Post Utme Oau 2025 Accounting Question 18

Practice objective / multiple choice question 18 from the 2025 Post Utme Oau Accounting examination.

Post Utme Oau 2025 Accounting Objective / Multiple Choice
Question 18 POST_UTME_OAU • 2025 • ACCOUNTING • objective

A company has the following trial balance: Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Common Stock ₦20,000, Dividends ₦2,000, Equipment ₦15,000, Interest Expense ₦1,000, Interest Income ₦500, Net Income ₦8,000, Rent Expense ₦3,000, Salaries Expense ₦4,000, Sales Revenue ₦25,000. Prepare the balance sheet and income statement.

Answer Options

Correct Answer A. Balance Sheet: Assets ₦40,000, Liabilities ₦10,000, Equity ₦30,000; Income Statement: Net Income ₦8,000
B. Balance Sheet: Assets ₦45,000, Liabilities ₦15,000, Equity ₦30,000; Income Statement: Net Income ₦10,000
C. Balance Sheet: Assets ₦50,000, Liabilities ₦20,000, Equity ₦30,000; Income Statement: Net Income ₦12,000
D. Balance Sheet: Assets ₦55,000, Liabilities ₦25,000, Equity ₦30,000; Income Statement: Net Income ₦15,000
Correct Answer
A
Correct Option:
Balance Sheet: Assets ₦40,000, Liabilities ₦10,000, Equity ₦30,000; Income Statement: Net Income ₦8,000

About This Question

This is Post Utme Oau 2025 Accounting Question 18. It is one of the objective questions from the 2025 Post Utme Oau Accounting examination.

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