POST UTME SKYLINE UNIVERSITY 2025 Accounting | Objective

Are you preparing for POST UTME SKYLINE UNIVERSITY 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.

Practice these randomly selected questions to test your readiness.

Question 1
In a partnership account, the capital of a partner who leaves the business is transferred to the partner's capital account by debiting the partner's capital account and crediting the partner's drawings account. What is the correct journal entry for this transaction?
Correct A. Debit Partner's Capital Account, Credit Partner's Drawings Account
B. Debit Partner's Drawings Account, Credit Partner's Capital Account
C. Debit Partner's Capital Account, Credit Partner's Capital Account
D. Debit Partner's Drawings Account, Debit Partner's Capital Account

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company uses the double-entry system of accounting. The company purchases office supplies for ₦10,000 cash. What is the correct journal entry for this transaction?
Correct A. Debit Office Supplies Account, Credit Cash Account
B. Debit Cash Account, Credit Office Supplies Account
C. Debit Office Supplies Account, Credit Bank Account
D. Debit Bank Account, Credit Office Supplies Account

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company prepares its trial balance. The company's trial balance shows a discrepancy of ₦5,000 between the debit and credit balances. What is the correct procedure to follow to resolve this discrepancy?
Correct A. Prepare a suspense account to record the discrepancy
B. Reconcile the trial balance by adjusting the accounts
C. Ignore the discrepancy and proceed with the preparation of the final accounts
D. Recompute the trial balance from the ledger accounts

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company prepares its final accounts. The company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦60,000. What is the correct journal entry to transfer the profit from the trading account to the profit and loss account?
Correct A. Debit Trading Account, Credit Profit and Loss Account
B. Debit Profit and Loss Account, Credit Trading Account
C. Debit Profit and Loss Account, Credit Profit and Loss Account
D. Debit Trading Account, Debit Profit and Loss Account

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company uses the single-entry system of accounting. The company receives cash of ₦20,000 from a customer. What is the correct journal entry for this transaction?
Correct A. Debit Cash Account, Credit Sales Account
B. Debit Sales Account, Credit Cash Account
C. Debit Cash Account, Credit Bank Account
D. Debit Bank Account, Credit Cash Account

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦900,000
Correct B. ₦950,000
C. ₦990,000
D. ₦1,000,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A manufacturing company has the following departmental expenses for the year: Selling Expenses: ₦120,000 Administrative Expenses: ₦150,000 Production Expenses: ₦800,000 Calculate the total departmental expenses.
Correct A. ₦1,070,000
B. ₦1,080,000
C. ₦1,090,000
D. ₦1,100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's cash book shows the following transactions: Date | Particulars | Debit | Credit -----|-------------|-------|-------- 01/01| Cash | 10,000 | 01/02| Sales | | 15,000 01/03| Purchase | 8,000 | 01/04| Cash | | 5,000 Prepare the cash book after the above transactions.
A. ₦17,000
Correct B. ₦17,500
C. ₦18,000
D. ₦18,500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company's trading account for the year shows the following: Sales: ₦500,000 Returns Outwards: ₦20,000 Returns Inwards: ₦10,000 Cost of Goods Sold: ₦300,000 Calculate the gross profit.
A. ₦150,000
B. ₦160,000
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company's balance sheet as at 31st December shows the following: Assets: ₦500,000 Equity: ₦200,000 Liabilities: ₦300,000 Calculate the return on equity.
A. 200%
Correct B. 250%
C. 300%
D. 350%

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2024:
A. ₦125,000
B. ₦150,000
Correct C. ₦175,000
D. ₦200,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A company's manufacturing overheads for the year ended December 31, 2024, were as follows:
A. ₦250,000
B. ₦275,000
Correct C. ₦300,000
D. ₦325,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company's balance sheet as at December 31, 2024, showed the following assets and liabilities:
A. ₦500,000
B. ₦525,000
Correct C. ₦550,000
D. ₦575,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company's profit and loss account for the year ended December 31, 2024, showed the following items:
A. ₦200,000
B. ₦225,000
Correct C. ₦250,000
D. ₦275,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company's depreciation policy is to depreciate its assets using the straight-line method. The following information is available for the year ended December 31, 2024:
A. ₦150,000
B. ₦175,000
Correct C. ₦200,000
D. ₦225,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the assets recorded in the journal?
Correct A. £75,000
B. £85,000
C. £95,000
D. £105,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the liabilities recorded in the journal?
A. £40,000
Correct B. £50,000
C. £60,000
D. £70,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the equity recorded in the journal?
A. £35,000
B. £45,000
Correct C. £55,000
D. £65,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the assets recorded in the journal?
Correct A. £75,000
B. £85,000
C. £95,000
D. £105,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the liabilities recorded in the journal?
A. £40,000
Correct B. £50,000
C. £60,000
D. £70,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the equity recorded in the journal?
A. £35,000
B. £45,000
Correct C. £55,000
D. £65,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the assets recorded in the journal?
Correct A. £75,000
B. £85,000
C. £95,000
D. £105,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the liabilities recorded in the journal?
A. £40,000
B. £50,000
C. £60,000
D. £70,000

Correct Answer: VIEW ANSWER

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦210,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the net income of the company?
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

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:
Chat with Support