POST UTME GREENFIELD UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A manufacturing company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 2022-01-01 | Purchase of raw materials | 10,000 | 0 | | 2022-01-15 | Purchase of factory overhead | 5,000 | 0 | | 2022-02-01 | Sale of goods | 0 | 20,000 | What is the total amount of cost of goods sold?
A. 15,000
B. 20,000
C. 25,000
D. 30,000
Question 2
A company has the following transactions: purchased raw materials for ₦50,000; sold goods for ₦100,000; purchased factory equipment for ₦200,000. Prepare the journal entries to record these transactions.
A. Debit Raw Materials ₦50,000; Credit Cash ₦50,000
B. Debit Factory Equipment ₦200,000; Credit Cash ₦200,000
C. Debit Sales ₦100,000; Credit Cash ₦100,000
D. Debit Raw Materials ₦50,000; Credit Factory Equipment ₦50,000
Question 3
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2021 showed a capital of ₦1,200,000. The company issued 10,000 shares of ₦10 each on 1st January 2022. Calculate the company's retained earnings as at 31st December 2022.
A. ₦2,700,000
B. ₦2,400,000
C. ₦2,100,000
D. ₦1,800,000
Question 4
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
A. Average Profit Method
B. Super Profit Method
C. Capitalization Method
D. Net Asset Method
Question 5
The following is a trial balance for Greenfield University:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 6
A company has the following incomplete records for the year ended 31st December 2022: Opening balance: ₦100,000 Closing balance: ₦150,000 Deposits: ₦50,000 Withdrawals: ₦20,000 Sales: ₦80,000 Cost of goods sold: ₦60,000 Using the single entry method, prepare the trading and profit and loss account for the year ended 31st December 2022.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 7
A company has the following transactions during the year ended December 31, 2022:
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 8
A company uses the single entry system to record its transactions. The company's accountant has recorded the following transactions in the journal: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 2022-01-01 | Purchase of office equipment | 10,000 | 0 | | 2022-01-15 | Purchase of office supplies | 5,000 | 0 | | 2022-02-01 | Sale of goods | 0 | 20,000 | What is the total amount of assets recorded in the journal?
A. 15,000
B. 20,000
C. 25,000
D. 30,000
Question 9
A company uses the straight-line method to depreciate its assets. The company's asset has a cost of ₦500,000 and a useful life of 5 years. What is the annual depreciation?
A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦250,000
Question 10
The following is a balance sheet for Greenfield University:
A. ₦1,500,000
B. ₦1,800,000
C. ₦2,000,000
D. ₦2,500,000
Question 11
A company has the following manufacturing account for the year ended 31st December 2022: Opening work-in-progress: ₦50,000 Closing work-in-progress: ₦30,000 Cost of goods manufactured: ₦200,000 Cost of goods sold: ₦180,000 Using the absorption costing method, calculate the profit for the year ended 31st December 2022.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company's balance sheet as at 31st December 2022 shows a current liability of ₦1,500,000. The company's profit and loss account for the year ended 31st December 2022 shows a profit of ₦2,000,000. Calculate the company's net assets as at 31st December 2022.
A. ₦3,500,000
B. ₦3,000,000
C. ₦2,500,000
D. ₦2,000,000
Question 13
A company has the following transactions: Purchased goods for ₦100,000, sold goods for ₦120,000, and purchased office equipment for ₦30,000. What is the total value of the company's liabilities?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
What is the primary purpose of the accounting equation in the preparation of financial statements?
A. To present the financial position of a business
B. To show the relationship between assets, liabilities, and equity
C. To determine the profitability of a business
D. To identify the sources of financing a business
Question 15
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2021 showed a capital of ₦1,200,000. The company issued 10,000 shares of ₦10 each on 1st January 2022. Calculate the company's retained earnings as at 31st December 2022.
A. ₦2,700,000
B. ₦2,400,000
C. ₦2,100,000
D. ₦1,800,000

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
Help others prepare! Share this practice hub: