POST UTME GREENFIELD UNIVERSITY 2024 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 2024 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Correct A. ₦24,000
B. ₦20,000
C. ₦30,000
D. ₦18,000

Correct Answer: A

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Question 2
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 ₦150,000, how much will partner A receive?
Correct A. ₦90,000
B. ₦60,000
C. ₦120,000
D. ₦80,000

Correct Answer: A

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Question 3
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦270,000
B. ₦280,000
C. ₦290,000
Correct D. ₦300,000

Correct Answer: D

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Question 4
A company uses the weighted average method to value its inventory. If the inventory consists of 100 units of item A at ₦10 each and 50 units of item B at ₦20 each, what is the total value of the inventory?
A. ₦1,500
B. ₦1,800
C. ₦2,000
Correct D. ₦2,500

Correct Answer: D

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Question 5
A company's manufacturing process involves the following costs: direct materials ₦50,000, direct labor ₦30,000, and manufacturing overhead ₦20,000. What is the total cost of goods manufactured?
A. ₦100,000
B. ₦110,000
C. ₦120,000
Correct D. ₦130,000

Correct Answer: D

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Question 6
A company purchases a machine for ₦1,500,000. The machine has a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation using the straight-line method.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 7
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Trading and Profit and Loss Account for the year.
A. ₦700,000
B. ₦750,000
Correct C. ₦800,000
D. ₦850,000

Correct Answer: C

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Question 8
A company has the following Balance Sheet as at 31st December 2023: Assets: ₦3,000,000; Liabilities: ₦1,500,000; Capital: ₦1,500,000. Prepare a Balance Sheet for the company as at 31st December 2023.
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
Correct D. ₦3,000,000

Correct Answer: D

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Question 9
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Manufacturing Account for the year.
A. ₦700,000
B. ₦750,000
Correct C. ₦800,000
D. ₦850,000

Correct Answer: C

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Question 10
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Departmental Account for the year.
A. ₦700,000
B. ₦750,000
Correct C. ₦800,000
D. ₦850,000

Correct Answer: C

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Question 11
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Company Account for the year.
A. ₦700,000
B. ₦750,000
Correct C. ₦800,000
D. ₦850,000

Correct Answer: C

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Question 12
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Shareholders' Equity Account for the year.
A. ₦700,000
B. ₦750,000
Correct C. ₦800,000
D. ₦850,000

Correct Answer: C

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Question 13
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Debentures Account for the year.
A. ₦700,000
B. ₦750,000
Correct C. ₦800,000
D. ₦850,000

Correct Answer: C

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Question 14
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Dividend Account for the year.
A. ₦700,000
B. ₦750,000
C. ₦800,000
D. ₦850,000

Correct Answer: VIEW ANSWER

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Question 15
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, valued at ₦2,500 each. On January 10, 2024, 200 units were sold for ₦3,000 each. On January 15, 2024, 300 units were purchased for ₦2,800 each. On January 20, 2024, 100 units were sold for ₦3,200 each. Calculate the cost of goods sold for the period.
A. ₦420,000
Correct B. ₦450,000
C. ₦480,000
D. ₦510,000

Correct Answer: B

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Question 16
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1-Jan-24 | Cash | 10,000 | | | 10-Jan-24 | Cash | | 8,000 | | 15-Jan-24 | Cash | 12,000 | | | 20-Jan-24 | Cash | | 9,000 | What is the balance in the cash account on January 31, 2024?
A. ₦11,000
B. ₦12,000
Correct C. ₦13,000
D. ₦14,000

Correct Answer: C

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Question 17
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Sales | | 100,000 | | Cost of Goods Sold | 80,000 | | | Gross Profit | | 20,000 | | Operating Expenses | 30,000 | | | Net Profit | | 10,000 | What is the value of the company's assets on January 31, 2024?
A. ₦150,000
B. ₦160,000
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

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Question 18
A company uses the straight-line method of depreciation. On January 1, 2024, it purchased a machine for ₦200,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation for the year 2024.
A. ₦36,000
B. ₦38,000
Correct C. ₦40,000
D. ₦42,000

Correct Answer: C

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Question 19
A company has the following balance sheet: | Asset | Value | | --- | --- | | Cash | 10,000 | | Accounts Receivable | 20,000 | | Inventory | 30,000 | | Property, Plant, and Equipment | 100,000 | | Total Assets | 160,000 | What is the value of the company's liabilities on January 31, 2024?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 20
A company has the following income statement: | Revenue | ₦100,000 | | Cost of Goods Sold | ₦80,000 | | Gross Profit | ₦20,000 | | Operating Expenses | ₦30,000 | | Net Profit | ₦10,000 | What is the company's return on equity (ROE) for the year 2024?
A. 10%
B. 12%
Correct C. 15%
D. 18%

Correct Answer: C

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Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
Correct B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: B

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Question 22
A partnership has two partners, A and B. A invested ₦50,000 and B invested ₦30,000. The profit is to be divided in the ratio 2:1. If the total profit is ₦18,000, how much will A receive?
Correct A. ₦12,000
B. ₦10,000
C. ₦12,000
D. ₦10,000

Correct Answer: A

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Question 23
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦500,000; Liabilities: ₦300,000; Capital: ₦200,000. If the company made a profit of ₦50,000 in 2023, what will be the new capital?
Correct A. ₦250,000
B. ₦250,000
C. ₦250,000
D. ₦250,000

Correct Answer: A

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Question 24
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2. If the company received ₦1,00,000 from the issue of shares, what is the amount received from the share premium?
Correct A. ₦20,000
B. ₦20,000
C. ₦20,000
D. ₦20,000

Correct Answer: A

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Question 25
A company's cash book shows the following transactions: Debit: ₦50,000; Credit: ₦30,000. If the company's cash balance as at the beginning of the year was ₦20,000, what will be the new cash balance?
Correct A. ₦40,000
B. ₦40,000
C. ₦40,000
D. ₦40,000

Correct Answer: A

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