POST UTME OSUSTECH 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Partnership Account for the company.
Question 2
A partnership has two partners, A and B, with the following capital accounts as at December 31, 2022:
Question 3
A company prepares its trial balance as follows: assets ₦500,000, liabilities ₦200,000, and equity ₦300,000. What is the total amount of assets?
Question 4
A partnership has 3 partners: A, B, and C. The capital accounts of A, B, and C are ₦50,000, ₦30,000, and ₦20,000 respectively. If the profit is ₦15,000, and the loss is ₦8,000, what is the new balance of A's capital account?
Question 5
A company prepares its final accounts as follows: trading profit ₦100,000, profit before tax ₦150,000, and tax expense ₦30,000. What is the net profit for the year?
Question 6
A company purchased a building for ₦500,000. The building has a useful life of 10 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 7
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: salaries ₦800,000, rent ₦200,000, and utilities ₦100,000. What is the percentage of the budget spent on salaries?
Question 8
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Trading Account and Profit and Loss Account for the company.
Question 9
A company uses the single-entry system of accounting. The company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 01/01 | Cash | 10,000 | 0 |
| 02/01 | Sales | 0 | 15,000 |
| 03/01 | Cash | 8,000 | 0 |
| 04/01 | Sales | 0 | 12,000 |
What is the total amount of cash received by the company?
Question 10
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Manufacturing Account for the company.
Question 11
A company's assets are valued at ₦1,000,000. The company's depreciation policy is to depreciate assets by 10% per annum. What is the value of the assets after 2 years?
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
Question 13
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Share Account for the company.
Question 14
A company issued 5,000 debentures of ₦100 each at a premium of ₦20. If the company's debenture capital is ₦500,000, what is the amount received from the issue of debentures?
Question 15
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
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