POST UTME CHRISTOPHER UNIVERSITY 2022 Accounting | Objective

Are you preparing for POST UTME CHRISTOPHER 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
Determine the amount of depreciation expense for the year ended December 31, 2022, for a machine purchased on January 1, 2020, for ₦1,500,000, with a useful life of 5 years and a residual value of ₦200,000.
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 2
A company has the following transactions for the year ended December 31, 2022: Depreciation expense: ₦150,000 Interest income: ₦20,000 Dividend income: ₦30,000 Salaries expense: ₦400,000 Rent expense: ₦50,000 Utilities expense: ₦20,000 Total assets: ₦1,500,000 Total liabilities: ₦500,000 Total equity: ₦1,000,000 Determine the net income for the year.
A. ₦150,000
B. ₦200,000
C. ₦250,000
Correct D. ₦300,000

Correct Answer: D

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Question 3
A partnership has the following capital balances: Partner A: ₦500,000 Partner B: ₦300,000 Partner C: ₦200,000 Determine the total capital of the partnership.
Correct A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000

Correct Answer: A

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Question 4
A company has the following transactions for the year ended December 31, 2022: Purchases of merchandise: ₦500,000 Sales of merchandise: ₦1,000,000 Cost of goods sold: ₦600,000 Determine the gross profit for the year.
A. ₦200,000
B. ₦250,000
C. ₦300,000
Correct D. ₦350,000

Correct Answer: D

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Question 5
A government agency has the following transactions for the year ended December 31, 2022: Receipts from taxes: ₦1,000,000 Expenditures for salaries: ₦500,000 Expenditures for utilities: ₦100,000 Determine the net surplus for the year.
A. ₦400,000
B. ₦500,000
Correct C. ₦600,000
D. ₦700,000

Correct Answer: C

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Question 6
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. Prepare the journal entry for the issue of shares.
Correct A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Cash 40,000
C. Debit Share Capital 40,000, Credit Cash 30,000
D. Debit Share Capital 40,000, Credit Cash 40,000

Correct Answer: A

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Question 7
A company's trial balance showed a debit balance of 10,000 in the accounts receivable account. However, the company's ledger showed a credit balance of 10,000 in the same account. What is the cause of this discrepancy?
Correct A. Error in recording a credit sale
B. Error in recording a debit purchase
C. Error in recording a credit purchase
D. Error in recording a debit sale

Correct Answer: A

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Question 8
A company's balance sheet showed a current ratio of 2:1. If the company's current assets are 100,000 and its current liabilities are 50,000, what is the company's quick ratio?
Correct A. 1:1
B. 2:1
C. 3:1
D. 4:1

Correct Answer: A

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Question 9
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. Prepare the journal entry for the issue of shares.
Correct A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Cash 40,000
C. Debit Share Capital 40,000, Credit Cash 30,000
D. Debit Share Capital 40,000, Credit Cash 40,000

Correct Answer: A

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Question 10
A company's trial balance showed a debit balance of 10,000 in the accounts receivable account. However, the company's ledger showed a credit balance of 10,000 in the same account. What is the cause of this discrepancy?
Correct A. Error in recording a credit sale
B. Error in recording a debit purchase
C. Error in recording a credit purchase
D. Error in recording a debit sale

Correct Answer: A

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Question 11
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: salaries ₦800,000, rent ₦200,000, utilities ₦50,000, and miscellaneous ₦150,000. What is the organization's surplus or deficit for the year?
Correct A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: A

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Question 12
A company uses the following accounts: Cash, Accounts Payable, Accounts Receivable, Sales, Cost of Goods Sold, and Common Stock. What is the purpose of the Trial Balance?
Correct A. To verify the equality of debits and credits
B. To prepare the financial statements
C. To record the transactions
D. To reconcile the bank statement

Correct Answer: A

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Question 13
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries of ₦50,000, and Sold goods for ₦100,000. What is the total amount of assets at the end of the period?
A. ₦160,000
B. ₦170,000
Correct C. ₦180,000
D. ₦190,000

Correct Answer: C

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Question 14
A company uses the following accounts: Cash, Accounts Payable, Accounts Receivable, Sales, Cost of Goods Sold, and Common Stock. What is the purpose of the Balance Sheet?
Correct A. To show the financial position of the company
B. To show the financial performance of the company
C. To show the cash flows of the company
D. To show the equity of the company

Correct Answer: A

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Question 15
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries of ₦50,000, and Sold goods for ₦100,000. What is the total amount of liabilities at the end of the period?
A. ₦60,000
Correct B. ₦70,000
C. ₦80,000
D. ₦90,000

Correct Answer: B

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Question 16
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method. The machine is currently in its third year of use.
A. ₦25,000
Correct B. ₦50,000
C. ₦75,000
D. ₦100,000

Correct Answer: B

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Question 17
A company's trading account for the year ended 31st December 2022 is as follows: Debtors: ₦150,000 Cash: ₦200,000 Sales: ₦500,000 Purchases: ₦300,000 Wages: ₦100,000 Rent: ₦50,000 Determine the company's profit for the year.
A. ₦50,000
B. ₦75,000
C. ₦100,000
Correct D. ₦125,000

Correct Answer: D

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Question 18
A manufacturing company produces two products, X and Y. The company's production costs for the year ended 31st December 2022 are as follows: Product X: ₦200,000 Product Y: ₦300,000 Total production costs: ₦500,000 Determine the company's cost of goods sold for the year.
A. ₦400,000
B. ₦450,000
Correct C. ₦500,000
D. ₦550,000

Correct Answer: C

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Question 19
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦1,000,000 Liabilities: ₦500,000 Equity: ₦500,000 Determine the company's current ratio.
A. 2:1
Correct B. 3:1
C. 4:1
D. 5:1

Correct Answer: B

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Question 20
A government agency's budget for the year ended 31st December 2022 is as follows: Revenues: ₦1,500,000 Expenditures: ₦1,200,000 Determine the agency's surplus for the year.
A. ₦200,000
B. ₦300,000
C. ₦400,000
Correct D. ₦500,000

Correct Answer: D

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Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Prepare the debenture account.
A. ₦500,000
Correct B. ₦450,000
C. ₦475,000
D. ₦525,000

Correct Answer: B

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Question 22
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio in terms of percentage.
Correct A. 60%
B. 40%
C. 50%
D. 55%

Correct Answer: A

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Question 23
A company has a single entry system. The following transactions are recorded: Purchase of goods for ₦50,000, Sales of goods for ₦75,000, and Purchase of equipment for ₦20,000. Prepare the journal entries for the above transactions.
Correct A. ₦75,000
B. ₦50,000
C. ₦20,000
D. ₦10,000

Correct Answer: A

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Question 24
A company has a control account for its cash. The following transactions are recorded: Purchase of goods for ₦50,000, Sales of goods for ₦75,000, and Purchase of equipment for ₦20,000. Prepare the control account for the above transactions.
Correct A. ₦75,000
B. ₦50,000
C. ₦20,000
D. ₦10,000

Correct Answer: A

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Question 25
A company has a self-balancing ledger. The following transactions are recorded: Purchase of goods for ₦50,000, Sales of goods for ₦75,000, and Purchase of equipment for ₦20,000. Prepare the ledger accounts for the above transactions.
Correct A. ₦75,000
B. ₦50,000
C. ₦20,000
D. ₦10,000

Correct Answer: A

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