POST UTME PAN-ATLANTIC UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows the following: Current Assets ₦ 150,000, Current Liabilities ₦ 100,000, Long-term Debt ₦ 50,000, Common Stock ₦ 100,000. If the company's net income for the year is ₦ 40,000, what is the correct journal entry to record the net income?
A. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
B. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
C. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
D. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
Question 2
A company uses the single-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 3
A company's departmental accounts show a profit of ₦50,000 in the sales department and a loss of ₦20,000 in the production department. What is the overall profit or loss for the company?
A. Profit of ₦30,000
B. Loss of ₦30,000
C. Profit of ₦10,000
D. Loss of ₦10,000
Question 4
A company's manufacturing account for the year ended 31st December 2024 is as follows: Direct materials: ₦500,000 Direct labor: ₦300,000 Overheads: ₦200,000 What is the total cost of production?
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 5
A and B are partners in a business sharing profits and losses in the ratio 3:2. Their capital accounts are as follows: A: ₦100,000 B: ₦80,000 What is the value of A's share of the profit of ₦40,000?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 6
A company has the following trial balance at the end of the year:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 7
Determine the amount of depreciation on a machine that cost ₦150,000 and has a useful life of 5 years, with an estimated residual value of ₦30,000. The machine is depreciated using the straight-line method.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 8
A company's balance sheet shows a non-current liability of ₦25,000 in the 'Bonds Payable' account. However, the company's accounting records indicate that the bonds payable for the year were ₦35,000. What is the likely cause of the discrepancy?
A. The bonds payable were incorrectly recorded as a debit.
B. The bonds payable were incorrectly recorded as a credit.
C. The bonds payable were not recorded at all.
D. The bonds payable were recorded in the wrong account.
Question 9
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 Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 10
A company uses the process costing system. The total cost of direct materials for a process is ₦200,000. The total cost of direct labor for the process is ₦250,000. The total cost of overhead for the process is ₦150,000. Calculate the total cost of the process.
A. ₦600,000
B. ₦650,000
C. ₦700,000
D. ₦750,000
Question 11
A company has the following balance sheet: ₦100,000 in Cash, ₦50,000 in Accounts Receivable, ₦20,000 in Office Supplies, and ₦30,000 in Equipment. What is the total assets?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 12
A company has the following ledger balances at the end of the year:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 13
A company's balance sheet shows a non-current liability of ₦20,000 in the 'Bonds Payable' account. However, the company's accounting records indicate that the bonds payable for the year were ₦30,000. What is the likely cause of the discrepancy?
A. The bonds payable were incorrectly recorded as a debit.
B. The bonds payable were incorrectly recorded as a credit.
C. The bonds payable were not recorded at all.
D. The bonds payable were recorded in the wrong account.
Question 14
A company uses the job order costing system. The total cost of direct materials for a job is ₦120,000. The total cost of direct labor for the job is ₦150,000. The total cost of overhead for the job is ₦100,000. Calculate the total cost of the job.
A. ₦370,000
B. ₦380,000
C. ₦390,000
D. ₦400,000
Question 15
A manufacturing company uses the weighted average method to calculate its inventory value. If the company has two types of inventory, A and B, with quantities of 100 units and 200 units respectively, and costs of ₦500 and ₦600 per unit respectively, what is the total inventory value?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000

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: