POST UTME GREENFIELD UNIVERSITY 2025 Accounting | Objective

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Question 1
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's total liabilities as at 31st December 2024 amount to ₦4,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 2
A company uses the single-entry system of accounting. The company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Sales | | ₦15,000 | | 3 Jan | Purchases | ₦8,000 | | | 4 Jan | Cash | | ₦12,000 | What is the company's net cash balance on 4 Jan?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 3
A company's balance sheet as at 31st December 2024 shows a non-current liability of ₦2,000,000. The company's profit and loss account for the year ended 31st December 2024 shows a profit of ₦1,500,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 4
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 5
A company's balance sheet as at 31st December 2024 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 25,000 | Profit | 5,000 | What is the total amount of liabilities?
A. ₦55,000
B. ₦60,000
C. ₦65,000
D. ₦70,000
Question 6
A company's profit and loss account shows a net profit of ₦100,000. The balance sheet shows a capital of ₦200,000. What is the correct amount of the retained earnings?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 7
A company's balance sheet showed a debit balance of ₦ 10,000 in the suspense account. The company's cash account had a credit balance of ₦ 5,000. Prepare the necessary journal entry to clear the suspense account.
A. Suspense Account Debit ₦ 10,000, Cash Credit ₦ 10,000
B. Suspense Account Credit ₦ 5,000, Cash Debit ₦ 5,000
C. Suspense Account Debit ₦ 5,000, Cash Credit ₦ 5,000
D. Suspense Account Credit ₦ 10,000, Cash Debit ₦ 10,000
Question 8
A company uses the weighted average method to value its inventory. The company's inventory consists of three types of items: A, B, and C. The cost of item A is ₦100, item B is ₦200, and item C is ₦300. The quantities of items A, B, and C are 100, 50, and 20 units, respectively. The total cost of the inventory is ₦150,000. What is the cost per unit of item A?
A. ₦120
B. ₦150
C. ₦180
D. ₦200
Question 9
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 10
A company uses the LIFO method to value its inventory. The company's inventory consists of two types of items: X and Y. The cost of item X is ₦100, and item Y is ₦200. The quantities of items X and Y are 50 and 20 units, respectively. The total cost of the inventory is ₦10,000. What is the cost per unit of item Y?
A. ₦120
B. ₦150
C. ₦180
D. ₦200
Question 11
A company's departmental accounts for the year ended 31st December 2024 is as follows: | Department | Sales | Cost of Goods Sold | Gross Profit | | --- | --- | --- | --- | | A | 100,000 | 60,000 | 40,000 | | B | 80,000 | 50,000 | 30,000 | What is the total gross profit?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 12
A company uses the self-balancing ledger system. The company's ledger shows the following: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Sales | | ₦15,000 | | Purchases | ₦8,000 | | | Profit | | ₦7,000 | What is the company's net profit?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 13
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 14
A partnership is formed by three individuals, A, B, and C, who contribute ₦100,000, ₦150,000, and ₦200,000 respectively. The partnership agreement states that the profits will be shared in the ratio 3:5:7. Calculate the total profit and the amount each partner will receive if the total profit is ₦1,200,000.
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 15
A partnership agreement between two partners, A and B, stated that A would receive 60% of the profits and B would receive 40%. If the total profit for the year was ₦ 120,000, calculate the amount of profit each partner would receive.
A. A: ₦ 72,000, B: ₦ 48,000
B. A: ₦ 60,000, B: ₦ 60,000
C. A: ₦ 48,000, B: ₦ 72,000
D. A: ₦ 80,000, B: ₦ 40,000

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