POST UTME COAL CITY UNIVERSITY 2025 Accounting | Objective

Are you preparing for POST UTME COAL CITY 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 issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount.
Correct A. ₦450,000 and ₦25,000
B. ₦475,000 and ₦25,000
C. ₦450,000 and ₦50,000
D. ₦475,000 and ₦50,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company's trading account for the year ended 31st December 2024 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns outwards: ₦20,000; Returns inwards: ₦15,000. Calculate the cost of goods sold.
Correct A. ₦1,185,000
B. ₦1,200,000
C. ₦1,205,000
D. ₦1,210,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company's balance sheet as at 31st December 2024 is as follows: Equity: ₦500,000; Liabilities: ₦800,000. Calculate the total assets of the company.
Correct A. ₦1,300,000
B. ₦1,300,000
C. ₦1,300,000
D. ₦1,300,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount.
Correct A. ₦450,000 and ₦25,000
B. ₦475,000 and ₦25,000
C. ₦450,000 and ₦50,000
D. ₦475,000 and ₦50,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company's trading account for the year ended 31st December 2024 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns outwards: ₦20,000; Returns inwards: ₦15,000. Calculate the cost of goods sold.
Correct A. ₦1,185,000
B. ₦1,200,000
C. ₦1,205,000
D. ₦1,210,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦1,500,000, and the Sales department has a budget of ₦2,000,000. If the company's total budget is ₦3,500,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
Correct A. 1:2
B. 2:3
C. 3:4
D. 4:5

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A partnership is formed between three individuals: John, Mary, and David. John invests ₦500,000, Mary invests ₦300,000, and David invests ₦200,000. If the partnership earns a profit of ₦150,000, how much will each partner receive?
Correct A. John: ₦50,000, Mary: ₦30,000, David: ₦20,000
B. John: ₦40,000, Mary: ₦20,000, David: ₦30,000
C. John: ₦30,000, Mary: ₦20,000, David: ₦40,000
D. John: ₦20,000, Mary: ₦30,000, David: ₦40,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash received from customers | ₦10,000 | | | 1/2 | Cash paid to suppliers | | ₦5,000 | | 1/3 | Cash received from sales | ₦20,000 | | | 1/4 | Cash paid to employees | | ₦15,000 | What is the company's cash balance on 1/4?
Correct A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company's trial balance shows the following accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Accounts Payable | | ₦30,000 | | Sales Revenue | ₦100,000 | | | Cost of Goods Sold | | ₦80,000 | What is the company's net income?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company uses the double-entry system to record the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash received from customers | ₦10,000 | | | 1/2 | Cash paid to suppliers | | ₦5,000 | | 1/3 | Cash received from sales | ₦20,000 | | | 1/4 | Cash paid to employees | | ₦15,000 | What is the company's net income?
Correct A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦10,000
Correct B. ₦12,500
C. ₦15,000
D. ₦17,500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A manufacturing company uses a job costing system. The following data are available for the month of January: Job No. 101, direct materials, ₦10,000; direct labor, ₦15,000; overhead, ₦20,000. Calculate the total cost of production for Job No. 101.
A. ₦45,000
B. ₦50,000
Correct C. ₦55,000
D. ₦60,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company's cash book shows the following transactions: 1. Cash received from customers, ₦50,000; 2. Cash paid to suppliers, ₦30,000; 3. Cash received from bank, ₦20,000. Calculate the cash balance.
A. ₦40,000
B. ₦45,000
Correct C. ₦50,000
D. ₦55,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company's balance sheet as at 31st December, 2024 shows: Equity, ₦500,000; Liabilities, ₦300,000. Calculate the company's net worth.
A. ₦200,000
B. ₦300,000
C. ₦400,000
Correct D. ₦500,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company's cash book shows the following transactions: 1. Cash received from customers, ₦50,000; 2. Cash paid to suppliers, ₦30,000; 3. Cash received from bank, ₦20,000. Calculate the cash balance.
A. ₦40,000
B. ₦45,000
Correct C. ₦50,000
D. ₦55,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product on hand with a cost of ₦120 per unit. During the year, 300 units were sold, and 200 units were purchased at a cost of ₦130 per unit. The company uses the weighted average method to value its inventory. What is the total cost of goods sold for the year?
A. ₦36,000
Correct B. ₦38,000
C. ₦40,000
D. ₦42,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company has the following transactions related to its manufacturing operations: | Date | Description | Units Produced | Units Sold | Units in WIP | Units in Finished Goods | | --- | --- | --- | --- | --- | --- | | Jan 1 | Beginning balance | 0 | 0 | 500 | 0 | | Jan 15 | Production | 200 | 0 | 700 | 500 | | Feb 1 | Sale | 0 | 100 | 600 | 400 | | Mar 1 | Production | 300 | 0 | 900 | 600 | | Apr 1 | Sale | 0 | 150 | 750 | 450 | | May 1 | Production | 250 | 0 | 1000 | 750 | | Jun 1 | Sale | 0 | 200 | 800 | 550 | | Jul 1 | Production | 350 | 0 | 1150 | 800 | | Aug 1 | Sale | 0 | 250 | 900 | 550 | | Sep 1 | Production | 400 | 0 | 1300 | 900 | | Oct 1 | Sale | 0 | 300 | 1000 | 700 | | Nov 1 | Production | 450 | 0 | 1450 | 1000 | | Dec 1 | Sale | 0 | 350 | 1100 | 700 | What is the total number of units in work-in-progress (WIP) at the end of the year?
A. 1450
B. 1500
C. 1550
Correct D. 1600

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company has the following transactions related to its manufacturing operations: | Date | Description | Units Produced | Units Sold | Units in WIP | Units in Finished Goods | | --- | --- | --- | --- | --- | --- | | Jan 1 | Beginning balance | 0 | 0 | 500 | 0 | | Jan 15 | Production | 200 | 0 | 700 | 500 | | Feb 1 | Sale | 0 | 100 | 600 | 400 | | Mar 1 | Production | 300 | 0 | 900 | 600 | | Apr 1 | Sale | 0 | 150 | 750 | 450 | | May 1 | Production | 250 | 0 | 1000 | 750 | | Jun 1 | Sale | 0 | 200 | 800 | 550 | | Jul 1 | Production | 350 | 0 | 1150 | 800 | | Aug 1 | Sale | 0 | 250 | 900 | 550 | | Sep 1 | Production | 400 | 0 | 1300 | 900 | | Oct 1 | Sale | 0 | 300 | 1000 | 700 | | Nov 1 | Production | 450 | 0 | 1450 | 1000 | | Dec 1 | Sale | 0 | 350 | 1100 | 700 | What is the total number of units in finished goods at the end of the year?
A. 700
B. 750
Correct C. 800
D. 850

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company has the following transactions related to its manufacturing operations: | Date | Description | Units Produced | Units Sold | Units in WIP | Units in Finished Goods | | --- | --- | --- | --- | --- | --- | | Jan 1 | Beginning balance | 0 | 0 | 500 | 0 | | Jan 15 | Production | 200 | 0 | 700 | 500 | | Feb 1 | Sale | 0 | 100 | 600 | 400 | | Mar 1 | Production | 300 | 0 | 900 | 600 | | Apr 1 | Sale | 0 | 150 | 750 | 450 | | May 1 | Production | 250 | 0 | 1000 | 750 | | Jun 1 | Sale | 0 | 200 | 800 | 550 | | Jul 1 | Production | 350 | 0 | 1150 | 800 | | Aug 1 | Sale | 0 | 250 | 900 | 550 | | Sep 1 | Production | 400 | 0 | 1300 | 900 | | Oct 1 | Sale | 0 | 300 | 1000 | 700 | | Nov 1 | Production | 450 | 0 | 1450 | 1000 | | Dec 1 | Sale | 0 | 350 | 1100 | 700 | What is the total number of units sold during the year?
A. 1750
B. 1800
C. 1850
Correct D. 1900

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, Dividends ₦20,000, Retained Earnings ₦150,000. What is the total amount of the company's assets?
A. ₦670,000
Correct B. ₦690,000
C. ₦710,000
D. ₦730,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product A can be produced?
A. 60
B. 80
Correct C. 100
D. 120

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A partnership has two partners, A and B. Partner A invests ₦200,000 and partner B invests ₦300,000. The partnership earns a profit of ₦100,000. How much will partner A receive as their share of the profit?
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, Dividends ₦20,000, Retained Earnings ₦150,000. What is the total amount of the company's liabilities?
Correct A. ₦220,000
B. ₦240,000
C. ₦260,000
D. ₦280,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦120,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, Dividends ₦20,000, Retained Earnings ₦150,000. What is the total amount of the company's equity?
A. ₦670,000
Correct B. ₦690,000
C. ₦710,000
D. ₦730,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product B can be produced?
A. 60
Correct B. 80
C. 100
D. 120

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support