POST UTME GREENFIELD UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following trial balance of Greenfield University is given. Prepare the company's balance sheet as at 31st December 2021.
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000
Question 2
A company's cash book shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the balance in the cash book?
A. ₦2,000
B. ₦8,000
C. ₦10,000
D. ₦12,000
Question 3
A company purchases a machine for ₦200,000 and depreciates it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
A. ₦20,000
B. ₦22,000
C. ₦25,000
D. ₦30,000
Question 4
A company's bank statement shows the following transactions: Debit: ₦15,000; Credit: ₦12,000. What is the balance in the bank account?
A. ₦3,000
B. ₦12,000
C. ₦15,000
D. ₦18,000
Question 5
A company's trial balance showed a discrepancy of ₦50,000. The following errors were discovered: a machine was recorded as an asset instead of an expense, and a bill was recorded as an expense instead of a liability. Calculate the correct amount of the discrepancy.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 6
A company's bank statement shows the following transactions: Debit: ₦25,000; Credit: ₦22,000. What is the balance in the bank account?
A. ₦3,000
B. ₦22,000
C. ₦25,000
D. ₦28,000
Question 7
A company issued 5,000 shares of ₠ 10 each at a premium of ₠ 5 per share. Calculate the total amount received from the issue of shares.
A. ₠ 50,000
B. ₠ 55,000
C. ₠ 60,000
D. ₠ 65,000
Question 8
A government agency uses the accrual basis of accounting. The following transactions occurred during the year: Debit: Cash ₥ 50,000, Bank ₥ 20,000 Credit: Purchases ₥ 50,000, Direct Labour ₥ 20,000 What is the net effect on the agency's cash balance?
A. ₥ 0
B. ₥ 20,000
C. ₥ 30,000
D. ₥ 40,000
Question 9
A company's trial balance shows the following balances: Sales: ₦150,000; Purchases: ₦110,000. What is the net profit?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 10
A company's financial statements show a 'Trading Account' with a net profit of ₦100,000. What does this indicate?
A. The company has a surplus of cash.
B. The company has a deficit of cash.
C. The company has a net loss of ₦100,000.
D. The company has a net profit of ₦100,000.
Question 11
A company purchases a machine for ₠ 80,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₠ 51,200
B. ₠ 52,800
C. ₠ 54,400
D. ₠ 56,000
Question 12
A company's cash book shows the following transactions: Debit: ₦30,000; Credit: ₦28,000. What is the balance in the cash book?
A. ₦2,000
B. ₦28,000
C. ₦30,000
D. ₦32,000
Question 13
A company purchased a machine for ₦1,500,000. It is expected to have a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 14
A company's balance sheet shows a 'Control Account' for its 'Accounts Payable' account. What is the purpose of this control account?
A. To record the company's liabilities.
B. To record the company's assets.
C. To reconcile the company's trial balance with its financial statements.
D. To record the company's equity.
Question 15
A company's trial balance shows the following balances: Sales: ₦120,000; Purchases: ₦90,000. What is the net profit?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

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