POST UTME AAUA 2025 Accounting | Objective

Are you preparing for POST UTME AAUA exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the weighted average method to value its inventory. The company's inventory consists of 100 units of item A, 200 units of item B, and 300 units of item C. The cost of item A is ₦20 per unit, item B is ₦30 per unit, and item C is ₦40 per unit. The total cost of the inventory is ₦120,000. What is the total value of the inventory using the weighted average method?
A. ₦24,000
Correct B. ₦36,000
C. ₦48,000
D. ₦60,000

Correct Answer: B

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Question 2
A company has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 3 Jan | Sales | | 12,000 | | 5 Jan | Purchases | 8,000 | | | 10 Jan | Cash | | 5,000 | | 15 Jan | Sales | | 15,000 | | 20 Jan | Purchases | 6,000 | | | 25 Jan | Cash | | 8,000 | | 31 Jan | Sales | | 18,000 | What is the net cash flow for the month of January?
A. ₦2,000
B. ₦4,000
C. ₦6,000
Correct D. ₦8,000

Correct Answer: D

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Question 3
A company has the following ledger balances at the end of the year: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Accounts Payable | | 8,000 | | Sales | | 120,000 | | Purchases | 80,000 | | | Cost of Goods Sold | 60,000 | | | Net Income | | 20,000 | What is the total assets of the company?
A. ₦138,000
B. ₦140,000
C. ₦142,000
Correct D. ₦144,000

Correct Answer: D

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Question 4
A company has two partners, A and B. Partner A has a 60% interest in the company and partner B has a 40% interest. The company has a net income of ₦120,000. What is partner A's share of the net income?
Correct A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 5
A company uses the single-entry system of accounting. The company's journal entries for the month of January are as follows: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 3 Jan | Sales | | 12,000 | | 5 Jan | Purchases | 8,000 | | | 10 Jan | Cash | | 5,000 | | 15 Jan | Sales | | 15,000 | | 20 Jan | Purchases | 6,000 | | | 25 Jan | Cash | | 8,000 | | 31 Jan | Sales | | 18,000 | What is the total assets of the company?
A. ₦138,000
B. ₦140,000
C. ₦142,000
Correct D. ₦144,000

Correct Answer: D

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Question 6
A company issued 5,000, 10% debentures of ₦100 each. Calculate the total amount received from debenture holders.
Correct A. ₦500,000
B. ₦500,000
C. ₦500,000
D. ₦500,000

Correct Answer: A

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Question 7
A company's trial balance showed an error of ₦10,000 in the accounts payable account. The correct amount of accounts payable is ₦50,000. What is the correct balance of the accounts payable account?
A. ₦60,000
Correct B. ₦50,000
C. ₦40,000
D. ₦30,000

Correct Answer: B

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Question 8
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has two departments: machining and assembly. The machining department has a total overhead cost of ₦150,000 and 10,000 machine hours, while the assembly department has a total overhead cost of ₦80,000 and 5,000 machine hours. What is the overhead rate per machine hour?
A. ₦15
Correct B. ₦12
C. ₦10
D. ₦8

Correct Answer: B

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Question 9
A government agency has the following transactions: a grant of ₦100,000 from the federal government, a loan of ₦50,000 from a commercial bank, and a grant of ₦20,000 from a state government. What is the total amount of grants received by the agency?
Correct A. ₦120,000
B. ₦100,000
C. ₦80,000
D. ₦60,000

Correct Answer: A

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Question 10
A company has the following ledger accounts: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total amount of equity?
A. ₦180,000
Correct B. ₦200,000
C. ₦220,000
D. ₦240,000

Correct Answer: B

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Question 11
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the month of January:
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 12
A public sector organization has the following transactions for the month of January:
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 13
A company has the following control accounts in its ledger:
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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Question 14
A partnership has the following transactions for the month of January:
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 15
A company has the following cash book transactions for the month of January:
A. ₦500,000
B. ₦600,000
Correct C. ₦700,000
D. ₦800,000

Correct Answer: C

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Question 16
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 10,000. The company also issued 5% debentures of ₦ 10,000 at 5% discount. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 120,000
Correct B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000

Correct Answer: B

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Question 17
A partnership firm has two partners, A and B, who share profits and losses in the ratio 3:2. The firm's profit for the year is ₦ 150,000. Calculate the amount of profit to be distributed to partner A.
Correct A. ₦ 90,000
B. ₦ 100,000
C. ₦ 110,000
D. ₦ 120,000

Correct Answer: A

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Question 18
A company's balance sheet as at 31st December 2024 is as follows: Assets: Cash ₦ 50,000 Debtors ₦ 100,000 Stock ₦ 150,000 Total Assets ₦ 300,000 Liabilities: Creditors ₦ 50,000 Capital ₦ 200,000 Total Liabilities ₦ 250,000 What is the amount of working capital?
A. ₦ 50,000
Correct B. ₦ 100,000
C. ₦ 150,000
D. ₦ 200,000

Correct Answer: B

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Question 19
A company issued 5% debentures of ₦ 10,000 at 5% premium. The debentures are redeemable after 5 years. Calculate the amount of interest to be paid annually.
A. ₦ 500
Correct B. ₦ 1,000
C. ₦ 1,500
D. ₦ 2,000

Correct Answer: B

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Question 20
A company's trial balance as at 31st December 2024 is as follows: Debit ₦ 50,000 Cash ₦ 100,000 Stock ₦ 150,000 Total Debit ₦ 300,000 Credit ₦ 50,000 Capital ₦ 200,000 Total Credit ₦ 250,000 What is the amount of error in the trial balance?
A. ₦ 50,000
B. ₦ 100,000
Correct C. ₦ 150,000
D. ₦ 200,000

Correct Answer: C

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Question 21
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 22
A partnership has 3 partners: A, B, and C. The profit-sharing ratio is 2:3:4. If the total profit is ₦120,000, calculate the amount of profit that partner A will receive.
Correct A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦42,000

Correct Answer: A

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Question 23
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦10,000 for a dishonored cheque. Calculate the correct balance in the cash book.
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 24
A company issued 5,000, 12% shares of ₦10 each at a premium of ₦2. The shares are redeemable after 10 years. Calculate the amount of premium on the shares.
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 25
A company has a cash book balance of ₦80,000 and a bank statement balance of ₦90,000. The bank statement shows a debit balance of ₦5,000 for a bank charge. Calculate the correct balance in the cash book.
A. ₦75,000
B. ₦80,000
Correct C. ₦85,000
D. ₦90,000

Correct Answer: C

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