POST UTME CRAWFORD UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 5,000 shares of 1 par value at a premium of 3 per share. If the company received a total of 15,000 from the sale of these shares, what is the total amount of the premium received?
Question 2
A partnership has two partners, A and B. The partnership's trial balance shows the following balances: A's capital, ₦50,000; B's capital, ₦30,000; and drawings, ₦10,000. What is the total capital of the partnership?
Question 3
A company has a cash account with a balance of ₦50,000. It also has a bank overdraft of ₦20,000. What is the company's net current asset position?
Question 4
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 5
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, valued at ₦ 50 each. During the year, 300 units were sold, and 200 units were purchased at ₦ 55 each. Calculate the cost of goods sold for the year.
Question 6
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, valued at ₦50 each. During the year, 300 units were sold, and 200 units were purchased at ₦55 each. Calculate the cost of goods sold for the year.
Question 7
A public sector organization has the following transactions for the year:
Debit: ₦0,000 (purchase of office equipment)
₦0,000 (purchase of vehicles)
₦0,000 (purchase of furniture)
₦0,000 (purchase of computers)
Credit: ₦0,000 (sale of goods)
₦0,000 (sale of services)
Prepare the cash flow statement for the year.
Question 8
A company's balance sheet as at 31st December 2023 is as follows: Share Capital ₦100,000, Retained Earnings ₦50,000, and Non-Current Assets ₦150,000. Calculate the company's total equity.
Question 9
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. If the company's cash balance is ₦50,000 and its accounts payable balance is ₦30,000, what is the company's net worth?
Question 10
A company's financial statements for the year ended 31st December 2023 are as follows: Trading Account ₦200,000, Profit and Loss Account ₦150,000, and Balance Sheet ₦300,000. Calculate the company's net profit for the year.
Question 11
A partnership is formed between two individuals, A and B, with a capital of ₦1,000,000 each. During the year, A withdraws ₦200,000 for personal use, while B invests an additional ₦300,000. The partnership earns a profit of ₦500,000. Prepare the partnership's statement of profit or loss for the year, showing the distribution of profit.
Question 12
A company issued 10,000 shares of ₦1 par value at a premium of ₦2 per share. If the company received a total of ₦25,000 from the sale of these shares, what is the total amount of the premium received?
Question 13
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 and the Assembly department incurred costs of ₦180,000. If the company produced 1,000 units, calculate the total cost per unit.
Question 14
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a capacity of 10,000 units per day, and the Assembly department has a capacity of 8,000 units per day. During the month, the Cutting department produced 9,500 units, and the Assembly department produced 7,500 units. The company's overhead costs for the month are ₦500,000. Calculate the cost per unit for each department.
Question 15
A company issued 5,000 debentures of ₦0 each at a premium of ₥0.50 per debenture. Calculate the total amount received from the issue of debentures.
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