POST UTME GREENFIELD UNIVERSITY 2017 Accounting | Objective

Are you preparing for POST UTME GREENFIELD UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Correct A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000

Correct Answer: A

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Question 2
A company's assets are valued at ₦500,000. If the company depreciates its assets by 10% each year, what is the value of the assets after 2 years?
A. ₦450,000
B. ₦490,000
Correct C. ₦490,500
D. ₦490,000

Correct Answer: C

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Question 3
A company issues 5,000 10% shares of ₦10 each at a premium of ₦5. Calculate the amount received from shareholders.
A. ₦50,000
Correct B. ₦52,500
C. ₦55,000
D. ₦57,500

Correct Answer: B

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Question 4
A company's trial balance shows the following balances: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Common Stock ₦500,000. What is the company's total assets?
A. ₦850,000
B. ₦950,000
Correct C. ₦1,050,000
D. ₦1,150,000

Correct Answer: C

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Question 5
A company's self-balancing ledger shows the following balances: Cash ₦300,000, Accounts Payable ₦200,000, and Common Stock ₦500,000. What is the company's total liabilities?
A. ₦700,000
B. ₦800,000
Correct C. ₦900,000
D. ₦1,000,000

Correct Answer: C

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Question 6
In a company's financial statements, the following accounts are presented: Share Capital, Retained Earnings, Dividends, and Cost of Goods Sold. Which of the following is the correct order of presentation?
Correct A. Share Capital, Retained Earnings, Cost of Goods Sold, Dividends
B. Share Capital, Cost of Goods Sold, Retained Earnings, Dividends
C. Retained Earnings, Share Capital, Cost of Goods Sold, Dividends
D. Cost of Goods Sold, Share Capital, Retained Earnings, Dividends

Correct Answer: A

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Question 7
A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦120,000 on cash; and Paid salaries of ₦30,000. What is the net effect on the company's cash balance?
A. +₦30,000
Correct B. +₦20,000
C. +₦10,000
D. -₦10,000

Correct Answer: B

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Question 8
A company's trial balance shows the following accounts: Sales, Cost of Goods Sold, and Net Income. What is the correct order of presentation?
Correct A. Sales, Cost of Goods Sold, Net Income
B. Cost of Goods Sold, Sales, Net Income
C. Net Income, Sales, Cost of Goods Sold
D. Cost of Goods Sold, Net Income, Sales

Correct Answer: A

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Question 9
A company has the following transactions: Issued 10,000 shares at ₦10 per share; Purchased goods for ₦50,000 on credit; and Paid salaries of ₦20,000. What is the net effect on the company's equity?
Correct A. +₦100,000
B. +₦50,000
C. +₦20,000
D. -₦20,000

Correct Answer: A

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Question 10
A company's bank reconciliation statement shows the following discrepancies: Bank balance ₦50,000, Cash balance ₦40,000, and Outstanding checks ₦10,000. What is the correct bank balance?
Correct A. ₦60,000
B. ₦50,000
C. ₦40,000
D. ₦30,000

Correct Answer: A

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Question 11
A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' account. However, the company's accounting records show that the actual expense incurred was ₦20,000. What is the correct journal entry to rectify this discrepancy?
A. Debit Accrued Expenses ₦5,000, Credit Profit and Loss Account ₦5,000
B. Debit Accrued Expenses ₦5,000, Credit Cash ₦5,000
Correct C. Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000
D. Debit Accrued Expenses ₦5,000, Credit Bank ₦5,000

Correct Answer: C

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Question 12
A partnership agreement between three partners, A, B, and C, states that the profit and loss will be shared in the ratio 3:2:1. If the total profit for the year is ₦120,000, how much will each partner receive?
Correct A. ₦36,000, ₦24,000, ₦60,000
B. ₦60,000, ₦40,000, ₦20,000
C. ₦72,000, ₦48,000, ₦0
D. ₦90,000, ₦30,000, ₦0

Correct Answer: A

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Question 13
A company uses the double-entry system of accounting. The following transactions were recorded during the month of January:
Correct A. Debit Cash ₦10,000, Credit Bank Loan ₦10,000
B. Debit Bank Loan ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Asset Account ₦10,000
D. Debit Liability Account ₦10,000, Credit Cash ₦10,000

Correct Answer: A

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Question 14
A public sector organization has the following transactions for the month of February:
Correct A. Debit Government Account ₦20,000, Credit Revenue Account ₦20,000
B. Debit Revenue Account ₦20,000, Credit Government Account ₦20,000
C. Debit Government Account ₦20,000, Credit Asset Account ₦20,000
D. Debit Liability Account ₦20,000, Credit Government Account ₦20,000

Correct Answer: A

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Question 15
A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' account. However, the company's accounting records show that the actual expense incurred was ₦20,000. What is the correct journal entry to rectify this discrepancy?
A. Debit Accrued Expenses ₦5,000, Credit Profit and Loss Account ₦5,000
B. Debit Accrued Expenses ₦5,000, Credit Cash ₦5,000
Correct C. Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000
D. Debit Accrued Expenses ₦5,000, Credit Bank ₦5,000

Correct Answer: C

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Question 16
A company's trial balance shows a credit balance in the 'Rent Expense' account. However, the company's accounting records indicate that it has not paid any rent for the year. What is the most likely cause of this discrepancy?
A. The company has prepaid rent for the year.
Correct B. The company has accrued rent for the year.
C. The company has not recorded the rent expense correctly.
D. The company has not recorded the rent payment correctly.

Correct Answer: B

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Question 17
A partnership has two partners, A and B. The partnership agreement states that profits and losses are to be shared in the ratio 3:2. If the partnership has a profit of ₦100,000, how much will each partner receive?
Correct A. ₦60,000 and ₦40,000
B. ₦50,000 and ₦50,000
C. ₦70,000 and ₦30,000
D. ₦80,000 and ₦20,000

Correct Answer: A

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Question 18
A company uses the single-entry system of accounting. The company's accounting records show the following transactions for the year:
A. Debit Cash ₦10,000 and Credit Accounts Payable ₦10,000
Correct B. Debit Accounts Payable ₦10,000 and Credit Cash ₦10,000
C. Debit Cash ₦10,000 and Credit Accounts Receivable ₦10,000
D. Debit Accounts Receivable ₦10,000 and Credit Cash ₦10,000

Correct Answer: B

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Question 19
A company purchases a machine for ₦500,000. The machine is expected to have a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge using the straight-line method?
Correct A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: A

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Question 20
A company has a control account for its cash account. The control account shows a balance of ₦100,000. The company's ledger shows the following transactions:
A. ₦120,000
B. ₦110,000
Correct C. ₦100,000
D. ₦90,000

Correct Answer: C

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Question 21
A company issued 10,000 shares of ₠ 1 each at a premium of ₠ 2 per share. The issue expenses were ₠ 5,000. Calculate the amount received from the issue of shares.
A. ₠ 20,000
Correct B. ₠ 30,000
C. ₠ 40,000
D. ₠ 50,000

Correct Answer: B

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Question 22
A partnership business has two partners, A and B. The capital contributed by A is ₠ 50,000 and by B is ₠ 30,000. The profit-sharing ratio is 3:2. Calculate the share of profit of A.
Correct A. ₠ 27,000
B. ₠ 30,000
C. ₠ 32,000
D. ₠ 35,000

Correct Answer: A

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Question 23
A company's trial balance as at 31st December, 2022 is as follows: Debit ₠ 50,000 Credit ₠ 40,000 What is the correct balance of the trial balance?
A. ₠ 10,000
B. ₠ 20,000
C. ₠ 30,000
Correct D. ₠ 40,000

Correct Answer: D

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Question 24
A company issued 5,000 ₠ 1 shares at a premium of ₠ 2 per share. The issue expenses were ₠ 3,000. Calculate the amount received from the issue of shares.
A. ₠ 15,000
Correct B. ₠ 20,000
C. ₠ 25,000
D. ₠ 30,000

Correct Answer: B

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Question 25
A company's balance sheet as at 31st December, 2022 is as follows: Assets ₠ 100,000 Liabilities ₠ 80,000 What is the correct balance of the balance sheet?
A. ₠ 20,000
B. ₠ 30,000
C. ₠ 40,000
Correct D. ₠ 50,000

Correct Answer: D

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