POST UTME ACHIEVERS UNIVERSITY 2025 Accounting | Objective

Are you preparing for POST UTME ACHIEVERS UNIVERSITY 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
In a partnership account, the capital of a partner is increased by ₦50,000. If the original capital was ₦200,000, what is the new capital?
Correct A. ₦250,000
B. ₦200,000
C. ₦250,000
D. ₦200,000

Correct Answer: A

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Question 2
A company's trial balance shows an error of ₦10,000 in the accounts payable account. What is the correct amount of accounts payable?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 3
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦60,000. What is the correct balance?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 4
A company's profit and loss account shows a profit of ₦100,000. However, the balance sheet shows a loss of ₦50,000. What is the correct profit?
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 5
A company's balance sheet shows a total assets of ₦500,000 and total liabilities of ₦300,000. What is the correct equity?
A. ₦100,000
B. ₦200,000
C. ₦300,000
Correct D. ₦400,000

Correct Answer: D

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Question 6
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. The issue expenses amount to ₦ 2,500. Prepare the journal entry to record the issue of shares.
Correct A. Debit Share Capital ₦10,000, Credit Share Premium ₦0,50,000, Credit Issue Expenses ₦2,500
B. Debit Share Capital ₦10,000, Credit Share Premium ₦0,50,000
C. Debit Share Capital ₦10,000, Credit Issue Expenses ₦2,500
D. Debit Share Premium ₦0,50,000, Credit Issue Expenses ₦2,500

Correct Answer: A

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Question 7
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 ledger accounts for the above transactions.
Correct A. Debit Purchases ₦10,000, Credit Sales ₦15,000, Debit Machine ₦5,000
B. Debit Purchases ₦10,000, Credit Sales ₦15,000
C. Debit Sales ₦15,000, Credit Purchases ₦10,000
D. Debit Machine ₦5,000, Credit Purchases ₦10,000

Correct Answer: A

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Question 8
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 trading account for the above transactions.
Correct A. Trading Account: Debit Purchases ₦10,000, Credit Sales ₦15,000
B. Trading Account: Debit Sales ₦15,000, Credit Purchases ₦10,000
C. Trading Account: Debit Machine ₦5,000, Credit Purchases ₦10,000
D. Trading Account: Debit Purchases ₦10,000, Credit Sales ₦15,000, Debit Machine ₦5,000

Correct Answer: A

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Question 9
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.
Correct 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

Correct Answer: A

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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 balance sheet for the above transactions.
Correct 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

Correct Answer: A

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Question 11
In a partnership with a 2:3:5 profit-sharing ratio, the total capital invested by the partners is ₦1,500,000. If the profit for the year is ₦450,000, calculate the amount of profit that will be distributed to each partner.
A. ₦30,000
B. ₦60,000
Correct C. ₦90,000
D. ₦120,000

Correct Answer: C

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Question 12
A company uses the straight-line method of depreciation. If the cost of the asset is ₦200,000 and its residual value is ₦20,000, calculate the annual depreciation charge for the asset.
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 13
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
Correct C. ₦1,000,000
D. ₦1,100,000

Correct Answer: C

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Question 14
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
Correct C. ₦1,000,000
D. ₦1,100,000

Correct Answer: C

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Question 15
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
Correct C. ₦1,000,000
D. ₦1,100,000

Correct Answer: C

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Question 16
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
Correct D. ₦60,000,000

Correct Answer: D

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Question 17
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 15,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio in terms of the capital accounts.
Correct A. 3:2
B. 2:3
C. 1:1
D. 4:3

Correct Answer: A

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Question 18
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The shares were sold for 4 each. Calculate the total amount received from the sale of shares.
A. ₦20,000,000
B. ₦25,000,000
C. ₦30,000,000
Correct D. ₦35,000,000

Correct Answer: D

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Question 19
A company issued 10,000 shares of 1 par value at a premium of 1 per share. The shares were sold for 3 each. Calculate the total amount received from the sale of shares.
A. ₦20,000,000
B. ₦25,000,000
C. ₦30,000,000
Correct D. ₦35,000,000

Correct Answer: D

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Question 20
A partnership has two partners, A and B. The capital accounts of A and B are 15,000 and 10,000 respectively. The profit-sharing ratio is 2:3. Calculate the profit-sharing ratio in terms of the capital accounts.
A. 2:3
Correct B. 3:2
C. 1:1
D. 4:3

Correct Answer: B

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Question 21
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Correct A. ₦60,000
B. ₦80,000
C. ₦40,000
D. ₦20,000

Correct Answer: A

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Question 22
A manufacturing company uses a job costing system. The company has two departments, A and B, which incur the following costs:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 23
A company uses the straight-line method of depreciation. The cost of a machine is ₦50,000 and its useful life is 5 years. Calculate the annual depreciation charge.
Correct A. ₦10,000
B. ₦5,000
C. ₦15,000
D. ₦20,000

Correct Answer: A

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Question 24
A company has the following incomplete records for the year:
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 25
A company uses the weighted average method to value its inventory. The following data is available:
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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