POST UTME GREENFIELD UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger balances at the beginning of the year: Debtors: ₦20,000 Creditors: ₦15,000 The following transactions were recorded during the year: Sales: ₦50,000 Purchases: ₦30,000 Prepare the trading and profit and loss account for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 2
A company prepares its financial statements in accordance with the accrual accounting method. The company's revenue for the year is ₦1,500,000, and its expenses for the year are ₦1,200,000. What is the company's net income?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 3
A company has the following ledger balances at the beginning of the year: Debtors: ₦20,000 Creditors: ₦15,000 The following transactions were recorded during the year: Sales: ₦50,000 Purchases: ₦30,000 Prepare the trading and profit and loss account for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 4
A company has the following ledger balances at the beginning of the year: Debtors: ₦20,000 Creditors: ₦15,000 The following transactions were recorded during the year: Sales: ₦50,000 Purchases: ₦30,000 Prepare the trading and profit and loss account for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 5
A company's trial balance shows the following: Debit: ₦300,000, Credit: ₦400,000. What is the company's net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 6
A company has the following ledger balances at the beginning of the year: Debtors: ₦20,000 Creditors: ₦15,000 The following transactions were recorded during the year: Sales: ₦50,000 Purchases: ₦30,000 Prepare the trading and profit and loss account for the year.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 7
A company uses the accrual basis of accounting. The company's accounts payable at the beginning of the year were ₦50,000, and the accounts payable at the end of the year were ₦75,000. What is the company's net income for the year?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 8
A company's trial balance shows the following: Debit: ₦200,000, Credit: ₦300,000. What is the company's net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 9
A company has a trial balance that shows a debit balance of ₦1,500 in the account 'Rent Received' and a credit balance of ₦1,200 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?
A. ₦1,500 debit to Rent Paid and ₦1,200 credit to Rent Received
B. ₦1,500 credit to Rent Paid and ₦1,200 debit to Rent Received
C. ₦1,700 debit to Rent Paid and ₦1,200 credit to Rent Received
D. ₦1,200 debit to Rent Paid and ₦1,500 credit to Rent Received
Question 10
A government agency has a budget of ₦1,000,000 for a project. The agency has already spent ₦800,000 on the project. What percentage of the budget has been spent?
A. 80%
B. 85%
C. 90%
D. 95%
Question 11
A company has a debenture of ₦100,000 at 10% interest per annum. What is the annual interest on the debenture?
A. ₦10,000
B. ₦12,000
C. ₦15,000
D. ₦20,000
Question 12
A company issued 10,000 shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦500,000
Question 13
A company issued 5,000 shares of ₦10 each at a premium of ₦3. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 14
A public sector organization has the following transactions: Purchase of goods ₦50,000, Salaries ₦30,000, Rent ₦20,000. Calculate the total expenditure.
A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 15
A company uses the single entry system of accounting. The company's cash account shows a debit balance of ₦150,000. The company's assets have increased by ₦200,000, and its liabilities have increased by ₦100,000. What is the amount of the company's capital?
A. ₦50,000
B. ₦150,000
C. ₦250,000
D. ₦300,000

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