange rates.

Correct Answer: C

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Question 15
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦100,000, the work-in-progress has a cost of ₦200,000, and the finished goods have a cost of ₦300,000. What is the total value of the inventory?
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 16
What is the primary purpose of the accounting equation in the preparation of financial statements?
A. To present the financial position of a business
Correct 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

Correct Answer: B

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Question 17
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
Correct B. ₦95,500
C. ₦96,000
D. ₦96,500

Correct Answer: B

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Question 18
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 A receive?
Correct A. ₦90,000
B. ₦90,000
C. ₦90,000
D. ₦90,000

Correct Answer: A

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Question 19
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.
Correct A. ₦360,000
B. ₦360,000
C. ₦360,000
D. ₦360,000

Correct Answer: A

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Question 20
A company has the following transactions: Debit: ₦100,000, Credit: ₦120,000. What is the accounting equation?
Correct A. Assets = Liabilities + Equity
B. Liabilities = Assets + Equity
C. Equity = Assets - Liabilities
D. Assets = Equity - Liabilities

Correct Answer: A

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Question 21
A company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2022:
A. ₦1,500,000
Correct B. ₦1,800,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

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Question 22
The following is a trial balance for Greenfield University:
A. ₦1,200,000
B. ₦1,500,000
Correct C. ₦1,800,000
D. ₦2,000,000

Correct Answer: C

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Question 23
A company has the following transactions during the year ended December 31, 2022:
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 24
The following is a balance sheet for Greenfield University:
A. ₦1,500,000
B. ₦1,800,000
Correct C. ₦2,000,000
D. ₦2,500,000

Correct Answer: C

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Question 25
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
Correct B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000

Correct Answer: B

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