POST UTME OAU 2025 Accounting | Objective

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Question 1 View Details
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at par after 5 years. Calculate the amount of discount on the debentures.
Correct A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000

Correct Answer: A

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Question 2 View Details
A company's trial balance as at 31st December, 2024, is as follows: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 ₦ 1,700,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Salaries Payable ₦ 200,000 ₦ 1,700,000 Identify the error in the trial balance.
A. The debit balance of Cash is incorrect.
Correct B. The credit balance of Accounts Receivable is incorrect.
C. The debit balance of Accounts Payable is incorrect.
D. The credit balance of Salaries Payable is incorrect.

Correct Answer: B

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Question 3 View Details
A company's self-balancing ledger is as follows: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 ₦ 1,700,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Salaries Payable ₦ 200,000 ₦ 1,700,000 Identify the error in the self-balancing ledger.
A. The debit balance of Cash is incorrect.
Correct B. The credit balance of Accounts Receivable is incorrect.
C. The debit balance of Accounts Payable is incorrect.
D. The credit balance of Salaries Payable is incorrect.

Correct Answer: B

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Question 4 View Details
A company's incomplete records show the following transactions: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 ₦ 1,700,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Salaries Payable ₦ 200,000 ₦ 1,700,000 Identify the error in the incomplete records.
A. The debit balance of Cash is incorrect.
Correct B. The credit balance of Accounts Receivable is incorrect.
C. The debit balance of Accounts Payable is incorrect.
D. The credit balance of Salaries Payable is incorrect.

Correct Answer: B

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Question 5 View Details
A company's single-entry ledger is as follows: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 ₦ 1,700,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Salaries Payable ₦ 200,000 ₦ 1,700,000 Identify the error in the single-entry ledger.
A. The debit balance of Cash is incorrect.
Correct B. The credit balance of Accounts Receivable is incorrect.
C. The debit balance of Accounts Payable is incorrect.
D. The credit balance of Salaries Payable is incorrect.

Correct Answer: B

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Question 6 View Details
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. During the year, A withdraws ₦100,000 for personal use, while B invests an additional ₦50,000. The profit for the year is ₦200,000. Prepare the partnership's statement of profit or loss and the statement of changes in equity.
A. ₦300,000
B. ₦250,000
Correct C. ₦200,000
D. ₦150,000

Correct Answer: C

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Question 7 View Details
The government of a country issues a 5-year bond with a face value of ₦10,000,000 and an annual coupon rate of 8%. If the market rate of interest is 10%, what is the present value of the bond?
Correct A. ₦8,000,000
B. ₦9,000,000
C. ₦10,000,000
D. ₦11,000,000

Correct Answer: A

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Question 8 View Details
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦50,000, what is the amount of share capital?
A. ₦10,000
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

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Question 9 View Details
A company has the following transactions: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦50,000 to a creditor. Prepare the company's statement of financial position.
A. ₦150,000
B. ₦180,000
Correct C. ₦200,000
D. ₦220,000

Correct Answer: C

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Question 10 View Details
A company issues a 10-year debenture with a face value of ₦50,000 and an annual interest rate of 12%. If the market rate of interest is 15%, what is the present value of the debenture?
A. ₦40,000
Correct B. ₦45,000
C. ₦50,000
D. ₦55,000

Correct Answer: B

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Question 11 View Details
In a partnership account, the capital of the partners is divided in the ratio of 3:5:7. If the total capital is ₦1,500,000, what is the amount of capital of the partner with a 7:1 ratio?
A. ₦420,000
B. ₦525,000
Correct C. ₦630,000
D. ₦735,000

Correct Answer: C

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Question 12 View Details
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,200,000, what is the amount of premium received?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 13 View Details
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, and Common Stock ₦500,000. What is the total amount of assets?
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 14 View Details
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. If the company received a total of ₦100,000, what is the amount of premium received?
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 15 View Details
A company's balance sheet shows the following balances: Cash ₦150,000, Accounts Payable ₦120,000, and Common Stock ₦500,000. What is the total amount of liabilities?
A. ₦670,000
B. ₦770,000
Correct C. ₦870,000
D. ₦970,000

Correct Answer: C

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Question 16 View Details
A company uses the perpetual inventory system. It purchases 100 units of a product at ₦200 each on January 1, 2023. On March 15, 2023, it purchases another 50 units at ₦220 each. On June 10, 2023, it sells 70 units at ₦300 each. On September 1, 2023, it purchases 30 units at ₦250 each. On December 15, 2023, it sells 40 units at ₦320 each. Calculate the cost of goods sold for the year.
A. ₦23,100
Correct B. ₦23,500
C. ₦23,900
D. ₦24,300

Correct Answer: B

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Question 17 View Details
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased office equipment for ₦20,000, Sold office equipment for ₦18,000, and Paid rent for ₦8,000. Prepare the journal entries for these transactions.
Correct A. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
B. Debit Office Equipment ₦20,000, Credit Cash ₦20,000
C. Debit Office Equipment ₦18,000, Credit Cash ₦18,000
D. Debit Rent Expense ₦8,000, Credit Cash ₦8,000

Correct Answer: A

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Question 18 View Details
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.
Correct 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

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Question 19 View Details
A company has the following transactions: Purchased land for ₦50,000, Sold land for ₦60,000, Purchased equipment for ₦20,000, Sold equipment for ₦18,000, and Paid rent for ₦8,000. Prepare the journal entries for these transactions.
Correct A. Debit Land ₦50,000, Credit Cash ₦50,000
B. Debit Land ₦60,000, Credit Cash ₦60,000
C. Debit Equipment ₦20,000, Credit Cash ₦20,000
D. Debit Rent Expense ₦8,000, Credit Cash ₦8,000

Correct Answer: A

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Question 20 View Details
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.
Correct 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

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Question 21 View Details
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased office equipment for ₦20,000, Sold office equipment for ₦18,000, and Paid rent for ₦8,000. Prepare the journal entries for these transactions.
Correct A. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
B. Debit Office Equipment ₦20,000, Credit Cash ₦20,000
C. Debit Office Equipment ₦18,000, Credit Cash ₦18,000
D. Debit Rent Expense ₦8,000, Credit Cash ₦8,000

Correct Answer: A

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Question 22 View Details
A manufacturing company uses a job order costing system. The company has two departments: Cutting and Assembly. The Cutting department incurs costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total overhead costs for the period are ₦250,000. If the company's total production costs for the period are ₦800,000, what is the total cost of goods manufactured?
A. ₦1,000,000
Correct B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

Correct Answer: B

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Question 23 View Details
A company's trial balance as of December 31, 2024, is as follows: Debit Cash: ₦150,000 Accounts Receivable: ₦200,000 Prepaid Rent: ₦50,000 Equipment: ₦500,000 Accumulated Depreciation: ₦100,000 Salaries Payable: ₦30,000 Credit Accounts Payable: ₦250,000 Common Stock: ₦1,000,000 Retained Earnings: ₦500,000 Dividends: ₦100,000 Rent Expense: ₦20,000 Salaries Expense: ₦40,000 Utilities Expense: ₦10,000 What is the company's total assets?
A. ₦1,500,000
Correct B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000

Correct Answer: B

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Question 24 View Details
A company uses a job order costing system. The company has two departments: Cutting and Assembly. The Cutting department incurs costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total overhead costs for the period are ₦250,000. If the company's total production costs for the period are ₦800,000, what is the total cost of goods manufactured?
A. ₦1,000,000
Correct B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

Correct Answer: B

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Question 25 View Details
A company's trial balance as of December 31, 2024, is as follows: Debit Cash: ₦150,000 Accounts Receivable: ₦200,000 Prepaid Rent: ₦50,000 Equipment: ₦500,000 Accumulated Depreciation: ₦100,000 Salaries Payable: ₦30,000 Credit Accounts Payable: ₦250,000 Common Stock: ₦1,000,000 Retained Earnings: ₦500,000 Dividends: ₦100,000 Rent Expense: ₦20,000 Salaries Expense: ₦40,000 Utilities Expense: ₦10,000 What is the company's total assets?
A. ₦1,500,000
Correct B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000

Correct Answer: B

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