POST UTME FUTO 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses a cash book to record its cash transactions. The cash book shows the following entries: Cash received from customers ₦10,000, Cash paid to suppliers ₦5,000, and Cash received from bank ₦20,000. What is the correct bank reconciliation statement?
A. Bank Statement Balance ₦35,000, Cash Book Balance ₦30,000
B. Bank Statement Balance ₦30,000, Cash Book Balance ₦35,000
C. Bank Statement Balance ₦35,000, Cash Book Balance ₦30,000
D. Bank Statement Balance ₦30,000, Cash Book Balance ₦35,000
Question 2
A partnership has two partners, A and B. Partner A has a 60% interest in the profits, and Partner B has a 40% interest. If the net profit for the year is ₦240,000, how much will Partner A receive?
A. ₦144,000
B. ₦120,000
C. ₦160,000
D. ₦180,000
Question 3
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The total amount received from the issue of shares is 150,000. Calculate the amount of premium received.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company has the following transactions: Purchased office supplies on credit for ₦15,000; Paid cash for office supplies ₦10,000; Sold office supplies for ₦8,000 on credit. What is the net effect on the cash account?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦9,000
Question 5
A company's trading account for the year ended 31st December 2024 is as follows: Debit: Sundry expenses ₦0,000 Depreciation ₦0,500 Credit: Sales ₦1,500 Returns outwards ₦0,200 Calculate the profit or loss for the year.
A. ₦0,100
B. ₦0,200
C. ₦0,300
D. ₦0,400
Question 6
A company has the following trial balance:
A. ₦23,000
B. ₦25,000
C. ₦27,000
D. ₦29,000
Question 7
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦1,500,000 for the year, which includes a depreciation of ₦200,000 on a machine. The Sales department has a budget of ₦2,000,000, which includes a commission of ₦300,000. If the company's total budget is ₦4,000,000, what is the percentage of the Manufacturing department's budget to the total budget?
A. 25%
B. 30%
C. 35%
D. 40%
Question 8
A company issued 5,000 shares of ₦1 par value at a premium of ₦2.50 per share. Calculate the total amount received from the issue of shares.
A. ₦12,500
B. ₦12,500
C. ₦12,500
D. ₦12,500
Question 9
A company has the following transactions: Purchased a machine for ₦100,000; Sold a machine for ₦120,000. What is the gain on the sale of the machine?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
A company issued 5,000 shares of ₦1 par value at a premium of ₦2.50 per share. Calculate the total amount received from the issue of shares.
A. ₦12,500
B. ₦12,500
C. ₦12,500
D. ₦12,500
Question 11
A public sector organization has the following transactions: Purchase of office supplies worth ₦5,000, Payment of salaries worth ₦20,000, and Receipt of cash from customers worth ₦15,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
B. Debit Salaries ₦20,000, Credit Cash ₦20,000
C. Debit Cash ₦15,000, Credit Sales ₦15,000
D. Debit Office Supplies ₦5,000, Debit Salaries ₦20,000, Credit Cash ₦25,000
Question 12
In a partnership, the profit-sharing ratio is 2:3:5. If the total profit is ₦120,000, how much will the partner with a 5% share receive?
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 13
A partnership has two partners, A and B. Partner A has a capital of ₦500,000 and a profit-sharing ratio of 3:2. Partner B has a capital of ₦300,000 and a profit-sharing ratio of 2:3. If the total profit is ₦200,000, how much will Partner A receive?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A company issued 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
C. ₦1,500
D. ₦2,000
Question 15
A company has the following transactions in its cash book:
A. ₦23,000
B. ₦25,000
C. ₦27,000
D. ₦29,000

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