POST UTME COVENANT UNIVERSITY 2025 Accounting | Objective

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%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 2
A government agency issued ₦1,000,000,000 worth of 5-year bonds at a 10% annual interest rate. If the agency receives a total of ₦1,050,000,000 from the sale of these bonds, what is the total amount of interest received?
A. ₦50,000,000
B. ₦60,000,000
C. ₦70,000,000
D. ₦80,000,000
Question 3
A company's balance sheet as at 31 December 20X7 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Debtors | 30,000 | Share Capital | 50,000 | | Stock | 40,000 | Profit & Loss A/c | 10,000 | | Prepaid Rent | 5,000 | | | What is the total amount of liabilities?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 4
A company's trading account for the year ended 31 December 20X7 is as follows: | Particulars | Debit | Credit | | --- | --- | --- | | Sales | ₦500,000 | | | Purchases | | ₦300,000 | | Returns Outwards | ₦20,000 | | | Returns Inwards | | ₦15,000 | | Carriage Inwards | | ₦10,000 | | Carriage Outwards | ₦5,000 | | What is the net profit for the year?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 5
A company has a cash book account with the following transactions: Debit: ₦10,000 on January 1, 2025, and ₦5,000 on January 15, 2025. Credit: ₦8,000 on January 1, 2025, and ₦3,000 on January 15, 2025. Calculate the balance in the cash book account on January 31, 2025.
A. ₦2,000
B. ₦3,000
C. ₦5,000
D. ₦7,000
Question 6
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦50,000, what is the annual depreciation expense?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 7
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received a total of 250,000 from the sale of these shares, what is the total amount of the premium received?
A. ₦125,000
B. ₦250,000
C. ₦375,000
D. ₦500,000
Question 8
A company's trial balance showed the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. If the company's total assets were ₦300,000, what is the total amount of liabilities?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 9
A company has the following ledger accounts: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets and liabilities?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 10
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 1,500 | | 3rd Jan | Cash | | 500 | | 4th Jan | Bank | | 1,000 | What is the balance in the bank account?
A. ₦1,500
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 11
A company's balance sheet as at 31 December 20X7 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Debtors | 30,000 | Share Capital | 50,000 | | Stock | 40,000 | Profit & Loss A/c | 10,000 | | Prepaid Rent | 5,000 | | | What is the total amount of assets?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 12
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 | | ₦200 | | 4 Jan | Bank | ₦300 | | | 5 Jan | Cash | | ₦100 | What is the balance in the bank account?
A. ₦1,300
B. ₦1,400
C. ₦1,500
D. ₦1,600
Question 13
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦500,000 and its current liabilities are ₦200,000, what is the total amount of its non-current assets?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 14
A partnership has two partners, A and B. Partner A has a 60% interest in the profits, while partner B has a 40% interest. If the partnership made a profit of ₦120,000, how much will partner A receive?
A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 15
A company's trading account for the year ended 31 December 20X7 is as follows: | Particulars | Debit | Credit | | --- | --- | --- | | Sales | ₦500,000 | | | Purchases | | ₦300,000 | | Returns Outwards | ₦20,000 | | | Returns Inwards | | ₦15,000 | | Carriage Inwards | | ₦10,000 | | Carriage Outwards | ₦5,000 | | What is the gross profit for the year?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000

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