Practice Post UTME ESUT accounting 2025 Past Questions

Question 1

A public sector organization has the following transactions: Purchased office supplies for ₦10,000 cash Sold goods for ₦20,000 on credit Paid salaries of ₦15,000 in cash What is the total amount of cash transactions?

A. ₦5,000

Correct B. ₦10,000

C. ₦15,000

D. ₦20,000

Correct Answer: B

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

Question 2

A company has the following ledger balances: Debtors: ₦50,000 Creditors: ₦20,000 What is the net amount due from debtors?

A. ₦30,000

B. ₦40,000

Correct C. ₦50,000

D. ₦60,000

Correct Answer: C

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

Question 3

A partnership has the following capital accounts: John: ₦100,000 Mary: ₦80,000 What is the total capital of the partnership?

A. ₦180,000

B. ₦200,000

Correct C. ₦220,000

D. ₦240,000

Correct Answer: C

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

Question 4

A company has the following trial balance: Sales: ₦100,000 Purchases: ₦80,000 What is the gross profit?

A. ₦20,000

B. ₦30,000

Correct C. ₦40,000

D. ₦50,000

Correct Answer: C

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

Question 5

A company has the following ledger balances: Debtors: ₦50,000 Creditors: ₦20,000 What is the net amount due from debtors?

A. ₦30,000

B. ₦40,000

Correct C. ₦50,000

D. ₦60,000

Correct Answer: C

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

Question 6

A company's trial balance shows a debit balance of ₦15,000 in the 'Office Equipment' account. However, the company's accountant has informed you that the correct balance should be a credit of ₦5,000. What is the correct journal entry to rectify this error?

A. ₦20,000 debit to Office Equipment and ₦20,000 credit to Office Supplies

Correct B. ₦20,000 credit to Office Equipment and ₦20,000 debit to Office Supplies

C. ₦20,000 debit to Office Equipment and ₦20,000 credit to Office Equipment

D. ₦20,000 credit to Office Equipment and ₦20,000 debit to Office Equipment

Correct Answer: B

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

Question 7

A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will each partner receive?

A. ₦60,000 and ₦60,000

B. ₦90,000 and ₦30,000

Correct C. ₦72,000 and ₦48,000

D. ₦54,000 and ₦66,000

Correct Answer: C

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

Question 8

A manufacturing company produces two products, X and Y, which require the following resources:

A. X requires 2 hours on machine A and 1 hour on machine B, while Y requires 1 hour on machine A and 2 hours on machine B

Correct B. X requires 1 hour on machine A and 2 hours on machine B, while Y requires 2 hours on machine A and 1 hour on machine B

C. X requires 3 hours on machine A and 1 hour on machine B, while Y requires 1 hour on machine A and 3 hours on machine B

D. X requires 1 hour on machine A and 1 hour on machine B, while Y requires 2 hours on machine A and 2 hours on machine B

Correct Answer: B

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

Question 9

A company's balance sheet shows the following balances:

A. ₦100,000

B. ₦120,000

Correct C. ₦150,000

D. ₦180,000

Correct Answer: C

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

Question 10

A company's trial balance shows a debit balance of ₦15,000 in the 'Office Equipment' account. However, the company's accountant has informed you that the correct balance should be a credit of ₦5,000. What is the correct journal entry to rectify this error?

A. ₦20,000 debit to Office Equipment and ₦20,000 credit to Office Supplies

Correct B. ₦20,000 credit to Office Equipment and ₦20,000 debit to Office Supplies

C. ₦20,000 debit to Office Equipment and ₦20,000 credit to Office Equipment

D. ₦20,000 credit to Office Equipment and ₦20,000 debit to Office Equipment

Correct Answer: B

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

Question 11

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were used to purchase a piece of land. Prepare the journal entry to record the issuance of the shares.

A. Debit Cash 30,000; Credit Common Stock 30,000

Correct B. Debit Land 30,000; Credit Common Stock 30,000

C. Debit Cash 30,000; Credit Land 30,000

D. Debit Common Stock 30,000; Credit Land 30,000

Correct Answer: B

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

Question 12

A company has the following ledger balances: Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000. Prepare the trial balance.

Correct A. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

B. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

C. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

D. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

Correct Answer: A

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

Question 13

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were used to purchase a piece of land. Prepare the journal entry to record the issuance of the shares.

A. Debit Cash 30,000; Credit Common Stock 30,000

Correct B. Debit Land 30,000; Credit Common Stock 30,000

C. Debit Cash 30,000; Credit Land 30,000

D. Debit Common Stock 30,000; Credit Land 30,000

Correct Answer: B

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

Question 14

A company has the following ledger balances: Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000. Prepare the trial balance.

Correct A. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

B. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

C. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

D. Accounts Payable 20,000; Common Stock 50,000; Retained Earnings 30,000

Correct Answer: A

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

Question 15

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were used to purchase a piece of land. Prepare the journal entry to record the issuance of the shares.

A. Debit Cash 30,000; Credit Common Stock 30,000

Correct B. Debit Land 30,000; Credit Common Stock 30,000

C. Debit Cash 30,000; Credit Land 30,000

D. Debit Common Stock 30,000; Credit Land 30,000

Correct Answer: B

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

Question 16

A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.

A. ₦0,500

B. ₦1,000

Correct C. ₦1,050

D. ₦1,500

Correct Answer: C

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

Question 17

A partnership has two partners, A and B. The capital accounts of A and B are ₦0,000 and ₦0,500 respectively. The profit-sharing ratio is 3:2. Calculate the share of profit of A and B.

Correct A. ₦0,300 and ₦0,200

B. ₦0,200 and ₦0,300

C. ₦0,400 and ₦0,400

D. ₦0,500 and ₦0,500

Correct Answer: A

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

Question 18

A company purchases a machine for ₦0,000 and pays ₦0,500 as cash and the balance by a bank loan. The loan is repayable in 5 years. Calculate the annual installment.

Correct A. ₡0,100

B. ₡0,200

C. ₡0,300

D. ₡0,400

Correct Answer: A

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

Question 19

A company issues 5,000 shares of ₦.50 each at a premium of ₦0.25 per share. Calculate the total amount received from the issue of shares.

A. ₣1,250

B. ₣1,375

Correct C. ₣1,500

D. ₣1,625

Correct Answer: C

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

Question 20

A partnership has two partners, A and B. The capital accounts of A and B are ₦0,500 and ₦0,000 respectively. The profit-sharing ratio is 2:3. Calculate the share of profit of A and B.

Correct A. ₦0,200 and ₦0,300

B. ₦0,300 and ₦0,200

C. ₦0,400 and ₦0,400

D. ₦0,500 and ₦0,500

Correct Answer: A

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

Question 21

A company uses the cash book to record all its financial transactions. Which of the following transactions would NOT be recorded in the cash book?

Correct A. Sale of goods on credit

B. Purchase of goods on cash

C. Payment of rent

D. Sale of goods on cash

Correct Answer: A

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

Question 22

A company has the following assets: Building (£50,000), Machinery (£30,000), and Furniture (£10,000). The company uses the straight-line method of depreciation. What is the annual depreciation for the building?

A. £5,000

Correct B. £10,000

C. £15,000

D. £20,000

Correct Answer: B

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

Question 23

A company prepares a trial balance as at 31st December 2024. The trial balance shows the following balances: Accounts Payable (£10,000), Accounts Receivable (£5,000), and Common Stock (£20,000). What is the total amount of assets?

A. £25,000

B. £30,000

Correct C. £35,000

D. £40,000

Correct Answer: C

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 financial transactions. Which of the following transactions would be recorded as a debit?

Correct A. Purchase of goods on cash

B. Sale of goods on credit

C. Payment of rent

D. Sale of goods on cash

Correct Answer: A

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

Question 25

A government agency prepares a budget for the year 2025. The budget includes the following revenues: Taxes (£100,000), Fees (£50,000), and Grants (£20,000). What is the total amount of revenues?

A. £170,000

B. £180,000

Correct C. £190,000

D. £200,000

Correct Answer: C

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

POST UTME ESUT 2025 Accounting | Objective

Master the Exam!

Help others prepare! Share this practice hub: