POST UTME OSUSTECH 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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?
Question 2
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.
Question 3
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | | 100,000 |
| Purchases | 80,000 | |
| Wages | 20,000 | |
| Rent | | 30,000 |
What is the balance of the Sales account?
Question 4
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦120,000 and the Assembly department has a production cost of ₦180,000. What is the total production cost of the company?
Question 5
A company's income statement for the year shows the following: Sales Revenue ₦15,000,000, Cost of Goods Sold ₦9,000,000, Gross Profit ₦6,000,000, Operating Expenses ₦1,500,000, and Net Income ₦4,500,000. If the company's total assets at the beginning of the year were ₦8,000,000 and at the end of the year were ₦12,000,000, what is the company's return on assets?
Question 6
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?
Question 7
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.
Question 8
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?
Question 9
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?
Question 10
A company uses the self-balancing ledger system. The ledger has the following accounts:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | | 100,000 |
| Purchases | 80,000 | |
| Wages | 20,000 | |
| Rent | | 30,000 |
What is the balance of the Sales account?
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Question 12
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?
Question 13
A company's depreciation account for the year ended 31st December 2020 is as follows:
Depreciation:
₦1,500,000
₦1,200,000
₦50,000
What is the total depreciation for the year?
Question 14
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.
Question 15
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?
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