POST UTME NOUN 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the double-entry system of accounting. The journal entry for the sale of goods for ₦100,000 on credit is:
A. Debit Sales ₦100,000, Credit Cash ₦100,000
B. Debit Sales ₦100,000, Credit Bank ₦100,000
C. Debit Bank ₦100,000, Credit Sales ₦100,000
D. Debit Sales ₦100,000, Credit Capital ₦100,000
Question 2
What is the purpose of a bank reconciliation statement?
A. To reconcile the cash book with the bank statement
B. To reconcile the ledger with the cash book
C. To reconcile the bank statement with the cash book
D. To reconcile the ledger with the bank statement
Question 3
A company's trial balance shows a debit balance of ₦100,000 in the account 'Rent Expense' and a credit balance of ₦50,000 in the account 'Rent Received'. What is the correct journal entry to record the transfer of ₦50,000 from 'Rent Expense' to 'Rent Received'?
A. Debit Rent Expense ₦50,000, Credit Rent Received ₦50,000
B. Debit Rent Received ₦50,000, Credit Rent Expense ₦50,000
C. Debit Rent Expense ₦50,000, Credit Rent Received ₦20,000
D. Debit Rent Received ₦50,000, Credit Rent Expense ₦20,000
Question 4
What is the purpose of a control account?
A. To control the cash transactions
B. To control the bank transactions
C. To control the accounts payable and accounts receivable
D. To control the inventory
Question 5
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, valued at ₦250 each. On March 10, 2025, 200 units were sold for ₦400 each. On April 15, 2025, 150 units were purchased for ₦350 each. On May 20, 2025, 100 units were sold for ₦450 each. What is the cost of goods sold for the period?
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 6
A firm has two departments: A and B. Department A has a budget of ₦1,500,000 and department B has a budget of ₦2,000,000. The firm has the following expenses: salaries ₦800,000, rent ₦300,000, and utilities ₦200,000. If the firm wants to allocate the remaining budget to department A and department B in the ratio 3:2, how much should department A receive?
A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000
Question 7
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, valued at ₦250 each. On March 10, 2025, 200 units were sold for ₦400 each. On April 15, 2025, 150 units were purchased for ₦350 each. On May 20, 2025, 100 units were sold for ₦450 each. What is the total cost of goods sold for the period?
A. ₦75,000
B. ₦80,000
C. ₦85,000
D. ₦90,000
Question 8
A company uses the double-entry system of accounting. The journal entry for the sale of goods for ₦100,000 on credit is:
A. Debit Sales ₦100,000, Credit Cash ₦100,000
B. Debit Sales ₦100,000, Credit Bank ₦100,000
C. Debit Bank ₦100,000, Credit Sales ₦100,000
D. Debit Sales ₦100,000, Credit Capital ₦100,000
Question 9
A company uses the straight-line method of depreciation for its assets. If the asset cost ₦1,200,000 and has a residual value of ₦200,000, what is the annual depreciation expense for the first year?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦800,000
Question 10
A company's bank reconciliation statement shows the following discrepancies: (i) a credit of ₦10,000 was incorrectly posted as a debit, (ii) a debit of ₦5,000 was omitted from the bank statement, and (iii) a credit of ₦15,000 was incorrectly posted as a credit. What is the correct adjustment to be made to the bank reconciliation statement?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 11
In a partnership account, the capital of a partner who has been absent for the past three years is shown as a debit balance in the partner's capital account. What is the reason for this?
A. The partner's capital has been reduced due to the absence.
B. The partner's capital has been increased due to the absence.
C. The partner's capital has been frozen due to the absence.
D. The partner's capital has been written off due to the absence.
Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦80,000
B. ₦120,000
C. ₦180,000
D. ₦200,000
Question 13
A business uses the following transactions to prepare its ledger accounts. Identify the type of account that is not a real account.
A. Asset Account
B. Liability Account
C. Equity Account
D. Revenue Account
Question 14
A government agency uses the accrual basis of accounting. It has the following transactions for the year ended December 31, 2025: - Received ₦1,500,000 from the government for services rendered. - Paid ₦800,000 to suppliers for goods purchased. - Paid ₦200,000 to employees for salaries. - Received ₦300,000 from customers for goods sold. - Paid ₦100,000 for rent. What is the net cash inflow from operating activities for the year?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 15
A public sector organization has a cash book with the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash received from customers | 1000 | 0 | | 1/15 | Cash paid to suppliers | 500 | 0 | | 2/1 | Cash received from customers | 800 | 0 | | 2/15 | Cash paid to employees | 300 | 0 | What is the balance of the cash book at the end of February?
A. ₦1200
B. ₦1300
C. ₦1400
D. ₦1500

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: