POST UTME OSUSTECH 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: salaries ₦800,000, rent ₦200,000, and utilities ₦100,000. What is the percentage of the budget spent on salaries?
Question 2
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 1 hour on M2, while product B requires 1 hour on M1 and 2 hours on M2. The company operates for 24 hours and allocates 16 hours to M1 and 8 hours to M2. If the production rate for product A is 10 units per hour on M1 and 8 units per hour on M2, and the production rate for product B is 12 units per hour on M1 and 10 units per hour on M2, what is the total production of both products?
Question 3
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Debenture Account for the company.
Question 4
A company has the following ledger accounts as at December 31, 2022:
Question 5
A company uses the double-entry system of accounting. The company's ledger shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 01/01 | Cash | 10,000 | 0 |
| 02/01 | Sales | 0 | 15,000 |
| 03/01 | Cash | 8,000 | 0 |
| 04/01 | Sales | 0 | 12,000 |
What is the total amount of cash received by the company?
Question 6
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 7
A partnership has two partners, A and B, with the following capital accounts as at December 31, 2022:
Question 8
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Trading Account and Profit and Loss Account for the company.
Question 9
A company uses the single-entry system of accounting. The company's assets at the beginning of the year were ₦500,000, and the assets at the end of the year were ₦700,000. What is the total amount of revenue earned by the company during the year?
Question 10
A company's balance sheet as at 31st December, 2022 is as follows:
Assets:
₦100,000 Cash
₦50,000 Bank
₦20,000 Accrued Income
₦30,000 Prepaid Rent
₦10,000 Accrued Expenses
Liabilities:
₦50,000 Accrued Expenses
₦20,000 Bank Loan
Equity:
₦30,000 Share Capital
₦20,000 Retained Earnings
What is the company's total assets?
Question 11
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 ₦120,000, how much will partner A receive?
Question 12
In a partnership account, if the capital of A is ₦120,000, B is ₦90,000, and C is ₦80,000, and the profit-sharing ratio is 3:2:1, what is the total profit-sharing ratio?
Question 13
A company purchased a machine for ₦120,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 14
A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Partnership Account for the company.
Question 15
A company uses the single-entry system of accounting. The company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 01/01 | Cash | 10,000 | 0 |
| 02/01 | Sales | 0 | 15,000 |
| 03/01 | Cash | 8,000 | 0 |
| 04/01 | Sales | 0 | 12,000 |
What is the total amount of cash paid by the company?
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