POST UTME OAU 2025 Accounting | Objective

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Question 1
A company's trial balance as at 31st December, 2024, is as follows: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 ₦ 1,700,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Salaries Payable ₦ 200,000 ₦ 1,700,000 Identify the error in the trial balance.
A. The debit balance of Cash is incorrect.
B. The credit balance of Accounts Receivable is incorrect.
C. The debit balance of Accounts Payable is incorrect.
D. The credit balance of Salaries Payable is incorrect.
Question 2
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at par after 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 1 Jan | Bank | | ₦10,000 | | 5 Jan | Cash | | ₦5,000 | | 10 Jan | Bank | ₦5,000 | | What is the balance in the cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 4
A manufacturing company uses a job order costing system. The company has two departments: Cutting and Assembly. The Cutting department incurs costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurs costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total overhead costs for the period are ₦250,000. If the company's total production costs for the period are ₦800,000, what is the total cost of goods manufactured?
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 5
A company's single-entry ledger is as follows: Debit ₦ 1,000,000 Cash ₦ 500,000 Accounts Payable ₦ 200,000 ₦ 1,700,000 Credit ₦ 1,000,000 Accounts Receivable ₦ 500,000 Salaries Payable ₦ 200,000 ₦ 1,700,000 Identify the error in the single-entry ledger.
A. The debit balance of Cash is incorrect.
B. The credit balance of Accounts Receivable is incorrect.
C. The debit balance of Accounts Payable is incorrect.
D. The credit balance of Salaries Payable is incorrect.
Question 6
A company's balance sheet has the following account balances: Cash 100,000, Accounts Receivable 200,000, Inventory 300,000, Prepaid Rent 40,000, and Accounts Payable 150,000. What is the company's total liabilities?
A. 150,000
B. 250,000
C. 350,000
D. 450,000
Question 7
A company's balance sheet shows the following balances: Cash ₦150,000, Accounts Payable ₦120,000, and Common Stock ₦500,000. What is the total amount of liabilities?
A. ₦670,000
B. ₦770,000
C. ₦870,000
D. ₦970,000
Question 8
The government of a country issues a 5-year bond with a face value of ₦10,000,000 and an annual coupon rate of 8%. If the market rate of interest is 10%, what is the present value of the bond?
A. ₦8,000,000
B. ₦9,000,000
C. ₦10,000,000
D. ₦11,000,000
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦50,000, what is the amount of share capital?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, and Common Stock ₦500,000. What is the total amount of assets?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 11
A company has the following trial balance: Accounts Payable ₦10,000, Accounts Receivable ₦5,000, Common Stock ₦20,000, Dividends ₦2,000, Equipment ₦15,000, Interest Expense ₦1,000, Interest Income ₦500, Net Income ₦8,000, Rent Expense ₦3,000, Salaries Expense ₦4,000, Sales Revenue ₦25,000. Prepare the balance sheet and income statement.
A. Balance Sheet: Assets ₦40,000, Liabilities ₦10,000, Equity ₦30,000; Income Statement: Net Income ₦8,000
B. Balance Sheet: Assets ₦45,000, Liabilities ₦15,000, Equity ₦30,000; Income Statement: Net Income ₦10,000
C. Balance Sheet: Assets ₦50,000, Liabilities ₦20,000, Equity ₦30,000; Income Statement: Net Income ₦12,000
D. Balance Sheet: Assets ₦55,000, Liabilities ₦25,000, Equity ₦30,000; Income Statement: Net Income ₦15,000
Question 12
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased office equipment for ₦20,000, Sold office equipment for ₦18,000, and Paid rent for ₦8,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
B. Debit Office Equipment ₦20,000, Credit Cash ₦20,000
C. Debit Office Equipment ₦18,000, Credit Cash ₦18,000
D. Debit Rent Expense ₦8,000, Credit Cash ₦8,000
Question 13
A company's balance sheet has the following account balances: Cash 100,000, Accounts Receivable 200,000, Inventory 300,000, Prepaid Rent 40,000, and Accounts Payable 150,000. What is the company's total assets?
A. 740,000
B. 840,000
C. 940,000
D. 1,040,000
Question 14
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦120,000 and its residual value is ₦20,000, calculate the annual depreciation charge.
A. ₦50,000
B. ₦60,000
C. ₦40,000
D. ₦30,000
Question 15
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased office equipment for ₦20,000, Sold office equipment for ₦18,000, and Paid rent for ₦8,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
B. Debit Office Equipment ₦20,000, Credit Cash ₦20,000
C. Debit Office Equipment ₦18,000, Credit Cash ₦18,000
D. Debit Rent Expense ₦8,000, Credit Cash ₦8,000

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