POST UTME CRAWFORD UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a balance of ₦50,000 in its bank account. The company also has a credit balance of ₦20,000 in its control account. Calculate the total amount of cash available to the company.
A. ₦70,000
B. ₦60,000
C. ₦50,000
D. ₦40,000
Question 2
A company purchases a machine for ₦100,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
A. ₦61,010
B. ₦64,100
C. ₦67,190
D. ₦70,280
Question 3
A company's trial balance shows an error of ₦20,000. The error is due to an overstatement of an asset. Prepare the necessary journal entry to rectify the error.
A. Debit Profit and Loss ₦20,000, Credit Asset ₦20,000
B. Debit Asset ₦20,000, Credit Profit and Loss ₦20,000
C. Debit Profit and Loss ₦20,000, Credit Capital ₦20,000
D. Debit Capital ₦20,000, Credit Profit and Loss ₦20,000
Question 4
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 10,000, Credit Cash £ 10,000
B. Debit Share Capital £ 10,000, Credit Cash £ 10,500
C. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Debit Issue Expenses £ 5,000
D. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Credit Issue Expenses £ 5,000
Question 5
A company has the following transactions: Purchased office equipment for ₦15,000, paid ₦3,000 cash, and the balance on account. What is the amount of the office equipment account?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 6
A company's trial balance as at 31st December 2024 is as follows: Debit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Credit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Identify the error in the trial balance.
A. The debit and credit balances are equal.
B. The debit balances are greater than the credit balances.
C. The credit balances are greater than the debit balances.
D. The trial balance is not balanced.
Question 7
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 8
A company is considering a proposal to invest in a new project. The project has a net present value of ₦100,000 and a payback period of 5 years. What is the correct decision regarding the project?
A. Accept the project.
B. Reject the project.
C. Pursue further analysis of the project.
D. Seek additional funding for the project.
Question 9
A company issued 5,000 shares of 10 par value at a premium of 5 per share. Calculate the total amount received from the issue of shares.
A. ₦250,000
B. ₦275,000
C. ₦300,000
D. ₦325,000
Question 10
A company's trial balance as at 31st December 2024 is as follows: Debit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Credit £ 10,000 £ 20,000 £ 30,000 £ 40,000 £ 50,000 £ 60,000 £ 70,000 £ 80,000 £ 90,000 £ 100,000 Identify the error in the trial balance.
A. The debit and credit balances are equal.
B. The debit balances are greater than the credit balances.
C. The credit balances are greater than the debit balances.
D. The trial balance is not balanced.
Question 11
A business uses the percentage of completion method to account for construction contracts. If a contract is 75% complete and the total contract price is ₦1,500,000, what is the amount of revenue recognized if the contract price is ₦1,200,000?
A. ₦900,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 12
A company's trial balance shows an error of ₦1,000 in the debit side of the accounts payable account. The correct balance is ₦50,000. Prepare the necessary journal entry to correct the error.
A. Debit Accounts Payable ₦1,000, Credit Cash ₦1,000
B. Debit Accounts Payable ₦1,000, Credit Bank ₦1,000
C. Debit Cash ₦1,000, Credit Accounts Payable ₦1,000
D. Debit Bank ₦1,000, Credit Accounts Payable ₦1,000
Question 13
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received 25,000 from the sale of shares, what is the total amount of share capital?
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 14
A company's balance sheet shows a decrease in inventory of ₦50,000. The decrease is due to a sale of goods. Prepare the necessary journal entry to record the sale.
A. Debit Sales ₦50,000, Credit Inventory ₦50,000
B. Debit Inventory ₦50,000, Credit Cost of Goods Sold ₦50,000
C. Debit Cost of Goods Sold ₦50,000, Credit Inventory ₦50,000
D. Debit Inventory ₦50,000, Credit Sales ₦50,000
Question 15
A company's cash book shows a balance of ₦20,000 in the cash account. However, the bank statement shows a balance of ₦30,000. Prepare the necessary bank reconciliation statement.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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