POST UTME LEAD CITY UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500
Question 2
A company has a ledger account for its accounts payable. The account has a debit balance of ₦500,000 and a credit balance of ₦200,000. Calculate the net balance of the account.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 3
A company has the following cash book for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000. What is the correct balance of the company's profit and loss account?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 5
A company has the following cash book entries for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A company has the following trading account for the month of January:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 7
A company's company account for the year ended 31st December 20X7 is as follows: Share Capital £ 100,000 Reserves £ 50,000 What is the total equity?
A. £ 100,000
B. £ 150,000
C. £ 200,000
D. £ 250,000
Question 8
A company's public sector account for the year ended 31st December 20X7 is as follows: Grants £ 50,000 Subsidies £ 20,000 What is the total income from grants and subsidies?
A. £ 30,000
B. £ 50,000
C. £ 70,000
D. £ 90,000
Question 9
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash and Credit Accounts Payable
B. Credit Cash and Debit Accounts Payable
C. Debit Accounts Payable and Credit Cash
D. Credit Accounts Payable and Debit Cash
Question 10
A company has the following manufacturing account for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000. What is the correct balance of the company's profit and loss account?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
A firm has the following transactions: Purchased goods on credit ₦50,000; sold goods on credit ₦30,000; purchased goods on cash ₦20,000. Prepare the cash book.
A. ₦50,000; ₦30,000; ₦20,000
B. ₦50,000; ₦20,000; ₦30,000
C. ₦30,000; ₦50,000; ₦20,000
D. ₦20,000; ₦50,000; ₦30,000
Question 14
A firm has the following transactions: Purchased goods on credit ₦50,000; sold goods on credit ₦30,000; purchased goods on cash ₦20,000. Prepare the cash book.
A. ₦50,000; ₦30,000; ₦20,000
B. ₦50,000; ₦20,000; ₦30,000
C. ₦30,000; ₦50,000; ₦20,000
D. ₦20,000; ₦50,000; ₦30,000
Question 15
A company's cash book shows a balance of ₦120,000, but the bank statement shows a balance of ₦150,000. The bank reconciliation statement shows a difference of ₦10,000 due to an outstanding cheque. What is the correct balance of the company's cash book?
A. ₦130,000
B. ₦140,000
C. ₦150,000
D. ₦160,000

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