POST UTME CRAWFORD UNIVERSITY 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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
C. £ 60,000
D. £ 65,000
Question 2
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
C. £ 3,000
D. £ 3,500
Question 3
A firm purchased a machine for £ 12,000. It was sold for £ 9,000 after 5 years. Calculate the annual depreciation.
A. £ 1,200
B. £ 1,500
C. £ 1,800
D. £ 2,000
Question 4
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
C. ₦275,000
D. ₦300,000
Question 5
A company's balance sheet showed the following: | Assets | ₦ 100,000 | | Liabilities | ₦ 50,000 | | Capital | ₦ 50,000 | What was the company's net worth?
A. ₦ 0
B. ₦ 50,000
C. ₦ 100,000
D. ₦ 150,000
Question 6
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦120,000
Question 7
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
C. ₦ 50,000
D. ₦ 60,000
Question 8
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
B. ₦ 16,000
C. ₦ 17,000
D. ₦ 18,000
Question 9
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
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 10
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 210,000
B. ₦ 220,000
C. ₦ 230,000
D. ₦ 240,000
Question 11
A trader's cash book showed the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Sales | | 1,500 | | 3rd Jan | Purchases | 800 | | | 4th Jan | Cash | | 1,200 | What was the trader's cash balance on 4th Jan?
A. ₦ 700
B. ₦ 800
C. ₦ 900
D. ₦ 1,000
Question 12
A trader's cash book showed the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Sales | | 1,500 | | 3rd Jan | Purchases | 800 | | | 4th Jan | Cash | | 1,200 | What was the trader's cash balance on 4th Jan?
A. ₦ 700
B. ₦ 800
C. ₦ 900
D. ₦ 1,000
Question 13
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.
A. ₦10,500
B. ₦12,500
C. ₦15,000
D. ₦17,500
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦500,000 and ₦300,000 respectively. The profit for the year is ₦150,000. Prepare the profit and loss account for the partnership.
A. ₦800,000
B. ₦700,000
C. ₦600,000
D. ₦500,000
Question 15
A company has the following balance sheet: Assets: ₦100,000 Liabilities: ₦50,000 Equity: ₦50,000 What is the company's current ratio?
A. 2:1
B. 1:1
C. 1:2
D. 3:1

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