POST UTME OSUSTECH 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A trader's ledger account for 'Purchases' shows a debit balance of ₦40,000. However, the 'Purchases Return' account shows a credit balance of ₦8,000. What is the correct journal entry to record the return of goods?
A. Debit 'Purchases Return' and credit 'Purchases'.
B. Debit 'Purchases' and credit 'Purchases Return'.
C. Debit 'Purchases Return' and debit 'Purchases'.
D. Credit 'Purchases Return' and credit 'Purchases'.
Question 2
A trader's ledger account for 'Purchases' shows a debit balance of ₦50,000. However, the 'Purchases Return' account shows a credit balance of ₦10,000. What is the correct journal entry to record the return of goods?
A. Debit 'Purchases Return' and credit 'Purchases'.
B. Debit 'Purchases' and credit 'Purchases Return'.
C. Debit 'Purchases Return' and debit 'Purchases'.
D. Credit 'Purchases Return' and credit 'Purchases'.
Question 3
A company's trial balance shows a debit balance of ₦25,000 in the 'Rent' account. However, the 'Rent Received' account shows a credit balance of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has paid rent in advance.
B. The company has received rent in advance.
C. The company has not recorded rent paid in advance.
D. The company has not recorded rent received in advance.
Question 4
A government agency has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 50,000 | | | 1 Jan | Bank | | 50,000 | | 2 Jan | Salaries | | 30,000 | | 3 Jan | Rent | 20,000 | | | 3 Jan | Bank | | 20,000 | What is the balance on the Bank account?
A. ₦20,000
B. ₦30,000
C. ₦50,000
D. ₦70,000
Question 5
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 1 Jan | Bank | | 10,000 | | 2 Jan | Sales | | 15,000 | | 3 Jan | Purchases | 8,000 | | | 3 Jan | Bank | | 8,000 | What is the balance on the Cash account?
A. ₦2,000
B. ₦10,000
C. ₦15,000
D. ₦8,000
Question 6
A company uses the single-entry system of accounting. From the following transactions, determine the correct journal entry for the purchase of equipment for ₦120,000.
A. Debit Equipment ₦120,000, Credit Cash ₦120,000
B. Debit Equipment ₦120,000, Credit Bank ₦120,000
C. Debit Bank ₦120,000, Credit Equipment ₦120,000
D. Debit Cash ₦120,000, Credit Bank ₦120,000
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Determine the correct balance for the company's Net Income.
A. ₦50,000
B. ₦25,000
C. ₦75,000
D. ₦125,000
Question 8
A company uses the straight-line method to depreciate its assets. The company has a machine that cost ₦100,000 and is expected to last for 5 years. Calculate the annual depreciation.
A. ₦20,000
B. ₦15,000
C. ₦10,000
D. ₦5,000
Question 9
A company has a trading department that sells goods worth ₦500,000 and incurs a cost of goods sold of ₦300,000. If the company also has a non-trading income of ₦20,000, what is the net profit?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 10
A company uses the straight-line method of depreciation. If the cost of the asset is ₦90,000 and the useful life is 6 years, calculate the annual depreciation charge.
A. ₦15,000
B. ₦18,000
C. ₦21,000
D. ₦24,000
Question 11
A company uses the straight-line method of depreciation. If the cost of the asset is ₦80,000 and the useful life is 5 years, calculate the annual depreciation charge.
A. ₦16,000
B. ₦20,000
C. ₦24,000
D. ₦28,000
Question 12
A company's cash book shows a debit balance of ₦25,000. However, the bank statement shows a credit balance of ₦30,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque.
B. The bank has charged a fee for a service.
C. The company has deposited cash into the bank.
D. The company has withdrawn cash from the bank.
Question 13
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 1 Jan | Bank | | 10,000 | | 2 Jan | Sales | | 15,000 | | 3 Jan | Purchases | 8,000 | | | 3 Jan | Bank | | 8,000 | What is the balance on the Cash account?
A. ₦2,000
B. ₦10,000
C. ₦15,000
D. ₦8,000
Question 14
In a partnership account, the capital of a partner who leaves the business is calculated as the difference between the partner's share of the profit and the partner's share of the loss. If the profit is ₦120,000 and the loss is ₦80,000, and the partner's share of the profit and loss is 2/5, what is the partner's capital?
A. ₦16,000
B. ₦24,000
C. ₦32,000
D. ₦40,000
Question 15
A company uses the double-entry system of accounting. From the following transactions, determine the correct journal entry for the sale of goods for ₦80,000.
A. Debit Sales Revenue ₦80,000, Credit Cash ₦80,000
B. Debit Cash ₦80,000, Credit Sales Revenue ₦80,000
C. Debit Sales Revenue ₦80,000, Credit Accounts Receivable ₦80,000
D. Debit Accounts Receivable ₦80,000, Credit Sales Revenue ₦80,000

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