POST UTME OAU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased office supplies on account for ₦10,000, Sold merchandise for ₦50,000 cash, and Purchased a building for ₦200,000 cash. What is the total amount of assets?
A. ₦250,000
B. ₦260,000
C. ₦270,000
D. ₦280,000
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 80,000, and Common Stock ₦ 200,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?
A. Debit Accounts Payable ₦ 80,000, Credit Purchases ₦ 80,000
B. Debit Purchases ₦ 80,000, Credit Accounts Payable ₦ 80,000
C. Debit Purchases ₦ 80,000, Credit Cash ₦ 80,000
D. Debit Accounts Payable ₦ 80,000, Credit Purchases ₦ 80,000
Question 3
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash outflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 4
A company uses the double-entry system of accounting. The trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 80,000, and Common Stock ₦ 200,000. What is the correct journal entry to record the sale of goods on credit to a customer?
A. Debit Accounts Payable ₦ 80,000, Credit Sales Revenue ₦ 100,000
B. Debit Sales Revenue ₦ 80,000, Credit Cost of Goods Sold ₦ 80,000
C. Debit Accounts Payable ₦ 80,000, Credit Sales Revenue ₦ 80,000
D. Debit Sales Revenue ₦ 100,000, Credit Cost of Goods Sold ₦ 80,000
Question 5
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, and Retained Earnings ₦20,000. What is the total amount of assets?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 6
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash outflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 7
A company's financial statements show the following balances: Total Assets ₦1,500,000, Total Liabilities ₦800,000, and Total Equity ₦700,000. What is the company's current ratio?
A. 1.50
B. 1.75
C. 2.00
D. 2.25
Question 8
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash inflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 9
A company's financial statements show the following balances: Total Assets ₦1,500,000, Total Liabilities ₦800,000, and Total Equity ₦700,000. What is the company's interest coverage ratio?
A. 2.00
B. 2.50
C. 3.00
D. 3.50
Question 10
A government agency's budget shows the following allocations: Personnel Expenses ₦500,000, Operating Expenses ₦300,000, and Capital Expenditures ₦200,000. What is the agency's total budget?
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 11
A company uses the single-entry system of accounting. The company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦150,000. The difference between the two balances is ₦30,000. What is the reason for this difference?
A. The company has a loan from the bank.
B. The company has a credit balance in its cash book.
C. The company has a debit balance in its bank statement.
D. The company has a difference in exchange rates.
Question 12
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash outflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 13
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash inflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 14
A company uses the straight-line method of depreciation. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦30,000
D. ₦25,000
Question 15
A company has the following transactions: Purchased office equipment for ₦50,000, purchased office supplies for ₦20,000, and paid salaries of ₦30,000. What is the total amount of cash outflows?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

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