POST UTME FUTA 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions during the year: Jan 1: Purchased equipment for ₦200,000. Jan 15: Sold merchandise for ₦50,000. Feb 1: Purchased merchandise for ₦30,000. What is the total amount of assets on February 1?
A. ₦230,000
B. ₦240,000
C. ₦250,000
D. ₦260,000
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 3
A company purchased a machine for £ 30,000. The machine has a useful life of 8 years and a residual value of £ 4,000. Calculate the annual depreciation using the straight-line method.
A. £ 3,250
B. £ 3,500
C. £ 3,750
D. £ 4,000
Question 4
A company uses the double-entry system of accounting. If a customer pays ₦10,000 for goods sold, what is the journal entry to record the transaction?
A. Debit Cash ₦10,000, Credit Sales Revenue ₦10,000
B. Debit Sales Revenue ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Accounts Receivable ₦10,000
D. Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000
Question 5
A company's trading account shows a profit of ₦500,000. The profit and loss account shows a net profit of ₦750,000. The balance sheet shows a capital of ₦1,200,000. Prepare the statement of changes in equity.
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000
Question 6
A company issued 5,000 debentures of £ 100 each at a discount of £ 5 per debenture. The issue expenses were £ 2,000. Prepare the journal entry to record the issue of debentures.
A. Debit Debenture Capital £ 500,000, Credit Cash £ 475,000
B. Debit Debenture Capital £ 500,000, Credit Cash £ 480,000
C. Debit Debenture Capital £ 480,000, Credit Cash £ 475,000
D. Debit Debenture Capital £ 500,000, Credit Cash £ 475,000, Credit Issue Expenses £ 2,000
Question 7
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. The company uses the weighted average method to determine the cost of goods sold. What is the total cost of goods sold for the year?
A. ₦42,000
B. ₦45,000
C. ₦48,000
D. ₦51,000
Question 8
A company has the following control account balances: Debtors 10,000, Creditors 8,000, and Capital 20,000. What is the total value of the company's assets?
A. ₦38,000
B. ₦40,000
C. ₦42,000
D. ₦44,000
Question 9
A company has the following incomplete records: Purchases 15,000, Sales 20,000, and Wages 8,000. Using the Single Entry method, what is the total value of the company's assets?
A. ₦43,000
B. ₦45,000
C. ₦48,000
D. ₦50,000
Question 10
A company has the following ledger balances: Cash 10,000, Accounts Receivable 20,000, and Inventory 30,000. What is the total amount of current assets?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 11
A company issued 10,000, 10% shares of ₦10 each at a premium of ₦2. The shares are redeemable at the end of 5 years. Calculate the amount of premium on the shares.
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 12
A government agency received £ 10,000 from the treasury to cover the cost of a project. The project was completed at a cost of £ 12,000. Prepare the journal entry to record the transaction.
A. Debit Project Expenses £ 12,000, Credit Cash £ 10,000
B. Debit Project Expenses £ 12,000, Credit Cash £ 12,000
C. Debit Project Expenses £ 10,000, Credit Cash £ 12,000
D. Debit Project Expenses £ 12,000, Credit Cash £ 10,000
Question 13
A company issued a 10% debenture at a premium of 5%. If the debenture is redeemed at par, what is the amount of interest paid?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received 52,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 15
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's accounting records indicate that it has paid ₦20,000 in rent for the year. What is the correct journal entry to record the payment?
A. Debit Rent Expense ₦5,000, Credit Cash ₦5,000
B. Debit Rent Expense ₦20,000, Credit Cash ₦20,000
C. Debit Rent Expense ₦15,000, Credit Cash ₦15,000
D. Debit Rent Expense ₦5,000, Credit Cash ₦20,000

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