POST UTME GREENFIELD UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's cash book shows a balance of ₦500,000. The company's bank reconciliation statement shows a difference of ₦20,000 due to an outstanding cheque. What is the company's corrected cash balance?
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 3
A partnership has two partners, A and B. Partner A's capital is ₦200,000 and Partner B's capital is ₦300,000. If the partnership's profit is ₦100,000, what is Partner A's share of the profit?
Question 4
A public sector organization has a cash book balance of ₦500,000. The organization's bank reconciliation statement shows a difference of ₦20,000 due to an outstanding cheque. What is the organization's corrected cash balance?
Question 5
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦500,000, Sales Revenue ₦1,200,000, Cost of Goods Sold ₦800,000, and Net Income ₦200,000. What is the correct balance for the Retained Earnings account?
Question 7
A company's balance sheet shows the following liabilities: Accounts Payable ₦500,000, Notes Payable ₦200,000, and Common Stock ₦300,000. What is the total value of the company's liabilities?
Question 8
A company's income statement shows the following revenues: Sales Revenue ₦1,200,000, Interest Income ₦50,000, and Dividend Income ₦20,000. What is the total revenue?
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
Question 10
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?
Question 11
Two partners, A and B, share profits in the ratio 3:2. If the total profit is ₦120,000, what is the share of Partner A?
Question 12
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.
Question 13
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?
Question 14
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?
Question 15
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and Product B requires 3 hours of direct labor. If the company produces 500 units of Product A and 300 units of Product B, what is the total direct labor cost?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows