POST UTME OSUSTECH 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's profit and loss account for the year ended 31st December 2023 is as follows:
Trading Profit: ₦500,000
\begin{itemize}
\item Depreciation: ₦50,000
\item Interest on Loan: ₦20,000
\end{itemize}
Calculate the company's net profit for the year.
Question 2
A company's profit and loss account for the year ended 31st December 2023 is as follows:
Trading Profit: ₦500,000
\begin{itemize}
\item Depreciation: ₦50,000
\item Interest on Loan: ₦20,000
\end{itemize}
Calculate the company's net profit for the year.
Question 3
A company's balance sheet as at 31st December 2023 is as follows:
Assets:
\begin{itemize}
\item Cash: ₦50,000
\item Debtors: ₦100,000
\item Stock: ₦200,000
\item Plant and Machinery: ₦300,000
\end{itemize}
Liabilities:
\begin{itemize}
\item Creditors: ₦150,000
\item Loan: ₦200,000
\end{itemize}
Calculate the company's liquidity ratio.
Question 4
A company has a trial balance with the following accounts: Accounts Receivable ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets?
Question 5
A company has the following financial statements.
Question 6
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. Calculate the total revenue from the sale of these products.
Question 7
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦100,000 and its current liabilities are ₦50,000, what is the company's quick ratio?
Question 8
A company's balance sheet as at 31st December 2023 is as follows:
Assets:
\begin{itemize}
\item Cash: ₦50,000
\item Debtors: ₦100,000
\item Stock: ₦200,000
\item Plant and Machinery: ₦300,000
\end{itemize}
Liabilities:
\begin{itemize}
\item Creditors: ₦150,000
\item Loan: ₦200,000
\end{itemize}
Calculate the company's net worth.
Question 9
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the balance sheet.
Question 10
A company issued 10,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 11
A company's profit and loss account for the year ended 31st December 2023 is as follows:
Trading Profit: ₦500,000
\begin{itemize}
\item Depreciation: ₦50,000
\item Interest on Loan: ₦20,000
\end{itemize}
Calculate the company's net profit for the year.
Question 12
A company's balance sheet as at 31st December 2023 is as follows:
Assets:
\begin{itemize}
\item Cash: ₦50,000
\item Debtors: ₦100,000
\item Stock: ₦200,000
\item Plant and Machinery: ₦300,000
\end{itemize}
Liabilities:
\begin{itemize}
\item Creditors: ₦150,000
\item Loan: ₦200,000
\end{itemize}
Calculate the company's current ratio.
Question 13
A company has a depreciation schedule with the following information: Asset A ₦50,000, Asset B ₦30,000, and Asset C ₦20,000. What is the total depreciation for the year?
Question 14
The following is a statement of financial position for a public sector entity as at 31st December 2023.
Question 15
A company has a cash book account with the following transactions.
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