POST UTME BSU 2025 Accounting | Objective

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Question 1
A company's balance sheet as at 31st December 2024 is as follows: Assets: ₦1,500,000 ₦1,200,000 ₦1,000,000 ₦800,000 ₦600,000 ₦400,000 ₦200,000 Liabilities: ₦1,000,000 ₦800,000 ₦600,000 ₦400,000 ₦200,000 Calculate the company's current ratio.
A. 1.5
B. 1.8
C. 2.0
D. 2.2
Question 2
A company has the following balance sheet:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 3
A company's ledger shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦20,000 | | | Bank | | ₦30,000 | | Debtors | ₦40,000 | | | Creditors | | ₦10,000 | Calculate the net worth of the company.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 4
A company has the following transactions in its incomplete records: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦10,000 | | | 1/2 | Purchase of goods | | ₦20,000 | | 1/3 | Sale of goods | | ₦30,000 | What is the correct journal entry for the purchase of goods?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 5
A company has the following balance sheet: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | Profit | 10,000 | Calculate the total assets.
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 6
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦1,100,000
B. ₦1,150,000
C. ₦1,200,000
D. ₦1,250,000
Question 7
A company issued 5,000 debentures of ₦100 each at a discount of ₦5 per debenture. If the issue expenses were ₦10,000, how much will be credited to the debenture account?
A. ₦450,000
B. ₦400,000
C. ₦350,000
D. ₦300,000
Question 8
In a partnership account, the capital of two partners, A and B, is given as follows: A's capital = ₦120,000, B's capital = ₦80,000. If the total capital of the partnership is ₦200,000, what is the ratio of A's capital to B's capital?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 9
A company issued 10,000 ordinary shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 10
A company has the following profit and loss account:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 12
A company's profit and loss account for the year ended 31st December 2024 is as follows:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the reducing balance method.
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000
Question 14
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 15
A company purchases a machine for ₦200,000 and depreciates it using the reducing-balance method over a period of 5 years. What is the annual depreciation charge?
A. ₦40,000
B. ₦35,000
C. ₦30,000
D. ₦25,000

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