POST UTME OAU 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, and Common Stock ₦ 100,000. Prepare a balance sheet for the company.
A. ₦ 180,000
B. ₦ 200,000
C. ₦ 220,000
D. ₦ 240,000
Question 2
A company's balance sheet shows a debit balance of ₦50,000 in the suspense account. The company's cash account has a credit balance of ₦20,000. What is the amount to be transferred from the suspense account to the cash account?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A company's cash book for the year ended 31st December 2022 is as follows: Cash at Bank £ 10,000 Cash in Hand £ 5,000 What is the company's total cash?
A. £ 15,000
B. £ 20,000
C. £ 25,000
D. £ 30,000
Question 4
A company uses the double entry system to record its transactions. The company purchases office equipment for ₦50,000. What is the effect on the accounting equation?
A. Assets increase by ₦50,000 and liabilities decrease by ₦50,000.
B. Assets increase by ₦50,000 and equity increases by ₦50,000.
C. Assets decrease by ₦50,000 and liabilities increase by ₦50,000.
D. Assets decrease by ₦50,000 and equity decreases by ₦50,000.
Question 5
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Prepare the journal entry to record the issue of debentures.
A. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000
B. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000, Credit Bank ₹ 50,000
C. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000, Credit Bank ₹ 50,000, Credit Discount ₹ 50,000
D. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000, Credit Bank ₹ 50,000, Credit Discount ₹ 50,000, Credit Profit and Loss ₹ 50,000
Question 6
A company's assets were valued at ₦ 500,000, liabilities were ₦ 200,000, and equity was ₦ 300,000. What is the company's net worth?
A. ₦ 100,000
B. ₦ 200,000
C. ₦ 300,000
D. ₦ 400,000
Question 7
A company issued 10,000 shares of ₦5 each at a premium of ₦3. If the company's share capital is ₦250,000, what is the amount received from the issue of shares?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 8
A company purchases a machine for ₦100,000. The machine has a useful life of 5 years and a residual value of ₦20,000. What is the annual depreciation charge?
A. ₦16,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 9
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the profit for the year is ₦120,000, how much will each partner receive?
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 10
A company has the following assets: Cash ₦50,000, Accounts Receivable ₦20,000, Inventory ₦30,000, and Property, Plant, and Equipment ₦100,000. What is the total value of the assets?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 11
A company's profit and loss account for the year ended 31st December 2022 is as follows: Turnover £ 200,000 Cost of Goods Sold £ 150,000 Gross Profit £ 50,000 Operating Expenses £ 20,000 Profit Before Tax £ 30,000 Tax £ 10,000 Profit After Tax £ 20,000 What is the company's net profit?
A. £ 10,000
B. £ 20,000
C. £ 30,000
D. £ 40,000
Question 12
A company has the following ledger accounts: Cash = ₦50,000, Accounts Payable = ₦30,000, and Common Stock = ₦100,000. The company also has a loan from a bank of ₦20,000. Calculate the total amount of assets.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 13
In a partnership account, the capital of a partner is increased by ₦50,000. The partner's current profit-sharing ratio is 3:5. If the partner's initial capital was ₦120,000, what is the new profit-sharing ratio?
A. 2:4
B. 3:6
C. 4:6
D. 5:7
Question 14
A company uses the job costing method to account for its manufacturing costs. The following information is available for the year ended December 31, 2022:
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 15
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in debtors, ₦20,000 in creditors, ₦30,000 in stock, and ₦40,000 in machinery. Prepare the balance sheet.
A. ₦100,000 in cash, ₦50,000 in debtors, ₦20,000 in creditors, ₦30,000 in stock, ₦40,000 in machinery
B. ₦100,000 in cash, ₦50,000 in debtors, ₦20,000 in creditors, ₦30,000 in stock, ₦40,000 in machinery, ₦10,000 in profit
C. ₦100,000 in cash, ₦50,000 in debtors, ₦20,000 in creditors, ₦30,000 in stock, ₦40,000 in machinery, ₦10,000 in profit, ₦5,000 in dividend
D. ₦100,000 in cash, ₦50,000 in debtors, ₦20,000 in creditors, ₦30,000 in stock, ₦40,000 in machinery, ₦10,000 in profit, ₦5,000 in dividend, ₦2,000 in tax

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