POST UTME OAU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's departmental accounts show the following balances: Manufacturing Department ₦500,000, Selling Department ₦300,000, and Administrative Department ₦200,000. What is the company's total departmental expenses?
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 2
A company's financial statements show the following balances: Total Assets ₦1,500,000, Total Liabilities ₦800,000, and Total Equity ₦700,000. What is the company's cash flow ratio?
A. 1.50
B. 1.75
C. 2.00
D. 2.25
Question 3
A company uses a self-balancing ledger to record its transactions. The ledger shows a debit balance of ₦50,000 in the trading account. However, the company's trial balance shows a credit balance of ₦30,000 in the trading account. What is the correct balance in the trading account?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 4
A company uses the single-entry system of accounting. The company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦150,000. The difference between the two balances is ₦30,000. What is the reason for this difference?
A. The company has a loan from the bank.
B. The company has a credit balance in its cash book.
C. The company has a debit balance in its bank statement.
D. The company has a difference in exchange rates.
Question 5
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash outflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 6
A company's trial balance shows a discrepancy of ₦10,000 between the debit and credit balances. The company's accountant suspects that the discrepancy is due to an error in the recording of a transaction. What is the correct procedure to follow to correct the error?
A. Reconcile the trial balance with the ledger accounts
B. Reconcile the ledger accounts with the bank statement
C. Reconcile the trial balance with the bank statement
D. Reconcile the ledger accounts with the trial balance
Question 7
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash outflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 8
A company has the following transactions: Purchased office supplies on account for ₦10,000, Sold merchandise for ₦50,000 cash, and Purchased a building for ₦200,000 cash. What is the total amount of assets?
A. ₦250,000
B. ₦260,000
C. ₦270,000
D. ₦280,000
Question 9
A company uses the weighted average method to value its inventory. If the inventory consists of 100 units of item A at ₦10 each and 50 units of item B at ₦20 each, what is the total value of inventory?
A. ₦1,500
B. ₦1,800
C. ₦2,000
D. ₦2,500
Question 10
A company's trading account for the year ended 31st December 2022 shows the following: Sales: ₦500,000, Cost of Goods Sold: ₦350,000. Calculate the gross profit for the year.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, and Retained Earnings ₦20,000. What is the total amount of assets?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 12
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account balance is ₦150,000. If the profit for the year is ₦50,000, how much will each partner receive?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash inflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 14
A company's bank statement shows a balance of ₦100,000. However, the company's cash book shows a balance of ₦120,000. The bank statement also shows a credit of ₦20,000 for a deposit made by the company. What is the correct balance in the cash book?
A. ₦140,000
B. ₦130,000
C. ₦120,000
D. ₦110,000
Question 15
A company uses the double-entry system of accounting. The trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 80,000, and Common Stock ₦ 200,000. What is the correct journal entry to record the sale of goods on credit to a customer?
A. Debit Accounts Payable ₦ 80,000, Credit Sales Revenue ₦ 100,000
B. Debit Sales Revenue ₦ 80,000, Credit Cost of Goods Sold ₦ 80,000
C. Debit Accounts Payable ₦ 80,000, Credit Sales Revenue ₦ 80,000
D. Debit Sales Revenue ₦ 100,000, Credit Cost of Goods Sold ₦ 80,000

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