POST UTME CRAWFORD UNIVERSITY 2024 Accounting | Objective

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Question 1
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.
A. ₦15,000
Correct B. ₦17,500
C. ₦20,000
D. ₦22,500

Correct Answer: B

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Question 2
A company's trial balance as at December 31, 2023, is as follows: Debit ₦ 10,000 Cash ₦ 12,000 Accounts Receivable ₦ 15,000 Office Equipment ₦ 20,000 Notes Payable Credit ₦ 8,000 Accounts Payable ₦ 10,000 Salaries Payable ₦ 12,000 Common Stock ₦ 15,000 Dividends What is the total amount of assets and liabilities?
A. ₦ 57,000
Correct B. ₦ 62,000
C. ₦ 67,000
D. ₦ 72,000

Correct Answer: B

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Question 3
A company uses the straight-line method of depreciation. The cost of a machine is ₦ 50,000, and its residual value is ₦ 5,000. Calculate the annual depreciation charge for the machine.
A. ₦ 2,500
B. ₦ 3,000
Correct C. ₦ 4,000
D. ₦ 5,000

Correct Answer: C

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Question 4
A company's bank statement as at December 31, 2023, is as follows: ₦ 10,000 Cash in Bank ₦ 12,000 Notes Receivable ₦ 15,000 Office Equipment The company's cash book shows the following transactions: ₦ 8,000 Cash deposited ₦ 10,000 Cheque issued What is the balance in the company's bank account?
A. ₦ 12,000
B. ₦ 15,000
Correct C. ₦ 18,000
D. ₦ 20,000

Correct Answer: C

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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.
A. ₦ 15,000
Correct B. ₦ 17,500
C. ₦ 20,000
D. ₦ 22,500

Correct Answer: B

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Question 6
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.
A. ₦0,500
B. ₦1,000
Correct C. ₦1,500
D. ₦2,000

Correct Answer: C

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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.
Correct A. ₦0,000
B. ₦0,000
C. ₦0,000
D. ₦0,000

Correct Answer: A

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Question 8
A company purchased a machine for ₦0,000 and depreciated it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₥0,000
Correct B. ₥0,100
C. ₥0,200
D. ₥0,300

Correct Answer: B

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Question 9
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.
A. ₢5,250
B. ₢5,500
C. ₢6,000
Correct D. ₢6,250

Correct Answer: D

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Question 10
A company 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 statement of changes in equity for the year.
Correct A. ₦0,000
B. ₦0,000
C. ₦0,000
D. ₦0,000

Correct Answer: A

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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.
A. ₦300,000
B. ₦400,000
Correct C. ₦500,000
D. ₦600,000

Correct Answer: C

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Question 12
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.
A. ₦50
B. ₦60
Correct C. ₦70
D. ₦80

Correct Answer: C

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Question 13
A company purchases a machine for ₦1,000,000 and depreciates it using the straight-line method. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation charge.
A. ₦150,000
B. ₦160,000
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

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Question 14
A company's trial balance contains the following accounts: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Profit ₦200,000. Prepare the company's statement of profit or loss for the year.
Correct A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: A

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Question 15
A company uses the double-entry system to record its transactions. The company's ledger contains the following accounts: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. Prepare the company's balance sheet.
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 16
A partnership account is maintained by a firm with two partners, A and B. The firm's capital is divided equally between the partners. If the firm's profit for the year is ₦120,000 and the capital is ₦200,000, what is the ratio of A's share to B's share of the profit?
Correct A. 1:1
B. 2:1
C. 3:1
D. 4:1

Correct Answer: A

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Question 17
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?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 18
A bank reconciliation statement shows that a company's bank balance is ₦10,000, but the company's cash book balance is ₦15,000. If the company's cash book balance includes a deposit of ₦5,000 that has not been cleared by the bank, what is the company's actual bank balance?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 19
A government agency uses a public sector accounting system to record its transactions. The agency's budget for the year is ₦100,000,000, and it has the following expenses: Salaries (₦30,000,000), Rent (₦20,000,000), and Utilities (₦10,000,000). What is the agency's remaining budget for the year?
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
Correct D. ₦60,000,000

Correct Answer: D

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Question 20
A company uses the incomplete records method to record its transactions. The company's cash book shows the following transactions: Cash (₦50,000), Accounts Payable (₦30,000), and Common Stock (₦20,000). If the company's net worth is ₦100,000, what is the company's total assets?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 21
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000 8% debentures of 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 22
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.
A. ₦200
B. ₦250
Correct C. ₦300
D. ₦350

Correct Answer: C

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Question 23
A company uses the double entry system of accounting. The company's trial balance as at 31st December 2023 is as follows: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000, and Dividends ₦20,000. Prepare the company's trading and profit and loss account for the year.
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 24
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.
A. ₦300,000
Correct B. ₦350,000
C. ₦400,000
D. ₦450,000

Correct Answer: B

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Question 25
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.
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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