POST UTME CALEB UNIVERSITY 2025 Accounting | Objective

Are you preparing for POST UTME CALEB 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
A company's cash book shows a debit balance of ₦120,000. However, the bank statement shows a credit balance of ₦150,000. What is the reason for the discrepancy?
A. The company has not recorded a bank overdraft.
Correct B. The bank has charged a fee for the overdraft.
C. The company has not recorded a bank loan.
D. The bank has credited the company's account incorrectly.

Correct Answer: B

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Question 2
A company's trading account shows a profit of ₦500,000. However, the profit and loss account shows a loss of ₦200,000. What is the reason for the discrepancy?
A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
Correct C. The company has not recorded a depreciation expense.
D. The company has not recorded a gain on the sale of investments.

Correct Answer: C

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Question 3
A company's balance sheet shows a current ratio of 2:1. However, the company's cash flow statement shows a negative cash flow from operations. What is the reason for the discrepancy?
A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
C. The company has not recorded a depreciation expense.
Correct D. The company has not recorded a gain on the sale of investments.

Correct Answer: D

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Question 4
A company's cash book shows a debit balance of ₦100,000. However, the bank statement shows a credit balance of ₦120,000. What is the reason for the discrepancy?
A. The company has not recorded a bank overdraft.
B. The bank has charged a fee for the overdraft.
C. The company has not recorded a bank loan.
Correct D. The bank has credited the company's account incorrectly.

Correct Answer: D

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Question 5
A company's trading account shows a profit of ₦600,000. However, the profit and loss account shows a loss of ₦300,000. What is the reason for the discrepancy?
A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
Correct C. The company has not recorded a depreciation expense.
D. The company has not recorded a gain on the sale of investments.

Correct Answer: C

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Question 6
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
A. ₦50,000
Correct B. ₦100,000
C. ₦200,000
D. ₦500,000

Correct Answer: B

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Question 7
A company has a capital of ₦1,000,000 divided into 200,000 shares of ₦5 each. If the company issues 20,000 shares at a premium of ₦2 per share, calculate the new capital.
A. ₦1,200,000
B. ₦1,400,000
Correct C. ₦1,600,000
D. ₦2,000,000

Correct Answer: C

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Question 8
A company has a capital of ₦500,000 divided into 100,000 shares of ₦5 each. If the company issues 10,000 shares at a premium of ₦2 per share, calculate the new capital.
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 9
A company has a capital of ₦1,500,000 divided into 300,000 shares of ₦5 each. If the company issues 30,000 shares at a premium of ₦2 per share, calculate the new capital.
A. ₦2,100,000
B. ₦2,400,000
Correct C. ₦2,700,000
D. ₦3,000,000

Correct Answer: C

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Question 10
A company has a capital of ₦2,000,000 divided into 400,000 shares of ₦5 each. If the company issues 40,000 shares at a premium of ₦2 per share, calculate the new capital.
A. ₦2,800,000
B. ₦3,200,000
Correct C. ₦3,600,000
D. ₦4,000,000

Correct Answer: C

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Question 11
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦10,000
Correct B. ₦11,000
C. ₦12,000
D. ₦13,000

Correct Answer: B

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Question 12
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet.
A. Assets: ₦200,000, Liabilities: ₦50,000, Equity: ₦150,000
Correct B. Assets: ₦250,000, Liabilities: ₦50,000, Equity: ₦200,000
C. Assets: ₦300,000, Liabilities: ₦50,000, Equity: ₦250,000
D. Assets: ₦350,000, Liabilities: ₦50,000, Equity: ₦300,000

Correct Answer: B

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Question 13
A company's financial statements for the year ended December 31, 2024, showed the following: Net Income ₦500,000, Dividends ₦100,000, and Retained Earnings ₦300,000. Calculate the total amount of dividends paid.
A. ₦400,000
Correct B. ₦500,000
C. ₦600,000
D. ₦700,000

Correct Answer: B

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Question 14
A company's balance sheet showed the following: Cash ₦100,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Total Assets ₦600,000. Calculate the total amount of liabilities.
A. ₦400,000
B. ₦500,000
Correct C. ₦600,000
D. ₦700,000

Correct Answer: C

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Question 15
A company's income statement showed the following: Sales ₦1,000,000, Cost of Goods Sold ₦500,000, Gross Profit ₦500,000, Operating Expenses ₦200,000, and Net Income ₦300,000. Calculate the total amount of operating expenses.
A. ₦200,000
Correct B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: B

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Question 16
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. The issue expenses amount to ₦20,000. Calculate the amount received from the issue of shares.
A. ₦100,000
Correct B. ₦120,000
C. ₦140,000
D. ₦160,000

Correct Answer: B

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Question 17
A cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The bank charges for the month amount to ₦1,500. The cash book shows a debit balance of ₦2,000 for bank charges. What is the correct balance in the cash book?
A. ₦48,500
Correct B. ₦49,500
C. ₦50,500
D. ₦51,500

Correct Answer: B

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Question 18
The government of a country issues a 10-year bond with a face value of ₦100,000,000. The bond is issued at a discount of 5%. Calculate the amount received by the government.
Correct A. ₦95,000,000
B. ₦95,500,000
C. ₦96,000,000
D. ₦96,500,000

Correct Answer: A

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Question 19
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit-sharing ratio is 3:2. Calculate the share of profit of A.
Correct A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000

Correct Answer: A

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Question 20
A company's trading account shows a profit of ₦200,000. The profit and loss account shows a loss of ₦50,000. The balance sheet shows a capital of ₦500,000. Calculate the amount of dividend paid to the shareholders.
A. ₦150,000
Correct B. ₦160,000
C. ₦170,000
D. ₦180,000

Correct Answer: B

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Question 21
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The balance on the profit and loss account is ₦500,000. The balance on the retained earnings account is ₦200,000. What is the balance on the capital account?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
Correct D. ₦1,500,000

Correct Answer: D

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Question 22
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 | | ₦20,000 | What is the balance on the cash account?
Correct A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: A

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Question 23
A company's balance sheet as at 31st December 2024 shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 50,000 | Bank Loan | 100,000 | | Debtors | 150,000 | Share Capital | 200,000 | | Stock | 100,000 | Retained Earnings | 50,000 | What is the total amount of liabilities?
A. ₦250,000
B. ₦300,000
C. ₦350,000
Correct D. ₦400,000

Correct Answer: D

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Question 24
A company's profit and loss account for the year ended 31st December 2024 shows a profit of ₦1,000,000. The balance on the retained earnings account is ₦200,000. The company issues 10% debentures of ₦100,000 each. What is the amount of dividend paid to the debenture holders?
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 25
A company's balance sheet as at 31st December 2024 shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 50,000 | Bank Loan | 100,000 | | Debtors | 150,000 | Share Capital | 200,000 | | Stock | 100,000 | Retained Earnings | 50,000 | What is the total amount of assets?
A. ₦300,000
B. ₦350,000
C. ₦400,000
Correct D. ₦450,000

Correct Answer: D

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