POST UTME AAUA 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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?
Question 2
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.
Question 3
A company uses the self-balancing ledger system to record its transactions. The company's assets increased by ₦150,000 and its liabilities decreased by ₦100,000. What is the net increase in the company's equity?
Question 4
A company uses the accruals basis of accounting. At the end of the year, the company has the following accounts: Rent Accrued ₦50,000, Salaries Accrued ₦30,000, Interest Accrued ₦20,000. What is the total amount of accruals to be recorded in the financial statements?
Question 5
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?
Question 6
A company has the following trial balance: Debitors ₦500,000, Creditors ₦300,000, Capital ₦1,000,000, Profit and Loss Account ₦200,000. What is the value of the company's net worth?
Question 7
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.
Question 8
A public sector organization has the following transactions for the month of January:
Question 9
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method. The machine is expected to be sold for ₦20,000 after 5 years.
Question 10
A company uses the single entry system to record its transactions. The company's assets increased by ₦120,000 and its liabilities decreased by ₦80,000. What is the net increase in the company's equity?
Question 11
A company has the following cash book transactions for the month of January:
Question 12
A partnership has the following capital accounts: John ₦50,000, Mary ₦30,000, and David ₦20,000. The partnership also has the following drawings: John ₦10,000, Mary ₦5,000, and David ₦2,000. Prepare the partner's capital accounts after 1 year.
Question 13
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.
Question 14
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?
Question 15
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?
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