POST UTME CHRISTOPHER UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger balances: Debtors: ₦50,000 Creditors: ₦30,000 Capital: ₦100,000 Drawings: ₦20,000 What is the total amount of working capital?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 2
In a partnership account, what is the correct order of preparation of the final accounts?
A. Trading and Profit and Loss Account, then Balance Sheet
B. Balance Sheet, then Trading and Profit and Loss Account
C. Trading and Profit and Loss Account, then Balance Sheet, then Reconciliation Statement
D. Reconciliation Statement, then Balance Sheet, then Trading and Profit and Loss Account
Question 3
A company has a trial balance that shows a discrepancy of ₦1,500. What is the first step in correcting the error?
A. Identify the error and correct it
B. Prepare a revised trial balance
C. Reconcile the discrepancy with the bank statement
D. Prepare a balance sheet
Question 4
A partnership has two partners, A and B. The profit-sharing ratio is 3:2. If the total profit is ₦120,000, how much will A receive?
A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 5
A company has the following trial balance: Debtors: ₦50,000 Creditors: ₦30,000 Capital: ₦100,000 Drawings: ₦20,000 What is the total amount of assets?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000

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