POST UTME CRAWFORD UNIVERSITY 2021 Accounting | Objective
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Question 1
A manufacturing company uses a job costing system. The following data relates to Job No. 101: Cost of direct materials used ₦50,000, Cost of direct labour used ₦30,000, Factory overheads ₦20,000. Calculate the total cost of Job No. 101.
Question 2
A company purchases a machine for ₦200,000 and depreciates it using the straight-line method over a useful life of 5 years. Calculate the annual depreciation.
Question 3
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. After 6 months, A withdraws ₦20,000, while B invests an additional ₦30,000. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio after the adjustments.
Question 4
A company has the following transactions in its trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | ₦100,000 | |
| Cost of Goods Sold | | ₦80,000 |
| Profit | | ₦20,000 |
Calculate the net profit.
Question 5
A company uses the weighted average method to value its inventory. The cost of the current year's purchases is ₦120,000, and the cost of the previous year's inventory is ₦80,000. If the total cost of goods available for sale is ₦200,000, what is the cost of the current year's inventory?
Question 6
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 7
A company issued 10,000, 5% preference shares of ₦10 each on 1st January 2020. The preference shares do not carry any voting rights. Calculate the annual charge for the preference shares.
Question 8
A company issues 10,000 ordinary shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 9
A company issued 10,000 shares of ₦10 each at a premium of ₦5. The company's capital structure consists of 60% preference shares and 40% ordinary shares. Calculate the total amount received from the issue of ordinary shares.
Question 10
A company purchased a machine for ₦500,000 and sold it after 5 years for ₦750,000. The annual depreciation is 10% of the book value. Calculate the total depreciation and the profit made on the sale of the machine.
Question 11
A company's cash book showed a balance of ₦20,000. The bank statement showed a balance of ₦25,000. The difference was due to an unrecorded deposit of ₦5,000. What was the company's cash balance before the deposit?
Question 12
A company uses the straight-line method of depreciation for a machine that cost ₦500,000. The machine is expected to last for 5 years. Calculate the annual depreciation charge.
Question 13
A company purchased a machine for ₦500,000 and sold it after 5 years for ₦750,000. The annual depreciation is 10% of the book value. Calculate the total depreciation and the profit made on the sale of the machine.
Question 14
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000. Prepare a balance sheet.
Question 15
A company's balance sheet as at 31st December 2020, showed a total assets of ₦10,000,000 and total liabilities of ₦6,000,000. Calculate the company's net worth as at 31st December 2020.
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