POST UTME GREENFIELD UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account shows a net profit of ₦100,000. The balance sheet shows a capital of ₦200,000. What is the correct amount of the retained earnings?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 2
A company uses the single-entry system of accounting. The company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Sales | | ₦15,000 | | 3 Jan | Purchases | ₦8,000 | | | 4 Jan | Cash | | ₦12,000 | What is the company's net cash balance on 4 Jan?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 3
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 4
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. If the issue expenses were ₦ 2,000, calculate the amount of cash received from the issue of shares.
A. ₦ 105,000
B. ₦ 107,000
C. ₦ 109,000
D. ₦ 111,000
Question 5
A company uses a job order costing system and has a predetermined overhead rate of 150% of direct labor cost. The company's production department incurs a direct labor cost of ₦180,000 and a direct material cost of ₦240,000. What is the total cost of production for Job No. 456?
A. ₦540,000
B. ₦630,000
C. ₦720,000
D. ₦810,000
Question 6
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 7
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's total liabilities as at 31st December 2024 amount to ₦4,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 8
A company's manufacturing account for the year ended 31st December 2024 is as follows: | Particulars | ₦ | | --- | --- | | Opening Stock | 10,000 | | Raw Materials Purchased | 50,000 | | Work-in-Progress | 20,000 | | Closing Stock | 15,000 | What is the total cost of production?
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 9
A company's balance sheet as at 31st December 2024 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 25,000 | Profit | 5,000 | What is the total amount of liabilities?
A. ₦55,000
B. ₦60,000
C. ₦65,000
D. ₦70,000
Question 10
A company's assets were valued at ₦ 150,000. The company's liabilities were ₦ 50,000. Calculate the company's net worth.
A. ₦ 100,000
B. ₦ 50,000
C. ₦ 150,000
D. ₦ 200,000
Question 11
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦150,000; Direct Labour: ₦120,000; Overheads: ₦180,000. Calculate the total cost of production for the month.
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 12
A company uses the weighted average method to value its inventory. The company's inventory consists of three types of items: A, B, and C. The cost of item A is ₦100, item B is ₦200, and item C is ₦300. The quantities of items A, B, and C are 100, 50, and 20 units, respectively. The total cost of the inventory is ₦150,000. What is the cost per unit of item A?
A. ₦120
B. ₦150
C. ₦180
D. ₦200
Question 13
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. Calculate the company's net worth as at 31st December 2024.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 14
A company uses a self-balancing ledger to record its transactions. The ledger has two accounts: Cash and Accounts Payable. The Cash account has a debit balance of ₦50,000 and the Accounts Payable account has a credit balance of ₦30,000. What is the net effect on the company's equity when the Cash account is debited by ₦10,000 and the Accounts Payable account is credited by ₦10,000?
A. ₦20,000 increase
B. ₦20,000 decrease
C. ₦10,000 increase
D. ₦10,000 decrease
Question 15
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦1,000 | | | 2nd Jan | Bank | | ₦500 | | 3rd Jan | Cash | | ₦1,500 | What is the balance of the cash account?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000

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