POST UTME OSUSTECH 2021 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 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Correct A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000

Correct Answer: A

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Question 2
A partnership has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦240,000, calculate the share of profit of partner A.
Correct A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

Correct Answer: A

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Question 3
A company has a cash book balance of ₦50,000. The bank statement shows a balance of ₦60,000. The company's cash book shows a debit balance of ₦5,000. Calculate the bank reconciliation statement.
A. ₦55,000
Correct B. ₦60,000
C. ₦65,000
D. ₦70,000

Correct Answer: B

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Question 4
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company produces 500 units of X and 300 units of Y. Calculate the total revenue.
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 5
A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦80,000, and purchased goods for ₦30,000. Calculate the cost of goods sold.
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 6
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Correct A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 7
A manufacturing company produces two products, X and Y. Product X requires 2 hours of labor and 3 units of raw material, while product Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, determine the maximum number of units of product X that can be produced.
A. 60
B. 80
Correct C. 100
D. 120

Correct Answer: C

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Question 8
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount of premium received by the company.
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 9
A partnership has two partners, A and B, who share profits in the ratio 5:3. If the total profit for the year is ₦150,000, calculate the amount of profit that partner B will receive.
A. ₦45,000
Correct B. ₦60,000
C. ₦75,000
D. ₦90,000

Correct Answer: B

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Question 10
A company has a trial balance that shows a debit balance of ₦20,000 in the account 'Office Expenses'. However, the company's accounting records show that the actual office expenses for the year were ₦15,000. What is the correct treatment for the discrepancy?
Correct A. Debit the Office Expenses account by ₦5,000
B. Credit the Office Expenses account by ₦5,000
C. Debit the Office Expenses account by ₦10,000
D. Credit the Office Expenses account by ₦10,000

Correct Answer: A

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Question 11
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦500,000?
A. ₦100,000
Correct B. ₦80,000
C. ₦120,000
D. ₦60,000

Correct Answer: B

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Question 12
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership's profit is ₦1,200,000, how much will Partner A receive as their share of the profit?
Correct A. ₦720,000
B. ₦480,000
C. ₦600,000
D. ₦800,000

Correct Answer: A

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Question 13
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives ₦150,000 in cash, what is the amount received from the issue of shares?
Correct A. ₦150,000
B. ₦100,000
C. ₦120,000
D. ₦180,000

Correct Answer: A

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Question 14
A company's balance sheet shows an increase in current liabilities of ₦50,000 and an increase in current assets of ₦30,000. What is the net increase in working capital?
Correct A. ₦20,000
B. ₦10,000
C. ₦30,000
D. ₦50,000

Correct Answer: A

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Question 15
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives ₦500,000 in cash, what is the amount received from the issue of debentures?
Correct A. ₦500,000
B. ₦450,000
C. ₦400,000
D. ₦550,000

Correct Answer: A

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Question 16
A company's trial balance shows an error of ₦20,000 in the debit side of the accounts payable account. What is the effect of this error on the company's net income?
Correct A. ₦20,000 decrease
B. ₦20,000 increase
C. ₦10,000 decrease
D. ₦10,000 increase

Correct Answer: A

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Question 17
A company's balance sheet shows an increase in non-current liabilities of ₦100,000 and an increase in non-current assets of ₦150,000. What is the net increase in long-term financing?
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 18
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives ₦150,000 in cash, what is the amount received from the issue of shares?
Correct A. ₦150,000
B. ₦100,000
C. ₦120,000
D. ₦180,000

Correct Answer: A

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Question 19
A company's trial balance shows an error of ₦30,000 in the debit side of the accounts payable account. What is the effect of this error on the company's net income?
Correct A. ₦30,000 decrease
B. ₦30,000 increase
C. ₦20,000 decrease
D. ₦20,000 increase

Correct Answer: A

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Question 20
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
Correct B. ₦42,500
C. ₦45,000
D. ₦47,500

Correct Answer: B

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Question 21
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦150,000, how much will A receive as their share of the profit?
Correct A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: A

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Question 22
A company maintains a cash book and a general ledger. The cash book shows a debit balance of ₦50,000, while the general ledger shows a credit balance of ₦20,000. What is the correct balance of the company's cash account?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 23
A company uses the self-balancing ledger system. If the company's cash account has a debit balance of ₦20,000 and the bank account has a credit balance of ₦15,000, what is the correct balance of the company's cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
Correct D. ₦20,000

Correct Answer: D

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Question 24
A company's bank statement shows a balance of ₦50,000, while the company's cash book shows a balance of ₦60,000. What is the correct balance of the company's cash account?
A. ₦50,000
B. ₦55,000
Correct C. ₦60,000
D. ₦65,000

Correct Answer: C

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Question 25
A manufacturing company produces two products, X and Y, which are sold for ₦500 and ₦600 respectively. The company's total sales revenue for the year is ₦15,000,000. If the company's cost of goods sold for product X is ₦2,000,000 and for product Y is ₦1,800,000, calculate the gross profit for the year.
A. ₦6,000,000
Correct B. ₦8,000,000
C. ₦10,000,000
D. ₦12,000,000

Correct Answer: B

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