POST UTME GREENFIELD UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the total profit to be shared by the partners?
Question 2
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
Question 3
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
Question 4
A company's trading account shows a profit of ₦150,000. However, the company's profit and loss account shows a loss of ₦20,000. What is the correct adjustment to be made to the trading account?
Question 5
A company purchased a machine for ₦500,000 and depreciated it by 10% per annum. Calculate the value of the machine after 3 years.
Question 6
A company's income statement for the year ended December 31, 2022, is as follows: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Operating Expenses ₦100,000, and Net Income ₦50,000. Prepare the company's balance sheet as at December 31, 2022.
Question 7
A company uses the perpetual inventory system. The beginning inventory is 100 units at ₦50 each. During the period, 500 units were purchased at ₦60 each and 200 units were sold at ₦80 each. Calculate the cost of goods sold.
Question 8
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
Question 9
A company has the following balance sheet:
| Asset | Amount |
| --- | --- |
| Cash | ₦50,000 |
| Accounts Receivable | ₦30,000 |
| Inventory | ₦40,000 |
| Total Assets | ₦120,000 |
What is the amount of equity?
Question 10
A company's ledger accounts show the following balances:
Question 11
A company's cash book shows the following transactions:
Question 12
A company produces two products, X and Y. The production process involves two departments: Manufacturing and Assembly. The Manufacturing department produces 500 units of X and 300 units of Y. The Assembly department assembles 400 units of X and 200 units of Y. The total cost of production for X is ₦120,000 and for Y is ₦90,000. The selling price of X is ₦150 and of Y is ₦120. Calculate the profit or loss for each product.
Question 13
A company purchased a machine for ₦150,000 and sold it after 5 years for ₦200,000. The company also incurred a loss of ₦10,000 on the sale. Calculate the gain or loss on the sale of the machine.
Question 14
A company issued 10,000 debentures of ₦1,000 each at a discount of 5%. If the company received ₦9,500,000 from the sale of these debentures, what is the total amount of discount?
Question 15
A company's bank reconciliation statement shows the following discrepancies:
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows