POST UTME CALEB UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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.
C. The company has not recorded a depreciation expense.
D. The company has not recorded a gain on the sale of investments.
Question 2
A company's cash book shows a debit balance of ₦15,000. However, the company's bank statement shows a credit balance of ₦20,000. What is the reason for the discrepancy?
A. Bank charges
B. Cheque returned unpaid
C. Deposit in transit
D. Incorrect bank statement
Question 3
The following ledger account shows the transactions of XYZ Limited for the month of January:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 4
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
C. ₦800,000
D. ₦900,000
Question 5
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.
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 6
A company uses the double-entry system of accounting. If the company purchases an asset for ₦50,000, what is the accounting equation after the purchase?
A. Assets = ₦50,000, Liabilities = ₦0, Equity = ₦0
B. Assets = ₦50,000, Liabilities = ₦0, Equity = ₦50,000
C. Assets = ₦0, Liabilities = ₦0, Equity = ₦50,000
D. Assets = ₦0, Liabilities = ₦50,000, Equity = ₦0
Question 7
A company's control account shows a debit balance of ₦20,000. However, the company's ledger account shows a credit balance of ₦15,000. What is the reason for the discrepancy?
A. Error in control account
B. Error in ledger account
C. Error in posting
D. Error in balancing
Question 8
The following journal entry was recorded by XYZ Limited:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 9
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
C. ₦1,600,000
D. ₦2,000,000
Question 10
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.
D. The company has not recorded a gain on the sale of investments.
Question 11
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
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 12
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.
A. ₦95,000,000
B. ₦95,500,000
C. ₦96,000,000
D. ₦96,500,000
Question 13
A company's balance sheet showed a total assets of ₦500,000 and total liabilities of ₦200,000. Calculate the company's net worth.
A. ₦300,000
B. ₦200,000
C. ₦100,000
D. ₦50,000
Question 14
The following journal entry was recorded by XYZ Limited:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 15
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.
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.

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