POST UTME EKSU 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A manufacturing company uses a job-order costing system. The company has two departments: Cutting and Assembly. The Cutting Department has a beginning balance of ₦20,000 in the Work-in-Process Inventory account and adds ₦30,000 of direct materials and ₦25,000 of direct labor during the month. The Assembly Department adds ₦35,000 of direct materials and ₦30,000 of direct labor during the month. What is the total cost of goods available for sale at the end of the month?
Question 2
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦10,000 for an outstanding cheque. Calculate the corrected cash book balance.
Question 3
A company's accounting records show that its total assets increased by ₦1,000,000 and its total liabilities increased by ₦800,000. If the company's net worth increased by ₦200,000, what is the amount of its retained earnings?
Question 4
A company issued 10,000 shares of its common stock at a par value of ₦10 per share. If the company also issued 5,000 shares of its preferred stock at a par value of ₦20 per share, what is the total par value of the company's issued stock?
Question 5
A partnership is formed by three individuals, A, B, and C, with initial capital contributions of ₦150,000, ₦200,000, and ₦250,000 respectively. During the year, the partnership earns a profit of ₦500,000. The profit is to be shared in the ratio of 2:3:4. Calculate the amount of profit to be shared by partner C.
Question 6
The trial balance of XYZ Ltd. as at 31st December 2024 is as follows:
Debit
-----------------
₦1,500,000
₦2,000,000
₦3,000,000
₦4,000,000
₦5,000,000
₦6,000,000
₦7,000,000
₦8,000,000
₦9,000,000
₦10,000,000
Credit
-----------------
₦1,000,000
₦2,000,000
₦3,000,000
₦4,000,000
₦5,000,000
₦6,000,000
₦7,000,000
₦8,000,000
₦9,000,000
₦10,000,000
Identify the error in the trial balance.
Question 7
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: ₦800,000 for salaries, ₦300,000 for rent, and ₦200,000 for utilities. What is the remaining budget for the organization?
Question 8
A company's trial balance shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. If the company's total assets are ₦200,000, what is the amount of its total liabilities?
Question 9
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. The proceeds from the issue are used to pay off a loan of ₦150,000. Calculate the amount of the loan that is still outstanding.
Question 10
The following are the balances in the ledger accounts of XYZ Ltd. as at 31st December 2024:
Debit
-----------------
₦1,500,000
₦2,000,000
₦3,000,000
₦4,000,000
₦5,000,000
₦6,000,000
₦7,000,000
₦8,000,000
₦9,000,000
₦10,000,000
Credit
-----------------
₦1,000,000
₦2,000,000
₦3,000,000
₦4,000,000
₦5,000,000
₦6,000,000
₦7,000,000
₦8,000,000
₦9,000,000
₦10,000,000
Identify the account that is not correctly balanced.
Question 11
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
Question 12
A company uses the FIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
Question 13
A company issues 1,000 debentures of ₦100 each at a premium of ₦10 per debenture. The proceeds from the issue of debentures are credited to the 'Debenture Capital' account. What is the total amount credited to the 'Debenture Capital' account?
Question 14
A company uses the LIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
Question 15
A company uses the LIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
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