POST UTME BSU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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
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
Question 2
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?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 3
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
B. ₦1,150,000
C. ₦1,200,000
D. ₦1,250,000
Question 4
A company's profit and loss account for the year ended 31st December 2024 is as follows:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 5
A company's profit for the year ended 31st December 2024 was ₦1,200,000. The company's tax rate is 25%. Calculate the company's tax liability.
A. ₦300,000
B. ₦320,000
C. ₦350,000
D. ₦400,000
Question 6
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.
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.
Question 7
The following trial balance was extracted from the books of XYZ Ltd. at 31st December 2024:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 8
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
C. ₦70,000
D. ₦80,000
Question 9
A manufacturing company has the following cost accounts:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 10
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?
A. ₦150,000
B. ₦120,000
C. ₦100,000
D. ₦80,000
Question 11
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
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company's balance sheet as at 31st December 2024 is as follows: Assets: ₦1,500,000 ₦1,200,000 ₦1,000,000 ₦800,000 ₦600,000 ₦400,000 ₦200,000 Liabilities: ₦1,000,000 ₦800,000 ₦600,000 ₦400,000 ₦200,000 Calculate the company's current ratio.
A. 1.5
B. 1.8
C. 2.0
D. 2.2
Question 13
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.
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000
Question 14
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?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 15
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
B. ₦70,000
C. ₦80,000
D. ₦90,000

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