Post Utme Oau 2025 Accounting Question 20

Practice objective / multiple choice question 20 from the 2025 Post Utme Oau Accounting examination.

Post Utme Oau 2025 Accounting Objective / Multiple Choice
Question 20 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 20. It is one of the objective questions from the 2025 Post Utme Oau Accounting examination.

View More Post Utme Oau 2025 Accounting Questions More Post Utme Oau Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support