POST UTME SUMMIT UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦1,500,000, and the Sales department has a budget of ₦800,000. If the company's total budget is ₦2,500,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
A. 1:1
B. 1.5:1
C. 2:1
D. 3:1
Question 2
A company's bank statement shows a balance of ₦50,000 while the cash book balance is ₦60,000. The bank statement also shows a debit of ₦10,000 for 'Bank Charges' which is not recorded in the cash book. What is the correct bank reconciliation statement?
A. ₦50,000 (Bank Statement Balance) + ₦10,000 (Bank Charges) = ₦60,000
B. ₦50,000 (Bank Statement Balance) - ₦10,000 (Bank Charges) = ₦40,000
C. ₦60,000 (Cash Book Balance) - ₦10,000 (Bank Charges) = ₦50,000
D. ₦60,000 (Cash Book Balance) + ₦10,000 (Bank Charges) = ₦70,000
Question 3
A company has two partners: A and B. Partner A has a 60% interest in the company, and Partner B has a 40% interest. If the company's profit is ₦120,000, what is Partner A's share of the profit?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 4
A company's balance sheet shows a current ratio of 2:1. If the company's total current assets are ₦500,000 and its total current liabilities are ₦200,000, what is the amount of the company's current assets that are not included in the current ratio?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 5
A company has the following ledger accounts: Cash ₦ 50,000, Bank ₦ 30,000, Accounts Payable ₦ 20,000, Accounts Receivable ₦ 40,000. What is the total amount of assets?
A. ₦ 140,000
B. ₦ 160,000
C. ₦ 180,000
D. ₦ 200,000
Question 6
A company's trial balance shows a debit balance of ₦30,000 in the account 'Salaries' while the corresponding credit balance in the account 'Salaries Payable' is ₦20,000. What is the correct journal entry to rectify this error?
A. Debit Salaries Payable by ₦10,000 and Credit Salaries by ₦10,000
B. Debit Salaries Payable by ₦10,000 and Credit Salaries by ₦10,000 and also Debit Salaries by ₦30,000
C. Credit Salaries Payable by ₦10,000 and Debit Salaries by ₦10,000
D. Debit Salaries Payable by ₦10,000 and Credit Salaries by ₦10,000 and also Credit Salaries Payable by ₦20,000
Question 7
A company has the following trial balance: Debit: ₦100,000 Credit: ₦120,000 What is the correct balance of the company?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 8
A government agency is required to prepare a cash flow statement in accordance with the cash basis of accounting. Which of the following items would NOT be included in the cash flow statement?
A. Cash received from customers
B. Cash paid to suppliers
C. Depreciation expense
D. Increase in accounts payable
Question 9
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge if the asset is expected to last for 5 years?
A. ₦16,000
B. ₦20,000
C. ₦24,000
D. ₦28,000
Question 10
A company purchases a machine for 10,000. The machine has a useful life of 5 years and a salvage value of 2,000. Calculate the annual depreciation:
A. 1,600
B. 1,800
C. 2,000
D. 2,400
Question 11
A company's income statement for the year ended December 31, 2024, is presented below. Prepare the company's statement of changes in equity for the year.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 12
A public sector organization has the following transactions: Purchased office supplies for ₦10,000 cash Paid salaries of ₦50,000 by cheque Received cash from customers of ₦25,000 Paid rent of ₦15,000 by bank transfer What is the total cash paid by the organization?
A. ₦60,000
B. ₦65,000
C. ₦70,000
D. ₦75,000
Question 13
A company's balance sheet as at December 31, 2024, is presented below. Prepare the company's statement of cash flows for the year.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 14
A company's trial balance shows a debit balance of ₦25,000 in the account 'Rent Paid' while the corresponding credit balance in the account 'Rent Received' is ₦30,000. What is the correct journal entry to rectify this error?
A. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000
B. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000 and also Debit Rent Paid by ₦25,000
C. Credit Rent Received by ₦5,000 and Debit Rent Paid by ₦5,000
D. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000 and also Credit Rent Received by ₦30,000
Question 15
A public sector organization has the following transactions for the month of January: Purchased office supplies for ₦10,000 cash Paid salaries of ₦50,000 by cheque Received cash from customers of ₦25,000 Paid rent of ₦15,000 by bank transfer What is the total cash received by the organization in January?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000

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: