POST UTME COAL CITY UNIVERSITY 2025 Accounting | Objective

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Question 1
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
B. ₦38,000
C. ₦40,000
D. ₦42,000
Question 2
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?
A. ₦220,000
B. ₦240,000
C. ₦260,000
D. ₦280,000
Question 3
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.
A. ₦450,000 and ₦25,000
B. ₦475,000 and ₦25,000
C. ₦450,000 and ₦50,000
D. ₦475,000 and ₦50,000
Question 4
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
B. ₦690,000
C. ₦710,000
D. ₦730,000
Question 5
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
C. ₦70,000
D. ₦80,000
Question 6
A company has the following transactions: Issued 10,000 shares of ₦10 each at a premium of ₦5 per share; Issued 5,000 shares of ₦20 each at a premium of ₦2 per share. Calculate the total amount received from share issues.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 7
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?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 8
A company's trial balance as of December 31, 2025, is as follows: Debit ----------------- Cash: ₦100,000 Accounts Payable: ₦50,000 Sales Revenue: ₦200,000 Cost of Goods Sold: ₦150,000 Credit ----------------- Accounts Receivable: ₦75,000 Common Stock: ₦250,000 Salaries Expense: ₦30,000 Rent Expense: ₦20,000 What is the total amount of the company's net income for the year?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
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?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 10
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
C. 800
D. 850
Question 11
A company uses the job order costing system. On January 1, 2025, it had a work-in-progress balance of ₦0. During the year, it incurred the following costs on Job 101: Direct Materials: ₦10,000 Direct Labor: ₦20,000 Overhead: ₦30,000 What is the total cost of Job 101?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 12
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
B. 80
C. 100
D. 120
Question 13
A company issues 10,000, 9% debentures of ₦100 each at a premium of 10%. Calculate the total amount received from debenture holders.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000
Question 14
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
C. 100
D. 120
Question 15
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 assets?
A. ₦670,000
B. ₦690,000
C. ₦710,000
D. ₦730,000

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