POST UTME SKYLINE UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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
C. £55,000
D. £65,000
Question 2
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?
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
Question 3
A company's balance sheet shows a total asset value of ₦750,000 and a total liability value of ₦300,000. What is the company's equity?
A. ₦450,000
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 4
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?
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
Question 5
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
C. ₦200,000
D. ₦225,000
Question 6
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦500,000 and its current liabilities are ₦250,000, what is the company's quick ratio?
A. 1.5:1
B. 2:1
C. 3:1
D. 4:1
Question 7
A company issues 5,000 debentures of ₦100 each at 10% interest per annum. Calculate the annual interest payable on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 8
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?
A. £75,000
B. £85,000
C. £95,000
D. £105,000
Question 9
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
B. ₦17,500
C. ₦18,000
D. ₦18,500
Question 10
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
Question 11
A company's trial balance shows a debit balance of ₦150,000 in the 'Rent Expense' account. However, the company's accounting records show that it has paid ₦200,000 in rent for the year. Prepare the necessary journal entry to correct the error.
A. ₦50,000 debit to Rent Expense and ₦50,000 credit to Cash
B. ₦200,000 debit to Rent Expense and ₦200,000 credit to Cash
C. ₦50,000 debit to Rent Expense and ₦150,000 credit to Cash
D. ₦150,000 debit to Rent Expense and ₦200,000 credit to Cash
Question 12
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 13
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₦315,000
B. ₦375,000
C. ₦450,000
D. ₦525,000
Question 14
A company's balance sheet shows a total asset value of ₦1,200,000 and a total liability value of ₦600,000. What is the company's equity?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 15
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
C. ₦170,000
D. ₦180,000

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