POST UTME OSUSTECH 2020 Accounting | Objective

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Question 1
A company's trial balance shows a debit balance of ₦20,000 in the 'Rent' account. However, the 'Rent Received' account shows a credit balance of ₦15,000. What is the correct explanation for this discrepancy?
A. The company has paid rent in advance.
B. The company has received rent in advance.
C. The company has not recorded rent paid in advance.
D. The company has not recorded rent received in advance.
Question 2
A company uses the double-entry system of accounting. From the following transactions, determine the correct journal entry for the sale of goods for ₦80,000.
A. Debit Sales Revenue ₦80,000, Credit Cash ₦80,000
B. Debit Cash ₦80,000, Credit Sales Revenue ₦80,000
C. Debit Sales Revenue ₦80,000, Credit Accounts Receivable ₦80,000
D. Debit Accounts Receivable ₦80,000, Credit Sales Revenue ₦80,000
Question 3
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 1 Jan | Bank | | 10,000 | | 2 Jan | Sales | | 15,000 | | 3 Jan | Purchases | 8,000 | | | 3 Jan | Bank | | 8,000 | What is the balance on the Cash account?
A. ₦2,000
B. ₦10,000
C. ₦15,000
D. ₦8,000
Question 4
A company's trial balance shows a debit balance of ₦25,000 in the 'Rent' account. However, the 'Rent Received' account shows a credit balance of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has paid rent in advance.
B. The company has received rent in advance.
C. The company has not recorded rent paid in advance.
D. The company has not recorded rent received in advance.
Question 5
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Equipment | | 8,000 | | Drawings | | 2,000 | | Sales | | 12,000 | What is the total amount of drawings made by the partners?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 6
In a partnership account, the capital of a partner who leaves the business is calculated as the difference between the partner's share of the profit and the partner's share of the loss. If the profit is ₦120,000 and the loss is ₦80,000, and the partner's share of the profit and loss is 2/5, what is the partner's capital?
A. ₦16,000
B. ₦24,000
C. ₦32,000
D. ₦40,000
Question 7
A company has the following incomplete records: | Date | Transaction | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 2nd Jan | Equipment | | 8,000 | | 3rd Jan | Drawings | | 2,000 | | 4th Jan | Sales | | 12,000 | What is the total amount of drawings made by the partners?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000
Question 8
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 1 Jan | Bank | | 10,000 | | 2 Jan | Sales | | 15,000 | | 3 Jan | Purchases | 8,000 | | | 3 Jan | Bank | | 8,000 | What is the balance on the Bank account?
A. ₦2,000
B. ₦10,000
C. ₦15,000
D. ₦8,000
Question 9
A trader's ledger account for 'Purchases' shows a debit balance of ₦40,000. However, the 'Purchases Return' account shows a credit balance of ₦8,000. What is the correct journal entry to record the return of goods?
A. Debit 'Purchases Return' and credit 'Purchases'.
B. Debit 'Purchases' and credit 'Purchases Return'.
C. Debit 'Purchases Return' and debit 'Purchases'.
D. Credit 'Purchases Return' and credit 'Purchases'.
Question 10
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 11
A company uses the straight-line method to depreciate its assets. The company has a machine that cost ₦100,000 and is expected to last for 5 years. Calculate the annual depreciation.
A. ₦20,000
B. ₦15,000
C. ₦10,000
D. ₦5,000
Question 12
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts receivable, ₦20,000 in inventory, and ₦30,000 in equipment. Calculate the total assets of the company.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 13
A government agency has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 50,000 | | | 1 Jan | Bank | | 50,000 | | 2 Jan | Salaries | | 30,000 | | 3 Jan | Rent | 20,000 | | | 3 Jan | Bank | | 20,000 | What is the balance on the Bank account?
A. ₦20,000
B. ₦30,000
C. ₦50,000
D. ₦70,000
Question 14
A company has a profit and loss account that shows a profit of ₦150,000. If the company issues 5,000 shares at a premium of ₦10 per share, what is the new profit?
A. ₦160,000
B. ₦170,000
C. ₦180,000
D. ₦190,000
Question 15
A company has the following balance sheet: ₦120,000 in cash, ₦60,000 in accounts receivable, ₦25,000 in inventory, and ₦40,000 in equipment. Calculate the total liabilities of the company.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000

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