POST UTME ACHIEVERS UNIVERSITY 2025 Accounting | Objective

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Question 1
A company's financial statements for the year ended December 31, 2024, are as follows: Total Revenue ₦1,500,000, Total Expenses ₦1,200,000, and Net Profit ₦300,000. If the company's capital was ₦500,000 at the beginning of the year, calculate the company's capital at the end of the year.
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,100,000
Question 2
A company's financial statements for the year ended December 31, 2024, are as follows: Total Revenue ₦1,500,000, Total Expenses ₦1,200,000, and Net Profit ₦300,000. If the company's capital was ₦500,000 at the beginning of the year, calculate the company's capital at the end of the year.
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,100,000
Question 3
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000
Question 4
A company has the following ledger balances: Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000. Prepare a trial balance.
A. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
B. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
C. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
D. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
Question 5
A company has the following transactions: Purchased goods for ₦ 10,000, Sold goods for ₦ 15,000, and Purchased a machine for ₦ 5,000. Prepare the balance sheet for the above transactions.
A. Balance Sheet: Debit Purchases ₦10,000, Credit Sales ₦15,000
B. Balance Sheet: Debit Sales ₦15,000, Credit Purchases ₦10,000
C. Balance Sheet: Debit Machine ₦5,000, Credit Purchases ₦10,000
D. Balance Sheet: Debit Purchases ₦10,000, Credit Sales ₦15,000, Debit Machine ₦5,000
Question 6
A company has the following single-entry records: Purchases ₦100,000, Sales ₦200,000, and Drawings ₦50,000. Prepare a statement of financial position.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 7
A company's trial balance shows a discrepancy of ₦10,000. What is the possible cause of the discrepancy?
A. Error in recording a transaction
B. Error in posting a transaction
C. Error in preparing the trial balance
D. Error in accounting equation
Question 8
A company's trial balance shows a credit balance of ₦10,000 in the 'Office Supplies' account. However, the company's accountant has informed you that the correct balance should be a debit of ₦5,000. What is the correct journal entry to record the correction?
A. Debit Office Supplies ₦15,000, Credit Office Supplies ₦15,000
B. Debit Office Supplies ₦15,000, Credit Office Supplies ₦10,000
C. Debit Office Supplies ₦10,000, Credit Office Supplies ₦5,000
D. Debit Office Supplies ₦5,000, Credit Office Supplies ₦10,000
Question 9
A company's cash book shows a balance of ₦120,000, but the bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦210,000
Question 10
A company has the following transactions: Purchased goods for ₦ 10,000, Sold goods for ₦ 15,000, and Purchased a machine for ₦ 5,000. Prepare the profit and loss account for the above transactions.
A. Profit and Loss Account: Debit Purchases ₦10,000, Credit Sales ₦15,000
B. Profit and Loss Account: Debit Sales ₦15,000, Credit Purchases ₦10,000
C. Profit and Loss Account: Debit Machine ₦5,000, Credit Purchases ₦10,000
D. Profit and Loss Account: Debit Purchases ₦10,000, Credit Sales ₦15,000, Debit Machine ₦5,000
Question 11
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦120,000 and a weightage of 30%. The work-in-progress has a cost of ₦150,000 and a weightage of 40%. The finished goods have a cost of ₦180,000 and a weightage of 30%. Calculate the total value of the inventory.
A. ₦150,000
B. ₦180,000
C. ₦210,000
D. ₦240,000
Question 12
A company has the following partnership accounts: Partner A has a 60% share, Partner B has a 40% share. The company's profit for the year is ₦500,000. If Partner A's drawings are ₦100,000, calculate Partner B's share of the profit.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 13
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦500,000 and a useful life of 5 years. Calculate the annual depreciation.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company has the following transactions in its cash book: Cash received from customers ₦30,000, Cash paid to suppliers ₦20,000, Cash received from bank ₦10,000. What is the total cash received by the company?
A. ₦60,000
B. ₦55,000
C. ₦50,000
D. ₦45,000
Question 15
A company has the following transactions in its cash book: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000, Cash received from bank ₦20,000. What is the total cash received by the company?
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000

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