POST UTME RSU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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?
A. ₦770,000
B. ₦870,000
C. ₦970,000
D. ₦1,070,000
Question 2
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
D. ₦1,170,000
Question 3
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
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 4
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
B. ₦1,300,000
C. ₦1,000,000
D. ₦700,000
Question 5
A company's balance sheet shows a debit balance of ₦30,000 in the 'Accrued Expenses' account. However, the company's accountant has forgotten to record a credit entry of ₦15,000 in the 'Accrued Income' account. What is the correct journal entry to correct this error?
A. Debit Accrued Expenses ₦15,000 and Credit Accrued Income ₦15,000
B. Debit Accrued Income ₦15,000 and Credit Accrued Expenses ₦15,000
C. Debit Accrued Expenses ₦15,000 and Credit Cash ₦15,000
D. Debit Cash ₦15,000 and Credit Accrued Expenses ₦15,000
Question 6
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
D. ₦1,170,000
Question 7
A company uses the single entry system of accounting. The following transactions were recorded in the journal during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
In a public sector organization, what is the primary purpose of the accounting system?
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
Question 9
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
D. ₦25,000
Question 10
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
B. ₦220,000
C. ₦320,000
D. ₦420,000
Question 11
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
C. ₦150,000
D. ₦160,000
Question 12
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
C. ₦70,000
D. ₦75,000
Question 13
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
C. ₦30,000
D. ₦35,000
Question 14
A company's bank reconciliation statement shows the following discrepancies:
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A company uses the single-entry system of accounting. The following transactions occurred during the year: 1. Purchased office supplies for ₦10,000. 2. Collected cash from customers for ₦50,000. 3. Paid rent for ₦20,000. 4. Purchased a new computer for ₦30,000. What is the total amount of assets recorded in the ledger at the end of the year?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000

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