OAU Post UTME Accounts Past Questions

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Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earning?

Choose the most complete explanation.Wilson Company owns land which cost ₦100,000. If a "quick sale" of the land was necessary to generate cash, the company feels it would receive only ₦80,000. The company continues to r…

_______ checks the arithmetical accuracy of double entry accounts

Which listed activity is not a main use of the general journal, also called journal proper?

Which of the following is a fictitious asset?

Use the following information to answer the question belowDate NJune 10Cash in hand1,680June 10Cash at bank26,000June 13Tobiloba by cheque6,000June 15Paid for postages by cash168June 16Received cheque from Olabisi14,400J…

Use the following information to answer the question belowDate NJune 10Cash in hand1,680June 10Cash at bank26,000June 13Tobiloba by cheque6,000June 15Paid for postages by cash168June 16Received cheque from Olabisi14,400J…

Use the following information to answer the question belowDate NJune 10Cash in hand1,680June 10Cash at bank26,000June 13Tobiloba by cheque6,000June 15Paid for postages by cash168June 16Received cheque from Olabisi14,400J…

One of the following errors will affect the agreement of the trial balance

Impersonal accounts contain

The main objective of the financial statements is to

Companies and Allied Matters Act. 1990 requires every company to keep certain statutory books. Which of the following is not part of the statutory books to be kept by the company?

A business has a debtors’ ledger balance of ₦400,000 at the end of its financial year. Customers owing ₦40,000 are bankrupt and the debt cannot be recovered. A further 2% of the REMAINING debt after this write-off is con…

Posting the transactions in bookkeeping means

A debit balance of ₦150,000 in a cash account shows that

At the end the fiscal year, account receivable has a balance of ₦100,000 and allowance for doubtful account has a balance of ₦7,000. The expected net realized value of the account receivable is:

Which of these items would be accounted for as an expense?

Which of the following is a correct expression of the accounting equation?

MORADE had total assets of ₦760,000, capital stock of ₦150,000 and retained earnings of ₦215,000. What was Morade’s debt-to-equity ratio?

A material overstatement in ending inventory was discovered after the year-end financial statements of a company were issued to the public. What effect did this error have on the year-end financial statements?

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