POST UTME BSU 2025 Accounting | Objective

Are you preparing for POST UTME BSU 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, what is the correct method for calculating the capital of a partner who has been absent for the past three years?
A. Capital is calculated by taking the average of the partner's capital for the past three years.
B. Capital is calculated by taking the average of the partner's capital for the past two years.
Correct C. Capital is calculated by taking the average of the partner's capital for the past three years, excluding the year of absence.
D. Capital is calculated by taking the average of the partner's capital for the past three years, including the year of absence.

Correct Answer: C

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Question 2
A company uses the cash book method of accounting. The cash book shows a debit balance of ₦25,000. What is the correct journal entry to record the bank reconciliation statement?
A. Debit Cash ₦25,000, Credit Bank ₦25,000
Correct B. Debit Bank ₦25,000, Credit Cash ₦25,000
C. Debit Cash ₦25,000, Credit Bank ₦25,000, Debit Profit and Loss Account ₦25,000
D. Debit Bank ₦25,000, Credit Cash ₦25,000, Credit Profit and Loss Account ₦25,000

Correct Answer: B

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Question 3
A company purchases a machine for ₦150,000 and depreciates it using the straight-line method over a period of 5 years. What is the annual depreciation charge?
A. ₦30,000
Correct B. ₦25,000
C. ₦20,000
D. ₦15,000

Correct Answer: B

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Question 4
A company uses the single-entry system of accounting. The cash book shows a debit balance of ₦20,000. What is the correct journal entry to record the bank reconciliation statement?
A. Debit Cash ₦20,000, Credit Bank ₦20,000
Correct B. Debit Bank ₦20,000, Credit Cash ₦20,000
C. Debit Cash ₦20,000, Credit Bank ₦20,000, Debit Profit and Loss Account ₦20,000
D. Debit Bank ₦20,000, Credit Cash ₦20,000, Credit Profit and Loss Account ₦20,000

Correct Answer: B

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Question 5
A company purchases a machine for ₦200,000 and depreciates it using the reducing-balance method over a period of 5 years. What is the annual depreciation charge?
A. ₦40,000
B. ₦35,000
Correct C. ₦30,000
D. ₦25,000

Correct Answer: C

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Question 6
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, how much will each partner receive?
Correct A. ₦36,000
B. ₦40,000
C. ₦48,000
D. ₦60,000

Correct Answer: A

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Question 7
A company's cash book shows a debit balance of ₦50,000. However, the bank statement shows a credit balance of ₦60,000. What is the correct balance of the company's cash account?
A. ₦10,000
B. ₦50,000
C. ₦60,000
Correct D. ₦110,000

Correct Answer: D

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Question 8
A company has the following transactions in its incomplete records: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦10,000 | | | 1/2 | Purchase of goods | | ₦20,000 | | 1/3 | Sale of goods | | ₦30,000 | What is the correct journal entry for the purchase of goods?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 9
A company has the following transactions in its double-entry system: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦10,000 | | | 1/2 | Purchase of goods | | ₦20,000 | | 1/3 | Sale of goods | | ₦30,000 | What is the correct ledger account for the cash account?
Correct A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: A

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Question 10
A company has the following transactions in its company accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Issuance of shares | | ₦100,000 | | 1/2 | Purchase of goods | | ₦20,000 | | 1/3 | Sale of goods | | ₦30,000 | What is the correct ledger account for the share capital account?
Correct A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000

Correct Answer: A

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Question 11
In a partnership account, the capital of two partners, A and B, is given as follows: A's capital = ₦120,000, B's capital = ₦80,000. If the total capital of the partnership is ₦200,000, what is the ratio of A's capital to B's capital?
A. 1:1
Correct B. 2:1
C. 3:1
D. 4:1

Correct Answer: B

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Question 12
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

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Question 13
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The capital accounts of A and B are ₦200,000 and ₦150,000 respectively. If the profit for the year is ₦50,000, how much will A receive as his share of the profit?
Correct A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000

Correct Answer: A

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Question 14
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the issue expenses were ₦20,000, how much will be credited to the share capital account?
Correct A. ₦150,000
B. ₦120,000
C. ₦100,000
D. ₦80,000

Correct Answer: A

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Question 15
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the reducing balance method.
Correct A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000

Correct Answer: A

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Question 16
A company issued 5,000 debentures of ₦100 each at a discount of ₦5 per debenture. If the issue expenses were ₦10,000, how much will be credited to the debenture account?
Correct A. ₦450,000
B. ₦400,000
C. ₦350,000
D. ₦300,000

Correct Answer: A

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Question 17
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦900,000
Correct B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000

Correct Answer: B

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Question 18
A trader purchases goods worth ₦50,000 on credit and sells them for ₦75,000. Calculate the profit made, including the interest on the credit period of 6 months at 12% per annum.
A. ₦12,500
B. ₦15,000
Correct C. ₦17,500
D. ₦20,000

Correct Answer: C

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Question 19
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | | ₦5,000 | Calculate the bank balance on 3rd Jan.
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 20
A company's ledger shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦20,000 | | | Bank | | ₦30,000 | | Debtors | ₦40,000 | | | Creditors | | ₦10,000 | Calculate the net worth of the company.
A. ₦60,000
Correct B. ₦70,000
C. ₦80,000
D. ₦90,000

Correct Answer: B

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Question 21
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦1,100,000
Correct B. ₦1,150,000
C. ₦1,200,000
D. ₦1,250,000

Correct Answer: B

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Question 22
A company issued 10,000 ordinary shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 23
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the month of January:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 24
The following trial balance was extracted from the books of XYZ Ltd. at 31st December 2024:
A. ₦100,000
B. ₦120,000
Correct C. ₦150,000
D. ₦180,000

Correct Answer: C

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Question 25
A company's profit and loss account for the year ended 31st December 2024 is as follows:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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