POST UTME CRAWFORD UNIVERSITY 2017 Accounting | Objective

Are you preparing for POST UTME CRAWFORD UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. If the issue expenses were ₦ 5,000, calculate the amount received from the issue of shares.
Correct A. ₦10,500
B. ₦12,500
C. ₦15,000
D. ₦17,500

Correct Answer: A

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Question 2
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Dividends ₦ 20,000. Prepare the company's income statement.
A. ₦ 30,000
B. ₦ 40,000
Correct C. ₦ 50,000
D. ₦ 60,000

Correct Answer: C

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Question 3
A company purchased a machine for ₦ 80,000. The machine has a useful life of 5 years and a residual value of ₦ 10,000. Calculate the annual depreciation using the straight-line method.
A. ₦ 15,000
Correct B. ₦ 16,000
C. ₦ 17,000
D. ₦ 18,000

Correct Answer: B

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Question 4
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. If the issue expenses were ₦ 5,000, calculate the amount received from the issue of shares.
Correct A. ₦10,500
B. ₦12,500
C. ₦15,000
D. ₦17,500

Correct Answer: A

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Question 5
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Dividends ₦ 20,000. Prepare the company's income statement.
A. ₦ 30,000
B. ₦ 40,000
Correct C. ₦ 50,000
D. ₦ 60,000

Correct Answer: C

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Question 6
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. £ 10,000
Correct B. £ 12,000
C. £ 15,000
D. £ 18,000

Correct Answer: B

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Question 7
A firm purchased a machine for £ 12,000. It was sold for £ 9,000 after 5 years. Calculate the annual depreciation.
Correct A. £ 1,200
B. £ 1,500
C. £ 1,800
D. £ 2,000

Correct Answer: A

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Question 8
A company issued 5,000 £ 1 shares at a premium of £ 0.50 per share. The company also issued 2,000 £ 5 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. £ 25,000
B. £ 30,000
Correct C. £ 35,000
D. £ 40,000

Correct Answer: C

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Question 9
A company purchased a machine for £ 15,000. It was sold for £ 12,000 after 3 years. Calculate the annual depreciation.
A. £ 2,000
B. £ 2,500
Correct C. £ 3,000
D. £ 3,500

Correct Answer: C

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Question 10
A company issued 10,000 £ 1 shares at a premium of £ 0.50 per share. The company also issued 5,000 £ 5 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. £ 50,000
B. £ 55,000
Correct C. £ 60,000
D. £ 65,000

Correct Answer: C

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Question 11
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at a premium of 5% after 5 years. Calculate the amount of premium to be paid on redemption.
A. ₦250,000
Correct B. ₦500,000
C. ₦750,000
D. ₦1,000,000

Correct Answer: B

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Question 12
A company's trial balance as at 31st December 2022 is as follows: Assets: Cash ₦100,000 Debtors ₦200,000 Stock ₦300,000 Accrued Expenses ₦50,000 Liabilities: Creditors ₦150,000 Capital ₦200,000 What is the total amount of assets?
A. ₦850,000
B. ₦950,000
Correct C. ₦1,050,000
D. ₦1,150,000

Correct Answer: C

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Question 13
A company has two departments: manufacturing and sales. The manufacturing department has a direct labor cost of ₦150,000 and an overhead cost of ₦75,000. The sales department has a direct labor cost of ₦50,000 and an overhead cost of ₦25,000. What is the total cost of the manufacturing department?
A. ₦225,000
B. ₦250,000
Correct C. ₦275,000
D. ₦300,000

Correct Answer: C

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Question 14
A company has two partners: A and B. Partner A has a 60% share of the profits, while partner B has a 40% share. If the total profit is ₦120,000, how much will partner A receive?
Correct A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 15
A company has an incomplete records system. The following information is available: Debtors: ₦200,000 Stock: ₦300,000 Accrued Expenses: ₦50,000 What is the total amount of assets?
A. ₦550,000
B. ₦650,000
Correct C. ₦750,000
D. ₦850,000

Correct Answer: C

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Question 16
A company uses the single entry system to record its transactions. The company's cash account shows a balance of ₦120,000. The company's bank statement shows a balance of ₦110,000. The bank has charged a service fee of ₦1,500. What is the correct journal entry to record the bank reconciliation?
A. ₦1,500 debit to Cash and ₦1,500 credit to Bank Charges
Correct B. ₦1,500 debit to Bank Charges and ₦1,500 credit to Cash
C. ₦1,500 debit to Bank Charges and ₦1,500 credit to Bank
D. ₦1,500 debit to Cash and ₦1,500 credit to Bank

Correct Answer: B

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Question 17
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor. Product B requires 1 hour of direct labor and 2 hours of indirect labor. If the company works 8 hours a day, 5 days a week, what is the total labor cost for the week?
A. ₦10,000
B. ₦12,000
Correct C. ₦15,000
D. ₦18,000

Correct Answer: C

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Question 18
A company has the following transactions: - Purchased office supplies for ₦5,000 cash - Sold goods for ₦20,000 on credit - Purchased equipment for ₦10,000 on credit What is the correct journal entry to record these transactions?
Correct A. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash; ₦20,000 debit to Sales and ₦20,000 credit to Accounts Receivable; ₦10,000 debit to Equipment and ₦10,000 credit to Accounts Payable
B. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies; ₦20,000 debit to Accounts Receivable and ₦20,000 credit to Sales; ₦10,000 debit to Accounts Payable and ₦10,000 credit to Equipment
C. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash; ₦20,000 debit to Sales and ₦20,000 credit to Accounts Receivable; ₦10,000 debit to Equipment and ₦10,000 credit to Accounts Payable
D. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies; ₦20,000 debit to Accounts Receivable and ₦20,000 credit to Sales; ₦10,000 debit to Accounts Payable and ₦10,000 credit to Equipment

Correct Answer: A

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Question 19
A company has the following balance sheet: Assets: ₦100,000 Liabilities: ₦50,000 Equity: ₦50,000 What is the company's current ratio?
Correct A. 2:1
B. 1:1
C. 1:2
D. 3:1

Correct Answer: A

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Question 20
A company has the following transactions: - Purchased office supplies for ₦5,000 cash - Sold goods for ₦20,000 on credit - Purchased equipment for ₦10,000 on credit What is the correct journal entry to record these transactions?
Correct A. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash; ₦20,000 debit to Sales and ₦20,000 credit to Accounts Receivable; ₦10,000 debit to Equipment and ₦10,000 credit to Accounts Payable
B. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies; ₦20,000 debit to Accounts Receivable and ₦20,000 credit to Sales; ₦10,000 debit to Accounts Payable and ₦10,000 credit to Equipment
C. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash; ₦20,000 debit to Sales and ₦20,000 credit to Accounts Receivable; ₦10,000 debit to Equipment and ₦10,000 credit to Accounts Payable
D. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies; ₦20,000 debit to Accounts Receivable and ₦20,000 credit to Sales; ₦10,000 debit to Accounts Payable and ₦10,000 credit to Equipment

Correct Answer: A

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Question 21
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The ledger also has the following transactions: Debit Cash 1,000, Credit Accounts Payable 500, Debit Accounts Receivable 200, and Credit Common Stock 300. What is the total amount of the transactions recorded in the ledger?
Correct A. 1,700
B. 1,300
C. 1,200
D. 1,500

Correct Answer: A

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Question 22
A company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 3,000, and Common Stock 8,000. What is the total amount of the assets recorded in the trial balance?
Correct A. 23,000
B. 22,000
C. 21,000
D. 20,000

Correct Answer: A

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Question 23
A company's bank reconciliation statement shows the following discrepancies: Outstanding checks 1,500, Deposits in transit 2,000, and Bank error 500. What is the total amount of the discrepancies recorded in the bank reconciliation statement?
Correct A. 4,000
B. 3,500
C. 3,000
D. 2,500

Correct Answer: A

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Question 24
A company uses the single-entry method to record its transactions. The company's journal entries show the following transactions: Debit Cash 1,000, Credit Accounts Payable 500, Debit Accounts Receivable 200, and Credit Common Stock 300. What is the total amount of the transactions recorded in the journal entries?
Correct A. 1,700
B. 1,300
C. 1,200
D. 1,500

Correct Answer: A

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Question 25
A company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 3,000, and Common Stock 8,000. What is the total amount of the liabilities recorded in the trial balance?
Correct A. 18,000
B. 17,000
C. 16,000
D. 15,000

Correct Answer: A

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