POST UTME CRAWFORD UNIVERSITY 2023 Accounting | Objective

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Question 1
A company uses the straight-line method to depreciate its assets. If the asset cost ₦1,500,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦300,000
Correct B. ₦150,000
C. ₦75,000
D. ₦30,000

Correct Answer: B

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Question 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the net income?
Correct A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦150,000

Correct Answer: A

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Question 3
A company issues 1,000 shares of common stock at ₦10 per share. If the company also issues 500 shares of preferred stock at ₦20 per share, what is the total amount of cash received?
A. ₦15,000
B. ₦20,000
C. ₦25,000
Correct D. ₦30,000

Correct Answer: D

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Question 4
A company uses the weighted average method to value its inventory. If the company has 500 units of inventory with a cost of ₦10 per unit and 200 units of inventory with a cost of ₦20 per unit, what is the total value of the inventory?
A. ₦5,000
B. ₦6,000
Correct C. ₦7,000
D. ₦8,000

Correct Answer: C

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Question 5
A company has the following transactions: Debit Cash ₦10,000, Credit Accounts Payable ₦5,000, Debit Sales Revenue ₦20,000, Credit Cost of Goods Sold ₦15,000. What is the net income?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 6
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦150,000. The company's bank statement shows a balance of ₦120,000. The company's cash book shows a debit balance of ₦80,000. What is the correct journal entry to record the discrepancy between the cash book and the bank statement?
Correct A. ₦30,000 debit to Cash and ₦30,000 credit to Bank
B. ₦30,000 credit to Cash and ₦30,000 debit to Bank
C. ₦30,000 debit to Bank and ₦30,000 credit to Cash
D. ₦30,000 credit to Bank and ₦30,000 debit to Cash

Correct Answer: A

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Question 7
A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labor and 1 hour of indirect labor, while product Y requires 1 hour of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 200 units of product X and 300 units of product Y, what is the total labor cost for the day?
A. ₦12,000
B. ₦15,000
Correct C. ₦18,000
D. ₦20,000

Correct Answer: C

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Question 8
A company has the following control account balances: Purchases Control Account ₦100,000, Sales Control Account ₦150,000, and Returns Control Account ₦20,000. What is the correct journal entry to close the control accounts?
Correct A. ₦120,000 debit to Purchases Control Account and ₦120,000 credit to Sales Control Account
B. ₦120,000 credit to Purchases Control Account and ₦120,000 debit to Sales Control Account
C. ₦120,000 debit to Purchases Control Account and ₦120,000 credit to Returns Control Account
D. ₦120,000 credit to Purchases Control Account and ₦120,000 debit to Returns Control Account

Correct Answer: A

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Question 9
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000, and Cash received from bank ₦20,000. What is the correct cash book entry to record the transactions?
Correct A. ₦50,000 debit to Cash and ₦30,000 credit to Suppliers
B. ₦50,000 credit to Cash and ₦30,000 debit to Suppliers
C. ₦50,000 debit to Cash and ₦20,000 credit to Bank
D. ₦50,000 credit to Cash and ₦20,000 debit to Bank

Correct Answer: A

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Question 10
A company's bank statement shows the following transactions: Bank debit ₦40,000, Bank credit ₦30,000, and Bank balance ₦20,000. What is the correct bank reconciliation statement?
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 11
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received a total of 250,000 from the sale of these shares, what is the total amount of the premium received?
A. ₦125,000
B. ₦250,000
Correct C. ₦375,000
D. ₦500,000

Correct Answer: C

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Question 12
A company's trial balance shows the following account balances: Accounts Payable 50,000, Accounts Receivable 20,000, and Common Stock 100,000. What is the total amount of the company's assets?
A. ₦70,000
B. ₦80,000
C. ₦90,000
Correct D. ₦100,000

Correct Answer: D

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Question 13
A company issued 10,000 shares of 5 par value at a premium of 2 per share. If the company received a total of 60,000 from the sale of these shares, what is the total amount of the premium received?
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 14
A company's trial balance shows the following account balances: Accounts Payable 30,000, Accounts Receivable 15,000, and Common Stock 150,000. What is the total amount of the company's liabilities?
A. ₦45,000
B. ₦55,000
Correct C. ₦65,000
D. ₦75,000

Correct Answer: C

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Question 15
A company issued 20,000 shares of 10 par value at a premium of 3 per share. If the company received a total of 240,000 from the sale of these shares, what is the total amount of the premium received?
A. ₦60,000
B. ₦80,000
C. ₦100,000
Correct D. ₦120,000

Correct Answer: D

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Question 16
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct journal entry for the purchase transaction on 15-Jan?
A. Debit Purchase 8,000, Credit Cash 8,000
Correct B. Debit Purchase 8,000, Credit Accounts Payable 8,000
C. Debit Accounts Payable 8,000, Credit Purchase 8,000
D. Debit Cash 8,000, Credit Purchase 8,000

Correct Answer: B

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Question 17
A company's cash book shows the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct bank reconciliation statement for the month of January?
Correct A. Bank Balance 12,000, Cash Balance 10,000
B. Bank Balance 10,000, Cash Balance 12,000
C. Bank Balance 12,000, Cash Balance 8,000
D. Bank Balance 8,000, Cash Balance 12,000

Correct Answer: A

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Question 18
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct ledger account for the purchase transaction on 15-Jan?
A. Debit Purchase 8,000, Credit Cash 8,000
Correct B. Debit Purchase 8,000, Credit Accounts Payable 8,000
C. Debit Accounts Payable 8,000, Credit Purchase 8,000
D. Debit Cash 8,000, Credit Purchase 8,000

Correct Answer: B

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Question 19
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct journal entry for the rent transaction on 10-Jan?
Correct A. Debit Rent 5,000, Credit Cash 5,000
B. Debit Rent 5,000, Credit Accounts Payable 5,000
C. Debit Accounts Payable 5,000, Credit Rent 5,000
D. Debit Cash 5,000, Credit Rent 5,000

Correct Answer: A

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Question 20
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct ledger account for the sales transaction on 5-Jan?
Correct A. Debit Sales 15,000, Credit Cash 15,000
B. Debit Sales 15,000, Credit Accounts Receivable 15,000
C. Debit Accounts Receivable 15,000, Credit Sales 15,000
D. Debit Cash 15,000, Credit Sales 15,000

Correct Answer: A

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Question 21
A company's accounting records show the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | 10,000 | | | 5-Jan | Sales | | 15,000 | | 10-Jan | Rent | 5,000 | | | 15-Jan | Purchase | | 8,000 | | 20-Jan | Cash | | 12,000 | What is the correct journal entry for the purchase transaction on 15-Jan?
A. Debit Purchase 8,000, Credit Cash 8,000
B. Debit Purchase 8,000, Credit Accounts Payable 8,000
C. Debit Accounts Payable 8,000, Credit Purchase 8,000
D. Debit Cash 8,000, Credit Purchase 8,000

Correct Answer: VIEW ANSWER

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Question 22
A company uses the double-entry system of accounting. The following transactions occurred during the year:
Correct A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Receivable 1,000 and Credit Cash 1,000

Correct Answer: A

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Question 23
A company's trial balance shows the following balances:
Correct A. Debit 10,000 and Credit 10,000
B. Credit 10,000 and Debit 10,000
C. Debit 5,000 and Credit 5,000
D. Credit 5,000 and Debit 5,000

Correct Answer: A

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Question 24
A company's balance sheet shows the following balances:
Correct A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000

Correct Answer: A

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Question 25
A company's profit and loss account shows the following balances:
Correct A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000

Correct Answer: A

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