POST UTME OAU 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. What is the reason for the discrepancy?
Question 2
A company's trial balance shows a discrepancy of ₦10,000 between the debit and credit sides. The company's accountant has identified the following errors: (i) A credit of ₦5,000 was posted to the wrong account, (ii) A debit of ₦3,000 was omitted from the trial balance, and (iii) A credit of ₦2,000 was posted twice to the same account. What is the correct amount of the discrepancy?
Question 3
A company uses a self-balancing ledger system. The ledger shows the following balances: Debtors ₦100,000, Creditors ₦50,000, Capital ₦200,000. What is the total value of the company's assets?
Question 4
A company's balance sheet as at December 31, 2022, shows the following: Share capital = ₦5,000,000, Retained earnings = ₦3,000,000, and Total liabilities = ₦2,500,000. What is the company's total equity?
Question 5
A company's balance sheet shows the following information:
| Assets | ₦0,000 |
| Liabilities | ₥0,000 |
| Capital | ₡0,000 |
What is the company's net worth?
Question 6
A company's trial balance as at December 31, 2022, shows the following: Accounts payable = ₦1,500,000, Accounts receivable = ₦2,000,000, and Inventory = ₦3,000,000. What is the company's total current assets?
Question 7
A company purchased a machine for ₦1,500,000. It was sold after 5 years for ₦1,200,000. Calculate the annual depreciation of the machine.
Question 8
A company issued 5,000 shares of ₦10 each at a premium of ₦2. The company also issued 1,000 debentures of ₦100 each at a discount of ₦5. Calculate the total amount received from the issue of these shares and debentures.
Question 9
In a partnership account, the capital of two partners, A and B, is shared in the ratio 3:2. If A's capital is ₦120,000, what is B's capital?
Question 10
A company's balance sheet as at 31st December 2020 showed a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's current liability was ₦1,000,000 and its non-current liability was ₦2,000,000. What is the company's net worth as at 31st December 2020?
Question 11
A company's bank statement shows the following transactions: Bank balance ₦50,000, Cheque deposited ₦20,000, Cheque paid ₦10,000. What is the new bank balance?
Question 12
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has the following data for the current period: Total overhead costs = ₦1,200,000, Total direct labor hours = 10,000, and the overhead rate is ₦120 per direct labor hour. What is the total overhead cost assigned to Job X, which required 500 direct labor hours?
Question 13
A company's profit and loss account for the year ended December 31, 2022, shows the following: Sales = ₦15,000,000, Cost of goods sold = ₦10,000,000, Operating expenses = ₦2,000,000, and Net income = ₦1,500,000. What is the company's gross profit?
Question 14
A company's trading account for the year ended 31st December 2020 showed a profit of ₦1,500,000. The company's balance sheet as at 31st December 2020 showed a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's current liability was ₦1,000,000 and its non-current liability was ₦2,000,000. What is the company's net worth as at 31st December 2020?
Question 15
A company's cash book shows a debit balance of ₦15,000. However, the bank statement shows a credit balance of ₦20,000. What is the reason for the discrepancy?
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