POST UTME OSUSTECH 2022 Accounting | Objective

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Question 1 View Details
In a partnership account, if the capital of A is ₦120,000, B is ₦90,000, and C is ₦80,000, and the profit-sharing ratio is 3:2:1, what is the total profit-sharing ratio?
Correct A. 5:3:2
B. 3:2:1
C. 6:4:2
D. 4:3:2

Correct Answer: A

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Question 2 View Details
A company issued 10,000 shares of ₦10 each at a premium of ₦5. If the company's share capital is ₦500,000, what is the amount received from the issue of shares?
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 3 View Details
A company's cash book shows a debit balance of ₦50,000. The bank statement shows a credit balance of ₦60,000. What is the difference between the cash book balance and the bank statement balance?
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 4 View Details
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?
A. ₦900,000
Correct B. ₦800,000
C. ₦700,000
D. ₦600,000

Correct Answer: B

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Question 5 View Details
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?
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 6 View Details
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 1 hour on M2, while product B requires 1 hour on M1 and 2 hours on M2. The company operates for 24 hours and allocates 16 hours to M1 and 8 hours to M2. If the production rate for product A is 10 units per hour on M1 and 8 units per hour on M2, and the production rate for product B is 12 units per hour on M1 and 10 units per hour on M2, what is the total production of both products?
A. 280 units
Correct B. 300 units
C. 320 units
D. 340 units

Correct Answer: B

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Question 7 View Details
A company has two departments, A and B, with the following balance sheet as at December 31, 2022:
A. ₦1,500,000
B. ₦1,800,000
Correct C. ₦2,000,000
D. ₦2,200,000

Correct Answer: C

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Question 8 View Details
A company has the following trial balance as at December 31, 2022:
A. ₦1,200,000
B. ₦1,500,000
Correct C. ₦1,800,000
D. ₦2,000,000

Correct Answer: C

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Question 9 View Details
A partnership has two partners, A and B, with the following capital accounts as at December 31, 2022:
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦1,800,000

Correct Answer: C

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Question 10 View Details
A company has the following ledger accounts as at December 31, 2022:
A. ₦1,500,000
B. ₦1,800,000
Correct C. ₦2,000,000
D. ₦2,200,000

Correct Answer: C

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Question 11 View Details
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.
A. ₦50,000
Correct B. ₦52,500
C. ₦55,000
D. ₦57,500

Correct Answer: B

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Question 12 View Details
A company's trial balance as at 31st December, 2022 is as follows: Assets: ₦100,000 Cash ₦50,000 Bank ₦20,000 Accrued Income ₦30,000 Prepaid Rent ₦10,000 Accrued Expenses Liabilities: ₦50,000 Accrued Expenses ₦20,000 Bank Loan Equity: ₦30,000 Share Capital ₦20,000 Retained Earnings What is the company's net worth?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 13 View Details
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.
A. ₦25,000
B. ₦28,000
Correct C. ₦30,000
D. ₦32,000

Correct Answer: C

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Question 14 View Details
A company issued 10,000 shares of ₦10 each at a premium of ₦5. The company also issued 5,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount of capital raised.
A. ₦1,250,000
B. ₦1,300,000
Correct C. ₦1,350,000
D. ₦1,400,000

Correct Answer: C

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Question 15 View Details
A company's balance sheet as at 31st December, 2022 is as follows: Assets: ₦100,000 Cash ₦50,000 Bank ₦20,000 Accrued Income ₦30,000 Prepaid Rent ₦10,000 Accrued Expenses Liabilities: ₦50,000 Accrued Expenses ₦20,000 Bank Loan Equity: ₦30,000 Share Capital ₦20,000 Retained Earnings What is the company's total assets?
A. ₦200,000
B. ₦220,000
Correct C. ₦240,000
D. ₦260,000

Correct Answer: C

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Question 16 View Details
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.
Correct A. Trading Account: ₦1,500,000; Profit and Loss Account: ₦700,000
B. Trading Account: ₦2,000,000; Profit and Loss Account: ₦400,000
C. Trading Account: ₦1,500,000; Profit and Loss Account: ₦1,200,000
D. Trading Account: ₦2,000,000; Profit and Loss Account: ₦1,500,000

Correct Answer: A

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Question 17 View Details
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 Balance Sheet for the company.
A. ₦3,800,000
Correct B. ₦4,100,000
C. ₦4,500,000
D. ₦5,000,000

Correct Answer: B

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Question 18 View Details
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.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦3,800,000
D. ₦4,100,000

Correct Answer: C

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Question 19 View Details
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 Departmental Account for the company.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦3,800,000
D. ₦4,100,000

Correct Answer: C

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Question 20 View Details
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.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦3,800,000
D. ₦4,100,000

Correct Answer: C

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Question 21 View Details
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 Company Account for the company.
A. ₦3,800,000
Correct B. ₦4,100,000
C. ₦4,500,000
D. ₦5,000,000

Correct Answer: B

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Question 22 View Details
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.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦3,800,000
D. ₦4,100,000

Correct Answer: C

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Question 23 View Details
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 Debenture Account for the company.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦3,800,000
D. ₦4,100,000

Correct Answer: C

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Question 24 View Details
A company issued 10,000 shares of 2 par value at a premium of 50%.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 25 View Details
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?
A. ₦42,000
Correct B. ₦45,000
C. ₦48,000
D. ₦50,000

Correct Answer: B

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