POST UTME GREENFIELD UNIVERSITY 2018 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 2018 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that the rent received was ₦20,000. What is the correct journal entry to record the correction?
A. ₦15,000 debit to Rent Received and ₦15,000 credit to Cash
B. ₦20,000 debit to Rent Received and ₦20,000 credit to Cash
Correct C. ₦15,000 debit to Rent Received and ₦20,000 credit to Cash
D. ₦20,000 debit to Cash and ₦15,000 credit to Rent Received

Correct Answer: C

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Question 2
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of share capital and debentures issued?
A. ₦15,000
B. ₦20,000
Correct C. ₦25,000
D. ₦30,000

Correct Answer: C

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Question 3
A company's balance sheet shows a current liability of ₦50,000. However, the company's accounting records show that the liability was actually ₦60,000. What is the correct journal entry to record the correction?
Correct A. ₦10,000 debit to Current Liability and ₦10,000 credit to Cash
B. ₦10,000 debit to Cash and ₦10,000 credit to Current Liability
C. ₦10,000 debit to Current Liability and ₦10,000 credit to Profit and Loss
D. ₦10,000 debit to Profit and Loss and ₦10,000 credit to Current Liability

Correct Answer: A

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Question 4
A company's trial balance shows a credit balance of ₦15,000 in the account 'Rent Paid'. However, the company's accounting records show that the rent paid was actually ₦20,000. What is the correct journal entry to record the correction?
A. ₦15,000 debit to Rent Paid and ₦15,000 credit to Cash
B. ₦20,000 debit to Rent Paid and ₦20,000 credit to Cash
Correct C. ₦15,000 debit to Rent Paid and ₦20,000 credit to Cash
D. ₦20,000 debit to Cash and ₦15,000 credit to Rent Paid

Correct Answer: C

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Question 5
A company's balance sheet shows a non-current asset of ₦50,000. However, the company's accounting records show that the non-current asset was actually ₦60,000. What is the correct journal entry to record the correction?
Correct A. ₦10,000 debit to Non-Current Asset and ₦10,000 credit to Cash
B. ₦10,000 debit to Cash and ₦10,000 credit to Non-Current Asset
C. ₦10,000 debit to Non-Current Asset and ₦10,000 credit to Profit and Loss
D. ₦10,000 debit to Profit and Loss and ₦10,000 credit to Non-Current Asset

Correct Answer: A

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Question 6
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
Correct B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000

Correct Answer: B

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Question 7
A partnership has two partners, A and B. A invests ₦50,000 and B invests ₦30,000. The profit is divided in the ratio 3:2. If the total profit is ₦18,000, how much does A receive?
Correct A. ₦9,000
B. ₦10,000
C. ₦12,000
D. ₦15,000

Correct Answer: A

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Question 8
A company purchases a machine for ₦120,000 and sells it after 5 years for ₦180,000. The machine depreciates at 10% per annum. Calculate the annual depreciation.
A. ₦2,400
Correct B. ₦3,600
C. ₦4,800
D. ₦6,000

Correct Answer: B

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Question 9
A company has a self-balancing ledger with the following balances: Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, and Capital ₦40,000. Prepare a trial balance.
Correct A. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Capital ₦40,000
B. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Capital ₦60,000
C. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Capital ₦80,000
D. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Capital ₦100,000

Correct Answer: A

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Question 10
A company manufactures 1,000 units of a product at a cost of ₦50 per unit. The selling price is ₦75 per unit. Calculate the profit or loss per unit.
A. ₦25
Correct B. ₦30
C. ₦35
D. ₦40

Correct Answer: B

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Question 11
A company issued 5,000 shares of ₹10 each at a premium of ₹3 per share. The amount received from the issue of shares is ₹1,50,000. Calculate the amount of share capital.
A. ₹75,000
B. ₹1,50,000
Correct C. ₹2,25,000
D. ₹3,00,000

Correct Answer: C

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Question 12
A partnership firm has two partners, A and B. The ratio of their capitals is 3:2. If the profit is divided in the ratio 5:3, calculate the share of profit of partner A.
A. ₹1,200
Correct B. ₹1,500
C. ₹1,800
D. ₹2,000

Correct Answer: B

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Question 13
A company purchased a machine for ₹80,000. The machine depreciates by 10% per annum. Calculate the value of the machine after 2 years.
A. ₹64,000
B. ₹67,200
Correct C. ₹70,400
D. ₹73,600

Correct Answer: C

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Question 14
A company issued 10,000 debentures of ₹100 each at a discount of ₹5 per debenture. The amount received from the issue of debentures is ₹9,50,000. Calculate the amount of debenture capital.
Correct A. ₹9,50,000
B. ₹9,75,000
C. ₹10,00,000
D. ₹10,25,000

Correct Answer: A

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Question 15
A company purchased a machine for ₹1,20,000. The machine depreciates by 15% per annum. Calculate the value of the machine after 3 years.
A. ₹81,600
B. ₹84,240
Correct C. ₹86,944
D. ₹89,800

Correct Answer: C

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Question 16
A company's trading account shows a profit of ₦250,000, but its profit and loss account shows a loss of ₦150,000. What is the amount of the company's capital introduced by the proprietor?
Correct A. ₦400,000
B. ₦350,000
C. ₦450,000
D. ₦500,000

Correct Answer: A

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Question 17
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦1,500,000 and its current liabilities are ₦750,000, what is the amount of the company's non-current liabilities?
A. ₦1,000,000
B. ₦1,250,000
C. ₦1,500,000
Correct D. ₦1,750,000

Correct Answer: D

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Question 18
A company's trading account shows a profit of ₦300,000. If the company's capital introduced by the proprietor is ₦500,000 and its drawings are ₦100,000, what is the amount of the company's profit available for distribution?
A. ₦400,000
B. ₦450,000
Correct C. ₦500,000
D. ₦550,000

Correct Answer: C

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Question 19
A company's balance sheet shows a total assets of ₦3,000,000 and a total equity of ₦1,500,000. If the company's current ratio is 2:1, what is the amount of the company's current liabilities?
A. ₦750,000
Correct B. ₦1,000,000
C. ₦1,250,000
D. ₦1,500,000

Correct Answer: B

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Question 20
A company's trading account shows a loss of ₦200,000. If the company's capital introduced by the proprietor is ₦400,000 and its drawings are ₦150,000, what is the amount of the company's profit available for distribution?
A. ₦250,000
B. ₦300,000
C. ₦350,000
Correct D. ₦400,000

Correct Answer: D

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Question 21
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The profit-sharing ratio is 3:2. If the profit for the year is ₦750,000, calculate the amount of profit that will be credited to A's capital account.
Correct A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: A

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Question 22
A company's trial balance shows the following balances: Accounts Payable ₦250,000, Sales Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, and Common Stock ₦750,000. Prepare a balance sheet.
A. ₦1,500,000
B. ₦1,750,000
Correct C. ₦2,000,000
D. ₦2,250,000

Correct Answer: C

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Question 23
A company uses the single-entry system of accounting. The following transactions are recorded: Cash Sales ₦200,000, Cash Purchases ₦150,000, and Cash Dividends ₦50,000. Prepare a trial balance.
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 24
A company's ledger shows the following balances: Accounts Receivable ₦300,000, Accounts Payable ₦200,000, and Common Stock ₦500,000. Prepare a balance sheet.
A. ₦1,000,000
B. ₦1,100,000
Correct C. ₦1,200,000
D. ₦1,300,000

Correct Answer: C

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Question 25
A company uses the double-entry system of accounting. The following transactions are recorded: Cash Sales ₦250,000, Cash Purchases ₦180,000, and Cash Dividends ₦60,000. Prepare a trial balance.
A. ₦70,000
B. ₦80,000
Correct C. ₦90,000
D. ₦100,000

Correct Answer: C

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