POST UTME OAU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 1 Jan | Bank | | ₦10,000 | | 5 Jan | Cash | | ₦5,000 | | 10 Jan | Bank | ₦5,000 | | What is the balance in the bank account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 1 Jan | Bank | | ₦10,000 | | 5 Jan | Cash | | ₦5,000 | | 10 Jan | Bank | ₦5,000 | | What is the balance in the cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 3
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?
A. ₦8,000,000
B. ₦9,000,000
C. ₦10,000,000
D. ₦11,000,000
Question 4
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
C. ₦870,000
D. ₦970,000
Question 5
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
C. ₦630,000
D. ₦735,000
Question 6
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.
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.
Question 7
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦120,000 and its residual value is ₦20,000, calculate the annual depreciation charge.
A. ₦50,000
B. ₦60,000
C. ₦40,000
D. ₦30,000
Question 8
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.
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
Question 9
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.
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
Question 10
A company's balance sheet has the following account balances: Cash 100,000, Accounts Receivable 200,000, Inventory 300,000, Prepaid Rent 40,000, and Accounts Payable 150,000. What is the company's total assets?
A. 740,000
B. 840,000
C. 940,000
D. 1,040,000
Question 11
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.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 12
A company's trial balance has the following account balances: Sales 100,000, Cost of Goods Sold 60,000, Gross Profit 40,000, Operating Expenses 20,000, Net Income 20,000. What is the company's net income?
A. 20,000
B. 40,000
C. 60,000
D. 80,000
Question 13
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
C. ₦200,000
D. ₦220,000
Question 14
A government agency is required to prepare a cash flow statement in accordance with the cash flow statement standard. Which of the following statements is true regarding the cash flow statement?
A. The cash flow statement is a statement of financial position.
B. The cash flow statement is a statement of financial performance.
C. The cash flow statement is a statement of cash flows.
D. The cash flow statement is a statement of changes in equity.
Question 15
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
C. ₦15,000
D. ₦20,000

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