POST UTME CRAWFORD UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦6,000. Calculate the total cost of the job.
A. ₦29,000
B. ₦29,500
C. ₦30,000
D. ₦30,500
Question 2
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year ended December 31, 2022, is ₦300,000, what is partner A's share of the profit?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 3
A company has the following trial balance: Accounts Payable 10,000, Accounts Receivable 5,000, Common Stock 20,000. Prepare the balance sheet.
A. Assets: Accounts Payable 10,000, Accounts Receivable 5,000. Liabilities: Common Stock 20,000
B. Assets: Accounts Payable 10,000, Accounts Receivable 5,000. Equity: Common Stock 20,000
C. Liabilities: Accounts Payable 10,000, Accounts Receivable 5,000. Equity: Common Stock 20,000
D. Assets: Accounts Payable 10,000, Accounts Receivable 5,000. Liabilities: Common Stock 20,000
Question 4
A company issues 1,000 shares of ₦10 each at a premium of ₦2 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦12,000
C. ₦14,000
D. ₦16,000
Question 5
A company has two departments: A and B. Department A has a budget of ₦500,000 and Department B has a budget of ₦300,000. If the company allocates 20% of its total budget to Department A and 30% to Department B, what is the total budget of the company?
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 6
A company issues 5,000 shares of ₦1 each at a premium of ₦0.25 per share. Calculate the total amount received from the issue of shares.
A. ₦1,250
B. ₦1,2500
C. ₦1,250
D. ₦1,2500
Question 7
A company issued 10,000 shares of 1 par value at a premium of 2 per share. The proceeds from the issue were used to pay off a loan of 50,000. Prepare the journal entry to record the issue of shares.
A. Debit Cash 20,000, Credit Share Capital 20,000
B. Debit Share Capital 20,000, Credit Loan 50,000
C. Debit Cash 20,000, Credit Loan 50,000
D. Debit Share Capital 20,000, Credit Cash 20,000
Question 8
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; purchased office equipment for ₦20,000; and paid rent of ₦10,000. Prepare a journal entry for the payment of rent.
A. Debit Rent Expense ₦10,000, Credit Cash ₦10,000
B. Debit Rent Expense ₦10,000, Credit Office Expenses ₦10,000
C. Debit Rent Expense ₦10,000, Credit Accounts Payable ₦10,000
D. Debit Rent Expense ₦10,000, Credit Office Supplies ₦10,000
Question 9
A company has the following ledger balances: Cash ₦20,000, Accounts Payable ₦15,000, and Common Stock ₦30,000. Prepare a classified balance sheet.
A. ₦65,000
B. ₦70,000
C. ₦75,000
D. ₦80,000
Question 10
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 11
A manufacturing company uses a job costing system. The following data is available for a particular job: direct materials ₦15,000, direct labor ₦20,000, and overheads ₦10,000. Calculate the total cost of the job.
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 12
A company purchases a machine for ₦50,000 and depreciates it by 10% per annum. What is the annual depreciation charge?
A. ₦5,000
B. ₦5,500
C. ₦6,000
D. ₦6,500
Question 13
A company's cash book shows a debit balance of ₦12,000. However, the bank statement shows a credit balance of ₦15,000. What is the correct explanation for this discrepancy?
A. The company has a bank overdraft.
B. The company has a cash credit.
C. The company has a bank loan.
D. The company has a cash debit.
Question 14
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; purchased office equipment for ₦20,000; and paid rent of ₦10,000. Prepare a journal entry for the purchase of office equipment.
A. Debit Office Equipment ₦20,000, Credit Cash ₦20,000
B. Debit Office Equipment ₦20,000, Credit Office Expenses ₦20,000
C. Debit Office Equipment ₦20,000, Credit Office Supplies ₦20,000
D. Debit Office Equipment ₦20,000, Credit Office Furniture ₦20,000
Question 15
A manufacturing company has the following production costs for the month of January: direct materials ₦150,000, direct labor ₦120,000, and overheads ₦80,000. What is the total production cost?
A. ₦350,000
B. ₦450,000
C. ₦350,000
D. ₦450,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: