POST UTME REDEEMERS UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A manufacturing company uses a job order costing system. The company has the following costs: Direct Materials ₦ 10,000, Direct Labor ₦ 15,000, Factory Overhead ₦ 20,000. Calculate the total cost of production.
Question 2
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦150,000 and a quantity of 500 units. The work-in-progress inventory has a cost of ₦300,000 and a quantity of 200 units. The finished goods inventory has a cost of ₦400,000 and a quantity of 300 units. Calculate the total value of the inventory.
Question 3
A company has a department that produces a product with a selling price of ₦200,000, a variable cost of ₦150,000, and a fixed cost of ₦50,000. If the company sells 2,000 units of the product, what is the total contribution margin?
Question 4
A public sector organization has a budget of ₦1,500,000 for a project. The organization has already spent ₦750,000 on personnel costs and ₦200,000 on equipment. What is the remaining budget for the project?
Question 5
A public sector organization has a capital project with a total cost of ₦500 million. The project is expected to last for 5 years. If the organization uses the straight-line method of depreciation, what is the annual depreciation charge?
Question 6
A company's ledger showed the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 5,000 | |
| Accounts Payable | | 10,000 |
| Share Capital | | 20,000 |
What is the total amount of the company's assets?
Question 7
A partnership has two partners: John and Mary. John has a capital of ₦200,000 and Mary has a capital of ₦300,000. What is the ratio of John's capital to Mary's capital?
Question 8
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000. Prepare the company's income statement.
Question 9
A company has two departments: A and B. Department A has a profit of ₦120,000 and Department B has a loss of ₦80,000. What is the overall profit or loss of the company?
Question 10
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method.
If the asset cost ₦100,000 and has a useful life of 5 years, what is the annual depreciation?
Question 11
A company has a trial balance that includes the following accounts: Sales, Cost of Goods Sold, and Net Income. The trial balance shows a debit balance of ₦100,000 for Sales and a credit balance of ₦120,000 for Cost of Goods Sold. What is the net income of the company?
Question 12
A company issued 10,000 shares of 1 par value at a premium of 2 per share. If the issue was underwritten by a broker at a commission of 5% on the premium, what is the total amount received by the company?
Question 13
A company's trial balance as at December 31, 2024, is as follows:
Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, Retained Earnings ₦50,000.
If the company issues 5,000 shares of ₦10 each at a premium of ₦5 per share, what is the new common stock?
Question 14
A company's trial balance shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | 10,000 | |
| Purchases | | 8,000 |
| Wages | 2,000 | |
| Rent | | 1,000 |
What is the total amount of assets?
Question 15
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
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