POST UTME CRAWFORD UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the straight-line method of depreciation for its assets. If the asset's original cost is ₦500,000 and its residual value is ₦100,000, what is the annual depreciation charge for the asset?
Question 2
A public sector organization has the following ledger accounts: Salaries ₦600,000, Rent ₦200,000, Utilities ₦150,000, and Miscellaneous ₦250,000. What is the total amount of expenses for the year?
Question 3
A government agency has the following transactions:
Debit: Salaries ¡ 100,000, Debit: Rent ¡ 50,000, Credit: Revenue ¡ 150,000, Credit: Expenses ¡ 120,000.
What is the net income for the year?
Question 4
A business has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦10,000 | |
| 2 Jan | Bank | | ₦15,000 |
| 3 Jan | Sales | | ₦20,000 |
| 4 Jan | Purchases | ₦5,000 | |
What is the balance on the cash account?
Question 5
A government agency has the following transactions:
Debit: Salaries ¡ 80,000, Debit: Rent ¡ 40,000, Credit: Revenue ¡ 120,000, Credit: Expenses ¡ 100,000.
What is the net income for the year?
Question 6
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000 debentures of 100 each. Prepare the journal entry to record the issuance of shares and debentures.
Question 7
A company has the following transactions:
Debit: Accounts Payable ¡ 10,000, Debit: Salaries ¡ 20,000, Credit: Sales ¡ 30,000, Credit: Cost of Goods Sold ¡ 15,000.
What is the net income for the year?
Question 8
A government agency has a department that provides a service to citizens. The department has two sections, A and B, which have different costs of operation. Section A has a fixed cost of ₦10000 and a variable cost of ₦50 per unit of service provided. Section B has a fixed cost of ₦20000 and a variable cost of ₦75 per unit of service provided. If the department provides 100 units of service, what is the total cost of operation?
Question 9
A company has a debenture stock of ₦500000, divided into 500 debentures of ₦1000 each. If the company issues 200 debentures at a premium of ₦10 per debenture, what is the total amount received from the issue of debentures?
Question 10
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 11
A company uses the percentage of sales method to calculate depreciation. If the company's sales for the year were ₦1,500,000 and the depreciation rate is 2%, what is the amount of depreciation for the year?
Question 12
A trading company's trial balance as at 31st December, 2018 is as follows: Sales ₦1,500,000, Cost of Goods Sold ₦900,000, Rent ₦200,000, and Miscellaneous ₦150,000. What is the company's net profit for the year?
Question 13
A company uses the single entry system of accounting. The following transactions were recorded in the journal during the year:
Dr. Cash ¡ 10,000, Dr. Accounts Payable ¡ 8,000, Cr. Sales ¡ 18,000, Cr. Cost of Goods Sold ¡ 12,000.
What is the net income for the year?
Question 14
A company's trial balance as of December 31, 20X7, is as follows: Accounts Receivable 10,000, Accounts Payable 5,000, Common Stock 50,000, Retained Earnings 20,000. Prepare the company's balance sheet as of December 31, 20X7.
Question 15
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: Salaries ₦600,000, Rent ₦200,000, Utilities ₦150,000, and Miscellaneous ₦250,000. What is the percentage of the budget spent on Salaries?
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