POST UTME OSUSTECH 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's bank statement shows a balance of ₦50,000, while the company's cash book shows a balance of ₦60,000. What is the correct balance of the company's cash account?
Question 2
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives ₦150,000 in cash, what is the amount received from the issue of shares?
Question 3
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦500,000?
Question 4
A company's income statement for the year shows the following: Sales Revenue ₦20,000,000, Cost of Goods Sold ₦12,000,000, Gross Profit ₦8,000,000, Operating Expenses ₦2,000,000, and Net Income ₦6,000,000. If the company's total assets at the beginning of the year were ₦10,000,000 and at the end of the year were ₦18,000,000, what is the company's return on equity?
Question 5
In a public sector accounting system, what is the primary purpose of the 'General Ledger'?
Question 6
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦120,000 and the Assembly department has a production cost of ₦180,000. What is the total production cost of the company?
Question 7
A company's manufacturing account for the year ended 31st December 2020 is as follows:
Direct Materials:
₦1,500,000
₦1,200,000
₦50,000
Direct Labour:
₦1,000,000
₦20,000
What is the total cost of production?
Question 8
A company has the following cash book transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 8,000 |
| 3rd Jan | Cash | | 12,000 |
What is the balance of the cash account?
Question 9
A company's balance sheet shows an increase in non-current liabilities of ₦100,000 and an increase in non-current assets of ₦150,000. What is the net increase in long-term financing?
Question 10
A manufacturing company produces two products, X and Y. Product X requires 2 hours of labor and 3 units of raw material, while product Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, determine the maximum number of units of product X that can be produced.
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦1,500,000, Accounts Receivable ₦2,000,000, Common Stock ₦5,000,000, and Retained Earnings ₦3,000,000. If the company's total assets are ₦15,000,000 and its total liabilities are ₦8,000,000, what is the company's total equity?
Question 12
A manufacturing company produces two products, X and Y, which are sold for ₦500 and ₦600 respectively. The company's total sales revenue for the year is ₦15,000,000. If the company's cost of goods sold for product X is ₦2,000,000 and for product Y is ₦1,800,000, calculate the gross profit for the year.
Question 13
A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦80,000, and purchased goods for ₦30,000. Calculate the cost of goods sold.
Question 14
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership's profit is ₦1,200,000, how much will Partner A receive as their share of the profit?
Question 15
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives ₦500,000 in cash, what is the amount received from the issue of debentures?
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