POST UTME OSUSTECH 2019 Accounting | Objective

Are you preparing for POST UTME OSUSTECH exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A public sector organization has the following transactions: Purchase of office equipment for ₦120,000, payment of salaries ₦500,000, and collection of rent ₦200,000. What is the total amount of cash outflows?
Correct A. ₦820,000
B. ₦920,000
C. ₦720,000
D. ₦820,000

Correct Answer: A

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Question 2
A partnership has the following capital accounts: A ₦100,000, B ₦150,000, and C ₦200,000. If the profit is ₦50,000, what is the amount of A's share of profit?
Correct A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: A

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Question 3
A company has the following bank reconciliation statement: Opening balance ₦100,000, deposits ₦50,000, and cheques returned ₦20,000. What is the new bank balance?
Correct A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000

Correct Answer: A

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Question 4
A company has the following assets: Building ₦500,000, machinery ₦200,000, and furniture ₦100,000. If the company uses the straight-line method of depreciation, what is the annual depreciation charge?
Correct A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: A

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Question 5
A company has the following financial statements: Balance sheet ₦1,000,000, income statement ₦500,000, and cash flow statement ₦200,000. What is the total amount of financial statements?
Correct A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000

Correct Answer: A

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Question 6
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦1,500,000 and the Sales department has a budget of ₦2,000,000. If the company's total budget is ₦4,000,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
Correct A. 1:2
B. 2:3
C. 3:4
D. 4:5

Correct Answer: A

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Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,500,000, what is the amount received from the issue of shares?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,300,000
Correct D. ₦1,500,000

Correct Answer: D

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Question 8
A company has a cash book balance of ₦500,000 and a bank statement balance of ₦600,000. If the bank reconciliation statement shows a difference of ₦50,000, what is the amount of the difference that is due to a bank error?
A. ₦25,000
Correct B. ₦50,000
C. ₦75,000
D. ₦100,000

Correct Answer: B

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Question 9
A company has a manufacturing cost of ₦1,000,000 and a selling price of ₦1,500,000. If the company sells 10,000 units, what is the gross profit?
A. ₦2,000,000
B. ₦3,000,000
C. ₦4,000,000
Correct D. ₦5,000,000

Correct Answer: D

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Question 10
A company has a depreciation rate of 10% per annum on its assets. If the asset value is ₦100,000, what is the depreciation for the first year?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 11
A company's financial year ends on 31st December. The following transactions occurred during the year: Purchase of office equipment for ₦120,000, sale of goods for ₦500,000, and payment of rent for ₦150,000. Prepare the trading and profit and loss account for the year.
Correct A. ₦350,000
B. ₦450,000
C. ₦550,000
D. ₦650,000

Correct Answer: A

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Question 12
A company has the following transactions: Purchase of land for ₦1,000,000, purchase of machinery for ₦500,000, and sale of goods for ₦750,000. Calculate the total assets of the company.
Correct A. ₦2,250,000
B. ₦2,500,000
C. ₦2,750,000
D. ₦3,000,000

Correct Answer: A

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Question 13
A company has the following transactions: Purchase of office equipment for ₦150,000, purchase of furniture for ₦200,000, and sale of goods for ₦600,000. Prepare the balance sheet for the company.
Correct A. ₦950,000
B. ₦1,050,000
C. ₦1,150,000
D. ₦1,250,000

Correct Answer: A

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Question 14
A company has the following transactions: Purchase of land for ₦800,000, purchase of machinery for ₦300,000, and sale of goods for ₦900,000. Calculate the total assets of the company.
Correct A. ₦2,000,000
B. ₦2,300,000
C. ₦2,600,000
D. ₦2,900,000

Correct Answer: A

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Question 15
A company has the following transactions: Purchase of office equipment for ₦250,000, purchase of furniture for ₦350,000, and sale of goods for ₦800,000. Prepare the balance sheet for the company.
Correct A. ₦1,400,000
B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000

Correct Answer: A

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Question 16
A company has the following transactions: Purchase of land for ₦1,200,000, purchase of machinery for ₦400,000, and sale of goods for ₦1,000,000. Calculate the total assets of the company.
Correct A. ₦2,600,000
B. ₦2,700,000
C. ₦2,800,000
D. ₦2,900,000

Correct Answer: A

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Question 17
A company has the following transactions: Purchase of office equipment for ₦300,000, purchase of furniture for ₦450,000, and sale of goods for ₦900,000. Prepare the balance sheet for the company.
Correct A. ₦1,750,000
B. ₦1,850,000
C. ₦1,950,000
D. ₦2,050,000

Correct Answer: A

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Question 18
A company has the following transactions: Purchase of land for ₦1,500,000, purchase of machinery for ₦500,000, and sale of goods for ₦1,200,000. Calculate the total assets of the company.
Correct A. ₦3,500,000
B. ₦3,600,000
C. ₦3,700,000
D. ₦3,800,000

Correct Answer: A

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Question 19
A company has the following transactions: Purchase of office equipment for ₦400,000, purchase of furniture for ₦550,000, and sale of goods for ₦1,000,000. Prepare the balance sheet for the company.
A. ₦2,250,000
B. ₦2,350,000
C. ₦2,450,000
D. ₦2,550,000

Correct Answer: VIEW ANSWER

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Question 20
The following are the financial statements of a company for the year ended 31st December 2022: Balance Sheet: ₦ 000 Assets ₦ 000 Cash and Bank Balances 500 Debtors 800 Stock 900 Prepaid Expenses 200 Total Assets 2500 Liabilities ₦ 000 Share Capital 1000 Reserves 500 Long-Term Loans 1000 Total Liabilities 2500 What is the company's current ratio?
A. 1.5
Correct B. 2.0
C. 1.0
D. 0.5

Correct Answer: B

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Question 21
A company issued 10,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable after 5 years. Calculate the amount of interest that will be paid annually on the debentures.
A. ₦10,000
Correct B. ₦12,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 22
A company's cash book shows the following transactions: Date Debit Credit 1st January ₦ 1,000 ₦ 0 2nd January ₦ 0 ₦ 500 3rd January ₦ 0 ₦ 1,500 4th January ₦ 2,000 ₦ 0 5th January ₦ 0 ₦ 1,000 What is the bank balance on 5th January?
A. ₦1,000
Correct B. ₦2,000
C. ₦3,000
D. ₦4,000

Correct Answer: B

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Question 23
A company purchased a machine for ₦50,000. The machine has a useful life of 5 years and a residual value of ₦10,000. Calculate the annual depreciation using the straight-line method.
A. ₦8,000
Correct B. ₦9,000
C. ₦10,000
D. ₦11,000

Correct Answer: B

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Question 24
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of shares and debentures.
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦2,500,000
D. ₦3,000,000

Correct Answer: C

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Question 25
A company's balance sheet as at 31st December 2022 is as follows: ₦ 000 Assets ₦ 000 Cash and Bank Balances 500 Debtors 800 Stock 900 Prepaid Expenses 200 Total Assets 2500 Liabilities ₦ 000 Share Capital 1000 Reserves 500 Long-Term Loans 1000 Total Liabilities 2500 What is the company's current ratio?
A. 1.5
Correct B. 2.0
C. 1.0
D. 0.5

Correct Answer: B

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