POST UTME CHRISTOPHER UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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 to be shared by A and B.
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 2
A public sector organization's budget for the year is as follows: Revenues: ₦500,000; Expenditures: ₦400,000; Surplus: ₦100,000. What is the percentage increase in revenues compared to expenditures?
A. 25%
B. 50%
C. 75%
D. 100%
Question 3
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦1,000 | | | 2 Jan | Bank | | ₦500 | | 3 Jan | Cash | | ₦500 | | 4 Jan | Bank | | ₦200 | | 5 Jan | Cash | ₦200 | | What is the balance in the cash book?
A. ₦800
B. ₦900
C. ₦700
D. ₦600
Question 4
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦120,000 and its current liabilities are ₦60,000, what is the company's quick ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1
Question 5
A company issues 5,000 10% preference shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
B. ₦15,000 debit to Rent Paid and ₦20,000 credit to Rent Received
C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
D. ₦20,000 debit to Rent Received and ₦15,000 credit to Rent Paid
Question 7
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500
Question 8
A company's balance sheet as of December 31, 2024, showed the following: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. Prepare the company's statement of cash flows.
A. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
B. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
C. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
D. Cash Flows from Operating Activities ₦50,000, Cash Flows from Investing Activities ₦0, Cash Flows from Financing Activities ₦0
Question 9
A company's trial balance showed the following balances: Debtors: ₦150,000; Creditors: ₦80,000; Capital: ₦200,000; Profit: ₦30,000. What is the total amount of assets?
A. ₦380,000
B. ₦480,000
C. ₦580,000
D. ₦680,000
Question 10
In a manufacturing company, the following transactions occurred during the year: Purchases of raw materials: ₦150,000; Wages paid to workers: ₦120,000; Rent paid: ₦30,000; Depreciation on machinery: ₦20,000. What is the total amount of expenses incurred by the company?
A. ₦320,000
B. ₦420,000
C. ₦520,000
D. ₦620,000
Question 11
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 12
A company's incomplete records showed the following transactions: Purchases of raw materials: ₦150,000; Wages paid to workers: ₦120,000; Rent paid: ₦30,000; Depreciation on machinery: ₦20,000. What is the total amount of expenses incurred by the company?
A. ₦320,000
B. ₦420,000
C. ₦520,000
D. ₦620,000
Question 13
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦100,000. The bank reconciliation statement reveals that there is an outstanding cheque of ₦20,000 and a deposit of ₦10,000 that has not been credited to the account. What is the correct balance of the company's cash book?
A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 14
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦200,000. What is the company's net worth?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 15
A company's balance sheet as at 31 Dec 2024 is as follows: | Assets | ₦ | Liabilities | ₦ | Equity | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | | | Bank | 15,000 | Share Capital | | | | | Stock | 30,000 | Profit & Loss | | | | | | | | | | | If the company issues 5,000, 10% debentures of ₦100 each at a premium of 5%, calculate the amount received from debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500

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