POST UTME GREENFIELD UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A bank's cash book shows a balance of ₦500,000. The bank's reconciliation statement shows a difference of ₦20,000 due to an outstanding cheque. What is the bank's corrected cash balance?
Question 2
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
Question 3
A public sector organization has a cash book balance of ₦500,000. The organization's bank reconciliation statement shows a difference of ₦20,000 due to an outstanding cheque. What is the organization's corrected cash balance?
Question 4
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | | 100,000 |
| Cost of Goods Sold | 80,000 | |
| Gross Profit | | 20,000 |
| Operating Expenses | 30,000 | |
| Net Profit | | 10,000 |
What is the value of the company's assets on January 31, 2024?
Question 5
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Trading and Profit and Loss Account for the year.
Question 6
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Dividend Account for the year.
Question 7
A company's cash book shows the following transactions: Cash Sale ₦1,000, Cash Purchase ₦500, Bank Deposit ₦200, and Bank Withdrawal ₦300. What is the correct balance for the Cash account?
Question 8
A company's income statement shows the following revenues: Sales Revenue ₦1,200,000, Interest Income ₦50,000, and Dividend Income ₦20,000. What is the total revenue?
Question 9
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Debentures Account for the year.
Question 10
A company has the following transactions in its cash book:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1-Jan-24 | Cash | 10,000 | |
| 10-Jan-24 | Cash | | 8,000 |
| 15-Jan-24 | Cash | 12,000 | |
| 20-Jan-24 | Cash | | 9,000 |
What is the balance in the cash account on January 31, 2024?
Question 11
A company's balance sheet shows the following assets: Cash ₦50,000, Accounts Receivable ₦100,000, Inventory ₦200,000, and Property, Plant, and Equipment ₦500,000. What is the total value of the company's assets?
Question 12
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Manufacturing Account for the year.
Question 13
A company has the following transactions for the year ended 31st December 2023: Sales: ₦2,500,000; Purchases: ₦1,800,000; Wages: ₦400,000; Rent: ₦150,000. Prepare a Company Account for the year.
Question 14
A company's cash book shows a balance of ₦500,000. The company's bank reconciliation statement shows a difference of ₦20,000 due to an outstanding cheque. What is the company's corrected cash balance?
Question 15
A partnership has two partners, A and B. A invested ₦50,000 and B invested ₦30,000. The profit is to be divided in the ratio 2:1. If the total profit is ₦18,000, how much will A receive?
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