POST UTME OSUSTECH 2019 Accounting | Objective

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Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,500,000, what is the amount received from the issue of shares?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,500,000
Question 2
A company's financial statements show the following information: Net 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 operating profit margin?
A. 20%
B. 30%
C. 40%
D. 50%
Question 3
A company has the following assets: Building ₦500,000, machinery ₦200,000, and furniture ₦100,000. If the company uses the straight-line method of depreciation, what is the annual depreciation charge?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company has the following financial statements: Balance sheet ₦1,000,000, income statement ₦500,000, and cash flow statement ₦200,000. What is the total amount of financial statements?
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000
Question 5
A company has the following transactions: Purchase of office equipment for ₦300,000, purchase of furniture for ₦450,000, and sale of goods for ₦900,000. Prepare the balance sheet for the company.
A. ₦1,750,000
B. ₦1,850,000
C. ₦1,950,000
D. ₦2,050,000
Question 6
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of shares and debentures.
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 7
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 correct this discrepancy?
A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
B. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and Journal Entry: Debit Rent Received ₦15,000, Credit Rent Paid ₦20,000
C. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and Journal Entry: Debit Rent Paid ₦15,000, Credit Rent Received ₦20,000
D. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
Question 8
A company has the following bank reconciliation statement: Opening balance ₦100,000, deposits ₦50,000, and cheques returned ₦20,000. What is the new bank balance?
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000
Question 9
A company's cash book shows the following transactions: Date Debit Credit 1st January ₦ 1,000 ₦ 0 2nd January ₦ 0 ₦ 500 3rd January ₦ 0 ₦ 1,500 4th January ₦ 2,000 ₦ 0 5th January ₦ 0 ₦ 1,000 What is the bank balance on 5th January?
A. ₦1,000
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 10
A company has a depreciation rate of 10% per annum on its assets. If the asset value is ₦100,000, what is the depreciation for the first year?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 11
A company has the following transactions: Purchase of office equipment for ₦150,000, purchase of furniture for ₦200,000, and sale of goods for ₦600,000. Prepare the balance sheet for the company.
A. ₦950,000
B. ₦1,050,000
C. ₦1,150,000
D. ₦1,250,000
Question 12
A public sector organization has the following transactions: Purchase of office equipment for ₦120,000, payment of salaries ₦500,000, and collection of rent ₦200,000. What is the total amount of cash outflows?
A. ₦820,000
B. ₦920,000
C. ₦720,000
D. ₦820,000
Question 13
A company uses the job costing method to account for its manufacturing costs. The company has two jobs in progress, Job A and Job B, with the following costs: Job A: ₦10,000 direct materials, ₦5,000 direct labor, and ₦2,000 manufacturing overhead; Job B: ₦8,000 direct materials, ₦4,000 direct labor, and ₦1,500 manufacturing overhead. What is the total cost of the two jobs?
A. ₦20,000
B. ₦22,500
C. ₦25,000
D. ₦27,500
Question 14
A single entry system is used by a small business. The following transactions are recorded: Purchased goods on credit for ₦30,000, sold goods on credit for ₦40,000, and paid cash for office expenses of ₦5,000. What is the total amount of assets recorded in the ledger?
A. +₦35,000
B. +₦40,000
C. +₦45,000
D. +₦50,000
Question 15
In a public sector accounting system, what is the primary purpose of the 'Budgetary Control' module?
A. To monitor and control cash flows
B. To ensure compliance with financial regulations
C. To facilitate the preparation of financial statements
D. To optimize resource allocation

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