POST UTME OSUSTECH 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦5,000
B. ₦5,500
C. ₦6,000
D. ₦6,500
Question 2
A company uses the double-entry system of accounting. The following transactions occurred during the year: 1. Purchased office equipment for ₦50,000. 2. Sold goods for ₦200,000. 3. Paid salaries of ₦100,000. 4. Purchased raw materials for ₦150,000. 5. Collected cash from customers for ₦250,000. Determine the correct order of journal entries for these transactions.
A. 1. Purchased office equipment for ₦50,000. 2. Paid salaries of ₦100,000. 3. Purchased raw materials for ₦150,000. 4. Sold goods for ₦200,000. 5. Collected cash from customers for ₦250,000.
B. 1. Purchased office equipment for ₦50,000. 2. Purchased raw materials for ₦150,000. 3. Paid salaries of ₦100,000. 4. Sold goods for ₦200,000. 5. Collected cash from customers for ₦250,000.
C. 1. Purchased office equipment for ₦50,000. 2. Purchased raw materials for ₦150,000. 3. Sold goods for ₦200,000. 4. Paid salaries of ₦100,000. 5. Collected cash from customers for ₦250,000.
D. 1. Purchased office equipment for ₦50,000. 2. Sold goods for ₦200,000. 3. Purchased raw materials for ₦150,000. 4. Paid salaries of ₦100,000. 5. Collected cash from customers for ₦250,000.
Question 3
A company's trial balance shows the following balances: Debit ₦1,000,000 ₦500,000 ₦200,000 ₦300,000 ₦400,000 ₦600,000 Credit ₦800,000 ₦700,000 ₦900,000 ₦1,200,000 Determine the correct order of journal entries for these transactions.
A. 1. Purchased office equipment for ₦50,000. 2. Paid salaries of ₦100,000. 3. Purchased raw materials for ₦150,000. 4. Sold goods for ₦200,000. 5. Collected cash from customers for ₦250,000.
B. 1. Purchased office equipment for ₦50,000. 2. Purchased raw materials for ₦150,000. 3. Paid salaries of ₦100,000. 4. Sold goods for ₦200,000. 5. Collected cash from customers for ₦250,000.
C. 1. Purchased office equipment for ₦50,000. 2. Purchased raw materials for ₦150,000. 3. Sold goods for ₦200,000. 4. Paid salaries of ₦100,000. 5. Collected cash from customers for ₦250,000.
D. 1. Purchased office equipment for ₦50,000. 2. Sold goods for ₦200,000. 3. Purchased raw materials for ₦150,000. 4. Paid salaries of ₦100,000. 5. Collected cash from customers for ₦250,000.
Question 4
A company has two partners: A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. The company makes a profit of ₦150,000. What is the ratio of Partner A's share to Partner B's share?
A. 1:2
B. 2:3
C. 3:4
D. 4:5
Question 5
A company has the following transactions: Purchased goods for ₦100,000 on credit, and sold goods for ₦120,000 on credit. Prepare the journal entries for these transactions.
A. Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Sales ₦120,000, Credit Accounts Receivable ₦120,000
C. Debit Purchases ₦100,000, Credit Cash ₦100,000
D. Debit Sales ₦120,000, Credit Purchases ₦120,000
Question 6
A company's financial statements show the following information: Net Income ₦100,000, Retained Earnings ₦200,000, and Dividends ₦50,000. What is the company's total equity?
A. ₦250,000
B. ₦250,000
C. ₦250,000
D. ₦250,000
Question 7
A company has the following transactions for the year ended December 31, 2022: Sales: ₦1,500,000; Cost of Goods Sold: ₦900,000; Operating Expenses: ₦200,000. Prepare the Trading Account for the year.
A. Trading Account
B. Profit and Loss Account
C. Balance Sheet
D. Statement of Cash Flows
Question 8
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts payable, and ₦20,000 in common stock. What is the total equity of the company?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 9
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
B. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
C. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
Question 10
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method.
A. ₦50,000
B. ₦40,000
C. ₦30,000
D. ₦20,000
Question 11
A company uses a control account system. The company has the following transactions: Debit Cash ₦100,000, Credit Accounts Payable ₦150,000, Debit Inventory ₦200,000, Credit Accounts Receivable ₦250,000. What is the total value of the company's assets?
A. ₦550,000
B. ₦600,000
C. ₦650,000
D. ₦700,000
Question 12
A company uses a double-entry system. The company has the following transactions: Debit Cash ₦100,000, Credit Accounts Payable ₦150,000, Debit Inventory ₦200,000, Credit Accounts Receivable ₦250,000. What is the total value of the company's assets?
A. ₦550,000
B. ₦600,000
C. ₦650,000
D. ₦700,000
Question 13
A company uses a job costing system to account for its manufacturing costs. The following information is available for Job No. 101: Direct Materials: ₦120,000; Direct Labor: ₦80,000; Overhead: ₦60,000. What is the total cost of Job No. 101?
A. ₦260,000
B. ₦280,000
C. ₦300,000
D. ₦320,000
Question 14
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. What is the total profit for the year?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 15
A company uses a self-balancing ledger system. The ledger has the following accounts: Cash, Accounts Receivable, and Inventory. The company has a balance of ₦150,000 in Cash, ₦200,000 in Accounts Receivable, and ₦250,000 in Inventory. What is the total value of the company's assets?
A. ₦600,000
B. ₦650,000
C. ₦700,000
D. ₦750,000

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