POST UTME DELSU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following ledger account: Debitors ₦1,500,000, Creditors ₦800,000, Capital ₦2,000,000. What is the total assets of the company?
A. ₦3,500,000
B. ₦4,000,000
C. ₦4,500,000
D. ₦5,000,000
Question 2
A company's trial balance shows the following accounts: Debit: ₦100,000, Credit: ₦80,000. What is the correct balance of the account?
A. ₦20,000
B. ₦20,000 (Debit)
C. ₦20,000 (Credit)
D. ₦20,000 (Error)
Question 3
A company's single entry system for the year ended 31st December 2024 is as follows: Cash at Bank: ₦500,000; Cash in Hand: ₦200,000; Cheques Deposited: ₦300,000; Cheques Issued: ₦400,000. Prepare the cash book.
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 4
A company's cash book for the year ended 31st December 2024 is as follows: Cash at Bank: ₦500,000; Cash in Hand: ₦200,000; Cheques Deposited: ₦300,000; Cheques Issued: ₦400,000. Reconcile the cash book with the bank statement.
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000
Question 5
A company issued 1,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦95,000
B. ₦99,000
C. ₦95,500
D. ₦99,500
Question 6
A partnership of three individuals has a capital of ₦500,000. The capital is divided in the ratio 2:3:4. If the profit is shared in the same ratio, what is the total profit earned by the partnership in a year?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 7
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 gross profit for the year.
A. ₦180,000
B. ₦180,000
C. ₦180,000
D. ₦180,000
Question 8
A company uses a job costing system to account for its manufacturing activities. The following data is available for the current period: Job No. 101: Cost of raw materials = ₦10,000; Direct labor = ₦5,000; Overheads = ₦8,000. Job No. 102: Cost of raw materials = ₦12,000; Direct labor = ₦6,000; Overheads = ₦10,000. What is the total cost of production for the current period?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 9
A company has the following ledger accounts: Debtors: ₦0,000; Creditors: ₦0,500; Capital: ₦0,000; Profit: ₦0,000. Prepare the trial balance.
A. ₦0,000; ₦0,000; ₦0,000; ₦0,000
B. ₦0,000; ₦0,000; ₦0,000; ₦0,000
C. ₦0,000; ₦0,000; ₦0,000; ₦0,000
D. ₦0,000; ₦0,000; ₦0,000; ₦0,000
Question 10
A company issued 1,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦95,000
B. ₦99,000
C. ₦95,500
D. ₦99,500
Question 11
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. The shares were sold for ₦1.50 each. Calculate the amount received from the sale of shares.
A. ₦0,500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 13
A company has the following journal entry: Debitors ₦1,000,000, Creditors ₦800,000, Capital ₦200,000. What is the net effect of the journal entry on the company's assets?
A. Increase by ₦200,000
B. Decrease by ₦200,000
C. No effect on assets
D. Increase by ₦800,000
Question 14
A company uses a self-balancing ledger to record its transactions. The following transactions are recorded: Debit: Raw materials = ₦10,000; Direct labor = ₦5,000; Overheads = ₦8,000. Credit: Sales = ₦25,000. What is the balance of the ledger after all transactions have been recorded?
A. ₦8,000
B. ₦12,000
C. ₦16,000
D. ₦20,000
Question 15
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦150,000. The company's bank statement shows a balance of ₦120,000. The difference between the two balances is ₦30,000. What is the most likely reason for this difference?
A. The company has outstanding checks.
B. The company has deposited cash into the bank but has not yet recorded it.
C. The company has written checks but has not yet recorded them.
D. The company has made an error in its accounting records.

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