POST UTME OAU 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 5,000 debentures of ₦100 each at a premium of ₦5 per debenture. Calculate the total amount received.
A. ₦500,000
B. ₦525,000
C. ₦550,000
D. ₦575,000
Question 2
A company issued 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 3
A company uses the double-entry system of accounting. If the company's trial balance shows a debit balance of ₦10,000 in the account 'Office Supplies' and a credit balance of ₦20,000 in the account 'Office Equipment', what is the correct journal entry to record the transfer of ₦10,000 from 'Office Supplies' to 'Office Equipment'?
A. Debit Office Supplies ₦10,000, Credit Office Equipment ₦10,000
B. Debit Office Supplies ₦20,000, Credit Office Equipment ₦10,000
C. Debit Office Supplies ₦10,000, Credit Office Equipment ₦20,000
D. Debit Office Supplies ₦10,000, Credit Office Equipment ₦30,000
Question 4
A company's trial balance as of December 31, 2022, is as follows: Debit Cash: ₦100,000 Accounts Payable: ₦50,000 Sales Revenue: ₦200,000 Cost of Goods Sold: ₦150,000 Credit Accounts Receivable: ₦70,000 Common Stock: ₦150,000 Salaries Expense: ₦30,000 Rent Expense: ₦20,000 What is the net income for the year?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 5
A company has the following transactions related to its manufacturing operations: 1. Purchased raw materials for ₦100,000. 2. Incurred direct labor costs of ₦50,000. 3. Incurred indirect labor costs of ₦20,000. 4. Incurred factory overhead of ₦30,000. 5. Sold 1,000 units of product at ₦50 per unit. What is the total cost of goods sold for the year?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 6
A machine is purchased for ₦100,000 and has a useful life of 5 years. The machine is depreciated using the straight-line method. Calculate the annual depreciation.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 7
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦100 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦120 per unit. The company uses the weighted average method to value its inventory. What is the total cost of goods sold for the year?
A. ₦30,000
B. ₦32,000
C. ₦35,000
D. ₦38,000
Question 8
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the issue price is ₦15 per share, what is the total amount received from the issue of shares?
A. ₦15,000
B. ₦16,000
C. ₦17,000
D. ₦18,000
Question 9
The following is a partial extract from the cash book of GHI Limited:
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 10
A company issues 10,000 shares of ₦1 each at a premium of ₦2 per share. Calculate the total amount received.
A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000
Question 11
A company issued 5,000 12% shares of ₦10 each at a premium of ₦5 per share. Calculate the amount received from the share holders.
A. ₦250,000
B. ₦275,000
C. ₦300,000
D. ₦325,000
Question 12
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the month of January:
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 13
A company's accounting records show that its total assets increased by ₦500,000 and its total liabilities increased by ₦200,000 during the year. If the company's net income for the year was ₦300,000, what was the increase in its equity?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 14
In a public sector accounting system, what is the primary purpose of the 'Statement of Changes in Equity'?
A. To report the net income or loss of the entity
B. To disclose the changes in equity during the period
C. To present the financial position of the entity at the end of the period
D. To reconcile the opening and closing balances of the equity accounts
Question 15
A company has two partners, A and B. A invested ₦200,000 and B invested ₦300,000. The profit-sharing ratio is 2:3. Calculate the share of profit for partner A.
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000

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