POST UTME CRAWFORD UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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?
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
Question 2
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
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
Question 3
A manufacturing company has the following costs for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
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?
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
Question 5
A company has the following transactions for the year:
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 6
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
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 7
A company's self-balancing ledger shows the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 8
A company has the following transactions for the year:
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 9
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
Question 10
A company's partnership accounts show the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 11
A company's final accounts show the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 12
A company's control account shows the following balances:
A. ₦10,000
B. ₦5,000
C. ₦20,000
D. ₦15,000
Question 13
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?
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
Question 14
A company has the following transactions for the year:
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 15
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?
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

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: