POST UTME RSU 2025 Accounting | Objective

Are you preparing for POST UTME RSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
In a public sector organization, what is the primary purpose of the accounting system?
Correct A. To provide financial information for decision-making
B. To ensure compliance with regulatory requirements
C. To facilitate the preparation of financial statements
D. To manage the organization's assets and liabilities

Correct Answer: A

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Question 2
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
Correct B. ₦45,000
C. ₦50,000
D. ₦55,000

Correct Answer: B

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Question 3
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. If the total revenue is ₦72,000, what is the total cost of goods sold?
A. ₦60,000
B. ₦65,000
Correct C. ₦70,000
D. ₦75,000

Correct Answer: C

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Question 4
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦150,000, and the general ledger shows a balance of ₦200,000. What is the correct balance of the company's cash account?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 5
A company uses the accrual basis of accounting. If the company's revenue is ₦1,000,000, and the company's expenses are ₦800,000, what is the company's net income?
A. ₦100,000
B. ₦200,000
C. ₦300,000
Correct D. ₦400,000

Correct Answer: D

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Question 6
Determine the amount of depreciation for a machine with a cost of ₦250,000, a useful life of 5 years, and a residual value of ₦50,000, using the straight-line method.
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 7
A company has a cash book balance of ₦120,000 and a bank statement balance of ₦150,000. The bank statement shows a credit balance of ₦10,000 for a bank loan. What is the correct balance in the cash book?
A. ₦130,000
B. ₦140,000
Correct C. ₦150,000
D. ₦160,000

Correct Answer: C

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Question 8
A manufacturing company produces 1,000 units of a product at a cost of ₦50 per unit. The selling price is ₦75 per unit. What is the gross profit?
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 9
A company has the following transactions: - Purchased a machine for ₦100,000 - Sold goods for ₦50,000 - Received cash from customers for ₦20,000 - Paid salaries of ₦15,000 What is the net effect on the company's cash balance?
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 10
A company has the following trial balance: - Assets: ₦100,000 - Liabilities: ₦50,000 - Equity: ₦30,000 What is the correct balance for the company's net assets?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 11
A company uses the single entry system of accounting. The following transactions were recorded in the journal during the year:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 12
A trader's cash book shows the following transactions:
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 13
A company's balance sheet as at 31st December, 2024 is as follows:
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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Question 14
A company's cash book shows the following transactions:
A. ₦50,000
B. ₦75,000
C. ₦100,000
Correct D. ₦125,000

Correct Answer: D

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Question 15
A company's bank reconciliation statement shows the following discrepancies:
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 16
A company's trading account shows a profit of ₦1,500,000. However, the profit and loss account reveals a loss of ₦800,000. What is the net result of the company's financial performance for the year?
A. ₦1,700,000
Correct B. ₦1,300,000
C. ₦1,000,000
D. ₦700,000

Correct Answer: B

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Question 17
A government agency is responsible for collecting taxes on behalf of the state. The agency's financial year-end is December 31st. What type of account would the agency use to record its financial transactions?
A. Trading Account
B. Profit and Loss Account
C. Balance Sheet
Correct D. Public Sector Accounting

Correct Answer: D

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Question 18
A manufacturing company produces two products: X and Y. Product X has a selling price of ₦500 per unit, while Product Y has a selling price of ₦300 per unit. The company sells 100 units of Product X and 50 units of Product Y. What is the total revenue generated by the company?
A. ₦65,000
B. ₦70,000
C. ₦75,000
Correct D. ₦80,000

Correct Answer: D

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Question 19
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received by the company from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
Correct D. ₦25,000

Correct Answer: D

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Question 20
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦200,000 and its current liabilities are ₦100,000, what is the company's total assets?
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 21
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2024 is as follows: Debtors: ₦120,000, Creditors: ₦80,000, Capital: ₦500,000, Profit: ₦150,000. What is the total amount of assets of the company as at 31st December 2024?
Correct A. ₦770,000
B. ₦870,000
C. ₦970,000
D. ₦1,070,000

Correct Answer: A

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Question 22
A company has two partners, A and B. The capital of A is ₦300,000 and that of B is ₦400,000. The profit-sharing ratio is 3:5. What is the ratio of the profit-sharing between A and B?
A. 1:1
Correct B. 3:5
C. 2:3
D. 4:6

Correct Answer: B

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Question 23
A company uses the double-entry system of accounting. The following transactions occurred during the year: Purchased office equipment for ₦120,000, Purchased a building for ₦500,000, Sold goods for ₦150,000, Purchased goods for ₦200,000. What is the total amount of assets of the company?
A. ₦870,000
B. ₦970,000
C. ₦1,070,000
Correct D. ₦1,170,000

Correct Answer: D

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Question 24
A company uses the double-entry system of accounting. The following transactions occurred during the year: Purchased office equipment for ₦120,000, Purchased a building for ₦500,000, Sold goods for ₦150,000, Purchased goods for ₦200,000. What is the total amount of liabilities of the company?
A. ₦120,000
Correct B. ₦220,000
C. ₦320,000
D. ₦420,000

Correct Answer: B

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Question 25
A company uses the double-entry system of accounting. The following transactions occurred during the year: Purchased office equipment for ₦120,000, Purchased a building for ₦500,000, Sold goods for ₦150,000, Purchased goods for ₦200,000. What is the total amount of equity of the company?
A. ₦870,000
B. ₦970,000
C. ₦1,070,000
Correct D. ₦1,170,000

Correct Answer: D

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