POST UTME OSUSTECH 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders and the amount of discount on the debentures.
A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000
Question 2
A company purchases a machine for ₦500,000. The machine is expected to have a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 3
A company's manufacturing costs for the month are as follows: Direct Materials ₦120,000, Direct Labor ₦80,000, and Manufacturing Overhead ₦60,000. If the company produces 1,000 units of product A and 500 units of product B, what is the total variable cost of product A?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 4
A company has the following transactions for the year ended December 31, 2022: Purchased office equipment for ₦50,000; Sold office equipment for ₦30,000. Calculate the gain or loss on the sale of office equipment.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 5
A manufacturing company uses the weighted average method to value its inventory. The company has the following data for the year ended December 31, 2022: Cost of goods available for sale ₦1,500,000; Cost of goods sold ₦1,200,000. Calculate the inventory value at December 31, 2022.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦20,000, Accounts Receivable ₦15,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000. Prepare the company's income statement.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 7
A company's bank reconciliation statement showed a balance of ₦50,000, but the company's cash book showed a balance of ₦60,000. The bank statement showed a deposit of ₦10,000 and a withdrawal of ₦5,000. What is the correct balance of the company's cash book?
A. ₦55,000
B. ₦60,000
C. ₦65,000
D. ₦70,000
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A and B.
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦42,000
Question 9
A company issues 10,000, 10% shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders and the amount of premium on the shares.
A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000
Question 10
A company's balance sheet as at 31st December 2022 is as follows: ₦1,000,000 in cash, ₦500,000 in accounts receivable, ₦200,000 in inventory, ₦300,000 in accounts payable, and ₦400,000 in long-term debt. Prepare the company's statement of cash flows for the year.
A. ₦1,000,000 (Cash) + ₦500,000 (Accounts Receivable) + ₦200,000 (Inventory) - ₦300,000 (Accounts Payable) - ₦400,000 (Long-term Debt)
B. ₦1,000,000 (Cash) - ₦500,000 (Accounts Receivable) - ₦200,000 (Inventory) + ₦300,000 (Accounts Payable) + ₦400,000 (Long-term Debt)
C. ₦1,000,000 (Cash) + ₦500,000 (Accounts Receivable) - ₦200,000 (Inventory) - ₦300,000 (Accounts Payable) + ₦400,000 (Long-term Debt)
D. ₦1,000,000 (Cash) - ₦500,000 (Accounts Receivable) + ₦200,000 (Inventory) + ₦300,000 (Accounts Payable) - ₦400,000 (Long-term Debt)
Question 11
A company's bank reconciliation statement shows a difference of ₦5,000 between the bank's statement and the company's cash book. The company's cash book balance is ₦20,000, while the bank's statement balance is ₦25,000. Prepare the necessary journal entry to reconcile the difference.
A. Debit Cash ₦5,000, Credit Bank Overdraft ₦5,000
B. Debit Bank Overdraft ₦5,000, Credit Cash ₦5,000
C. Debit Cash ₦5,000, Credit Bank Interest ₦5,000
D. Debit Bank Interest ₦5,000, Credit Cash ₦5,000
Question 12
A company's trial balance shows a debit balance of ₦10,000 in the 'Rent Paid' account. Prepare the necessary journal entry to close this account.
A. Debit Rent Paid ₦10,000, Credit Rent Expense ₦10,000
B. Debit Rent Expense ₦10,000, Credit Rent Paid ₦10,000
C. Debit Rent Paid ₦10,000, Credit Profit ₦10,000
D. Debit Profit ₦10,000, Credit Rent Paid ₦10,000
Question 13
A manufacturing company produces two products, A and B. The company's production costs for the month are as follows: Direct Materials ₦120,000, Direct Labor ₦80,000, and Manufacturing Overhead ₦60,000. If the company produces 1,000 units of product A and 500 units of product B, what is the total cost of goods sold?
A. ₦180,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 14
A company issues 5,000 shares of ₦5 each at a discount of ₦1 per share. Calculate the total amount received from the issue of shares.
A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000
Question 15
A company's manufacturing account showed the following balances: Direct Materials ₦100,000, Direct Labor ₦150,000, and Factory Overhead ₦200,000. Prepare a cost of goods sold statement for the company.
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000

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
Help others prepare! Share this practice hub: