POST UTME IMS U 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership consists of two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's trial balance shows a debit balance in the Cash account of ₦100,000. What is the correct journal entry to record the distribution of the debit balance between the partners?
A. Debit Partner A's Capital ₦60,000, Debit Partner B's Capital ₦40,000
B. Debit Partner A's Capital ₦40,000, Debit Partner B's Capital ₦60,000
C. Debit Partner A's Capital ₦80,000, Debit Partner B's Capital ₦20,000
D. Debit Partner A's Capital ₦20,000, Debit Partner B's Capital ₦80,000
Question 2
A manufacturing company produces two products, A and B. The selling price of product A is ₦100 per unit, and the selling price of product B is ₦150 per unit. The company sells 500 units of product A and 300 units of product B. Calculate the total revenue.
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 3
A company's trial balance shows the following balances:
A. The company's financial statements are correct.
B. The company's financial statements are incorrect.
C. The company's financial statements are incomplete.
D. The company's financial statements are not necessary.
Question 4
In a partnership account, what is the correct method to calculate the capital of a partner who has been absent for the entire year?
A. Capital = Drawings + Profit + Loss
B. Capital = Drawings + Profit
C. Capital = Drawings + Loss
D. Capital = Profit + Loss
Question 5
A public sector organization has a budget of ₦500,000 for a project. The organization has already spent ₦200,000 on the project. Calculate the percentage of the budget that has been spent.
A. 40%
B. 50%
C. 60%
D. 70%
Question 6
A company uses a self-balancing ledger system. The following transactions occurred during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 7
A company's control account shows a balance of 10,000. However, the company's ledger shows a balance of 12,000. What is the reason for the difference?
A. The company has made a mistake in its control account.
B. The company has made a mistake in its ledger.
C. The company has not updated its control account.
D. The company has not updated its ledger.
Question 8
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 3 per share. The issue expenses were ₦ 20,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital ₦ 70,000, Credit Share Premium ₦ 30,000, Credit Issue Expenses ₦ 20,000
B. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 30,000, Credit Issue Expenses ₦ 20,000
C. Debit Share Capital ₦ 70,000, Credit Share Premium ₦ 40,000, Credit Issue Expenses ₦ 20,000
D. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 40,000, Credit Issue Expenses ₦ 20,000
Question 9
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | 2000 | | | Purchases | | 1500 | | Capital | | 500 | | Drawings | | 200 | | Profit | | 300 |
A. ₦1000
B. ₦1200
C. ₦1500
D. ₦1800
Question 10
A company's balance sheet as at 31st December 2024 is as follows: Assets: Cash: ₦500,000 Debtors: ₦1,000,000 Stock: ₦800,000 Prepaid Rent: ₦200,000 Liabilities: Creditors: ₦1,200,000 Bank Loan: ₦800,000 What is the net worth of the company?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,400,000
D. ₦1,600,000
Question 11
A company uses the single-entry system of accounting. The following transactions occurred during the year: Transaction 1: Purchased office equipment for ₦120,000. Transaction 2: Sold goods for ₦250,000. Transaction 3: Paid rent for the year ₦150,000. What is the total debit balance in the single-entry system?
A. ₦420,000
B. ₦520,000
C. ₦620,000
D. ₦720,000
Question 12
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Sales Revenue 1,000
D. Debit Sales Revenue 1,000 and Credit Accounts Payable 1,000
Question 13
A company issued 5,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 10,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 10,000
B. Debit Share Capital ₦ 50,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 10,000
C. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 20,000, Credit Issue Expenses ₦ 10,000
D. Debit Share Capital ₦ 50,000, Credit Share Premium ₦ 20,000, Credit Issue Expenses ₦ 10,000
Question 14
A company issued 15,000 shares of ₦ 1 each at a premium of ₦ 4 per share. The issue expenses were ₦ 30,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital ₦ 90,000, Credit Share Premium ₦ 60,000, Credit Issue Expenses ₦ 30,000
B. Debit Share Capital ₦ 80,000, Credit Share Premium ₦ 60,000, Credit Issue Expenses ₦ 30,000
C. Debit Share Capital ₦ 90,000, Credit Share Premium ₦ 80,000, Credit Issue Expenses ₦ 30,000
D. Debit Share Capital ₦ 80,000, Credit Share Premium ₦ 80,000, Credit Issue Expenses ₦ 30,000
Question 15
A company prepares its financial statements in accordance with the accrual basis of accounting. The following transactions occurred during the year: Transaction 1: Sold goods for ₦250,000. Transaction 2: Purchased office equipment for ₦120,000. Transaction 3: Paid rent for the year ₦150,000. What is the total asset for the year?
A. ₦420,000
B. ₦520,000
C. ₦620,000
D. ₦720,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: