POST UTME ESUT 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows the following balances:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 2
A company has the following trial balance: Sales: ₦100,000 Purchases: ₦80,000 What is the gross profit?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000
Question 4
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
C. ₦72,000 and ₦48,000
D. ₦54,000 and ₦66,000
Question 5
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
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
Question 6
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
C. ₦50,000
D. ₦60,000
Question 7
A company's trading account for the year ended 31st December 2024 shows a profit of ₦500,000. The company's profit and loss account shows a net profit of ₦750,000. Calculate the company's capital at the beginning of the year.
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000
Question 8
A company uses the double-entry system to record its financial transactions. Which of the following transactions would be recorded as a debit?
A. Purchase of goods on cash
B. Sale of goods on credit
C. Payment of rent
D. Sale of goods on cash
Question 9
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
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
Question 10
A company's balance sheet as at 31st December 2024 shows a current liability of ₦200,000. The company's profit and loss account for the year ended 31st December 2024 shows a net profit of ₦750,000. Calculate the company's equity at the beginning of the year.
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000
Question 11
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
C. £35,000
D. £40,000
Question 12
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
C. ₣1,500
D. ₣1,625
Question 13
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
C. ₦220,000
D. ₦240,000
Question 14
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
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
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

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