POST UTME OSUSTECH 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦75,000. The company's balance sheet shows a total assets of ₦200,000 and total liabilities of ₦100,000. What is the correct net worth of the company?
A. ₦75,000
B. ₦50,000
C. ₦25,000
D. ₦0
Question 2
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦12,000
Question 3
A company's profit and loss statement shows a net income of ₦50,000. The company's balance sheet shows a total equity of ₦200,000. What is the company's return on equity (ROE)?
A. 25%
B. 30%
C. 35%
D. 40%
Question 4
A company's cash book shows a credit balance of ₦15,000 in the bank account. However, the bank statement shows a debit balance of ₦8,000. What is the correct amount of the bank overdraft?
A. ₦23,000
B. ₦15,000
C. ₦8,000
D. ₦3,000
Question 5
A company's cash book shows a credit balance of ₦15,000 in the cash account. However, the bank statement shows a debit balance of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque that has not been presented for payment.
B. The company has deposited cash into the bank but the bank has not yet credited the account.
C. The company has written a cheque that has been dishonoured by the bank.
D. The company has made an error in recording the cash transactions.
Question 6
A company's bank statement showed a balance of ₦50,000, but the cash book showed a balance of ₦40,000. The bank statement included a credit of ₦5,000 for a dishonored cheque. Prepare the bank reconciliation statement.
A. ₦50,000 - ₦5,000 = ₦45,000
B. ₦50,000 + ₦5,000 = ₦55,000
C. ₦40,000 + ₦5,000 = ₦45,000
D. ₦40,000 - ₦5,000 = ₦35,000
Question 7
A partnership is formed between two partners, A and B, who contribute N500,000 and N300,000 respectively. The profit is to be shared in the ratio 3:2. If the profit for the year is N200,000, calculate the share of profit of each partner.
A. A: ₦150,000, B: ₦50,000
B. A: ₦120,000, B: ₦80,000
C. A: ₦180,000, B: ₦20,000
D. A: ₦100,000, B: ₦100,000
Question 8
A company has the following balance sheet at the beginning and end of the year:
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 9
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, Dividends ₦10,000, Retained Earnings ₦30,000. Prepare the company's income statement.
A. Revenue ₦120,000, Expenses ₦90,000, Net Income ₦30,000
B. Revenue ₦100,000, Expenses ₦80,000, Net Income ₦20,000
C. Revenue ₦110,000, Expenses ₦80,000, Net Income ₦30,000
D. Revenue ₦130,000, Expenses ₦90,000, Net Income ₦40,000
Question 10
A company's trial balance shows the following balances: ₦100,000 debit, ₦50,000 credit, ₦20,000 debit, and ₦30,000 credit. What is the company's net profit for the year?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 12
A company's cash book shows the following transactions: ₦10,000 received from a customer, ₦5,000 paid to a supplier, ₦2,000 received from a customer, and ₦3,000 paid to a supplier. What is the company's cash balance at the end of the month?
A. ₦12,000
B. ₦13,000
C. ₦14,000
D. ₦15,000
Question 13
A government agency is required to prepare a statement of cash flows in accordance with the accrual accounting system. The agency's cash inflows during the year consisted of ₦100,000 from taxes and ₦50,000 from interest on investments. The agency's cash outflows during the year consisted of ₦150,000 for salaries and ₦75,000 for rent. What is the net cash inflow from operating activities?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit is shared in the ratio 3:2, what is the amount of profit to be distributed to partner A?
A. ₦18,000
B. ₦12,000
C. ₦20,000
D. ₦15,000
Question 15
A company's trial balance shows a debit balance of ₦25,000 in the account 'Rent Paid' and a credit balance of ₦30,000 in the account 'Rent Received'. What is the correct journal entry to rectify this error?
A. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
B. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000 and Debit Rent Paid ₦25,000
C. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000 and Credit Rent Received ₦5,000
D. Debit Rent Paid ₦25,000, Credit Rent Received ₦30,000

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