POST UTME OSUSTECH 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 shares of 10 par value at a premium of 5 per share. Calculate the total amount received from the issue of shares.
A. ₦250,000
B. ₦250,000,000
C. ₦125,000,000
D. ₦50,000,000
Question 2
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦100,000
C. ₦80,000
D. ₦110,000
Question 3
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 sells 500 units of X and 300 units of Y. Calculate the total revenue from the sale of these products.
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 4
A company has a balance sheet with the following information: Cash ₦100,000, Accounts Receivable ₦50,000, and Common Stock ₦200,000. What is the total amount of liabilities?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 5
A company has the following financial statements.
A. ₦180,000
B. ₦190,000
C. ₦200,000
D. ₦210,000
Question 6
A company has the following financial statements.
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 7
A company has a trading account with a debit balance of ₦150,000 and a profit of ₦200,000. The company also has a non-trading income of ₦50,000. What is the total profit for the year?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 8
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 9
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
B. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
C. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
Question 10
The following is a statement of financial position for a public sector entity as at 31st December 2023.
A. ₦5,000,000
B. ₦10,000,000
C. ₦15,000,000
D. ₦20,000,000
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the balance sheet.
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 12
A company's financial statements for the year ended December 31, 2023, show the following: Net Income ₦200,000, Dividends ₦50,000, and Retained Earnings ₦150,000. Prepare the statement of changes in equity.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 13
A company has the following transactions.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 14
A company's balance sheet as at 31st December 2023 is as follows: Assets: \begin{itemize} \item Cash: ₦50,000 \item Debtors: ₦100,000 \item Stock: ₦200,000 \item Plant and Machinery: ₦300,000 \end{itemize} Liabilities: \begin{itemize} \item Creditors: ₦150,000 \item Loan: ₦200,000 \end{itemize} Calculate the company's net worth.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 15
A company's profit and loss account for the year ended 31st December 2023 is as follows: Trading Profit: ₦500,000 \begin{itemize} \item Depreciation: ₦50,000 \item Interest on Loan: ₦20,000 \end{itemize} Calculate the company's net profit for the year.
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000

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