POST UTME IGBINEDION UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a self-balancing ledger, the control account for the bank is the _______ account.
A. Cash account
B. Bank account
C. Capital account
D. Drawings account
Question 2
A company has a control account for its accounts payable. The control account has a balance of ₦150,000 and the subsidiary ledger has a balance of ₦120,000. What is the difference between the two balances?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A company's cash book shows a balance of ₦25,000. However, the bank statement shows a balance of ₦30,000. The difference of ₦5,000 is due to _______.
A. Bank charges
B. Interest earned
C. Cheques deposited but not yet credited
D. Cheques issued but not yet debited
Question 4
A company has a self-balancing ledger for its accounts receivable. The ledger has a balance of ₦200,000 and the control account has a balance of ₦180,000. What is the difference between the two balances?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 5
A company prepares its balance sheet for the year. The company has a total assets of ₦500,000, a total liabilities of ₦200,000, and a total equity of ₦300,000. What is the debt-to-equity ratio?
A. 0.67
B. 0.75
C. 0.83
D. 0.90
Question 6
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. The company worked 1,000 hours of direct labor and 500 hours of indirect labor during the month. Calculate the number of units of product A and product B produced during the month.
A. 500 units of A and 200 units of B
B. 400 units of A and 300 units of B
C. 300 units of A and 400 units of B
D. 200 units of A and 500 units of B
Question 7
A company issues 10,000, 9% debentures of ₦100 each at a premium of 5%. The debentures are redeemable after 5 years. Calculate the amount of premium on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 8
A company purchases a machine for ₦120,000 and depreciates it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
A. ₦12,000
B. ₦10,000
C. ₦8,000
D. ₦6,000
Question 9
The following trial balance was extracted from the books of a public sector organization. Prepare the balance sheet and income statement.
A. Balance Sheet: Assets = ₦100,000, Liabilities = ₦50,000, Equity = ₦50,000; Income Statement: Revenue = ₦50,000, Expenses = ₦20,000, Net Income = ₦30,000
B. Balance Sheet: Assets = ₦50,000, Liabilities = ₦100,000, Equity = ₦-50,000; Income Statement: Revenue = ₦20,000, Expenses = ₦50,000, Net Income = ₦-30,000
C. Balance Sheet: Assets = ₦100,000, Liabilities = ₦50,000, Equity = ₦50,000; Income Statement: Revenue = ₦50,000, Expenses = ₦20,000, Net Income = ₦30,000
D. Balance Sheet: Assets = ₦50,000, Liabilities = ₦100,000, Equity = ₦-50,000; Income Statement: Revenue = ₦20,000, Expenses = ₦50,000, Net Income = ₦-30,000
Question 10
A partnership has the following capital accounts: John = ₦50,000, Mary = ₦50,000, Bob = ₦50,000. If the partnership distributes profits in the ratio 2:2:1, what is the amount each partner will receive?
A. John = ₦30,000, Mary = ₦30,000, Bob = ₦20,000
B. John = ₦20,000, Mary = ₦20,000, Bob = ₦30,000
C. John = ₦30,000, Mary = ₦30,000, Bob = ₦20,000
D. John = ₦20,000, Mary = ₦20,000, Bob = ₦30,000
Question 11
A business entity recorded the following transactions in its bank reconciliation statement: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank | 1,000 | | | 2nd Jan | Cash | | 500 | | 3rd Jan | Bank | | 800 | What is the balance of the bank account?
A. ₨00
B. ₩00
C. ₡000
D. ₡200
Question 12
A company has two departments: manufacturing and sales. The manufacturing department has a direct labor cost of ₦100,000 and a direct material cost of ₦150,000. The sales department has a direct labor cost of ₦80,000 and a direct material cost of ₦120,000. What is the total direct cost of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 13
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. The difference of ₦70,000 is due to _______.
A. Error in trading account
B. Error in profit and loss account
C. Error in accounting equation
D. Error in accounting principles
Question 14
In a manufacturing company, the following transactions occurred during the month of January: Purchases of raw materials: ₦150,000; Sales of finished goods: ₦250,000; Direct labor costs: ₦75,000; Factory overheads: ₦30,000. Determine the total cost of production for January.
A. ₦305,000
B. ₦325,000
C. ₦345,000
D. ₦365,000
Question 15
A company prepares its trading account for the year. The company has a sales revenue of ₦500,000, a cost of goods sold of ₦350,000, and a gross profit of ₦150,000. What is the gross profit percentage?
A. 30%
B. 40%
C. 50%
D. 60%

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