POST UTME UI 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of ₦10 each at a premium of ₦2 per share. The issue expenses were ₦10,000. Calculate the amount received from the issue of shares.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 2
A company's trial balance shows a credit balance of ₦10,000 in the 'Dividends' account. However, the company's accounting records show that it has declared dividends of ₦15,000. Prepare the necessary journal entry to correct the error.
A. ₦10,000
B. ₦15,000
C. ₦5,000
D. ₦20,000
Question 3
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦120,000. What is the reason for the difference?
A. Bank charges
B. Cheques outstanding
C. Deposits in transit
D. Withdrawals in transit
Question 4
A company purchased a machine for ₦500,000. Depreciation is provided using the straight-line method. The machine is expected to have a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation charge.
A. ₦90,000
B. ₦92,000
C. ₦95,000
D. ₦97,000
Question 5
A company's trial balance shows a debit balance of ₦50,000 in the account 'Office Expenses'. What is the correct treatment of this account in the final accounts?
A. Expensed in the profit and loss account
B. Capitalized as an asset
C. Treated as a liability
D. Treated as a revenue
Question 6
A company's balance sheet shows the following balances: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. If the company's net income is ₦200,000, what is the company's retained earnings?
A. ₦400,000
B. ₦350,000
C. ₦300,000
D. ₦250,000
Question 7
A partnership agreement between two partners, A and B, states that the profits and losses will be shared in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit of partner A.
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 8
The following is the balance sheet of XYZ Ltd. as at 31st December 2024.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 9
A company's balance sheet shows a decrease in its debtors' balance from ₦50,000 to ₦30,000. However, the company's profit and loss account shows a decrease in its debtors' balance from ₦50,000 to ₦40,000. Prepare the necessary journal entry to correct the error.
A. ₦20,000
B. ₦10,000
C. ₦30,000
D. ₦40,000
Question 10
A company's trial balance as at 31st December, 2024 is as follows:
A. ₦ 500,000
B. ₦ 750,000
C. ₦ 1,000,000
D. ₦ 1,250,000
Question 11
The following is the trial balance of XYZ Ltd. as at 31st December 2024.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 12
A company issued 5,000 shares of ₦5 each at a premium of ₦1 per share. The issue expenses were ₦5,000. Calculate the amount received from the issue of shares.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 13
A company's trial balance as at 31st December, 2024 is as follows: Debit ₦ 1,000,000 Credit ₦ 1,200,000 Prepare the ledger accounts for the following accounts: Purchases, Sales, and Wages.
A. Purchases: Debit ₦ 1,000,000, Credit ₦ 1,200,000 Sales: Debit ₦ 1,200,000, Credit ₦ 1,000,000 Wages: Debit ₦ 1,000,000, Credit ₦ 1,200,000
B. Purchases: Debit ₦ 1,200,000, Credit ₦ 1,000,000 Sales: Debit ₦ 1,000,000, Credit ₦ 1,200,000 Wages: Debit ₦ 1,200,000, Credit ₦ 1,000,000
C. Purchases: Debit ₦ 1,000,000, Credit ₦ 1,000,000 Sales: Debit ₦ 1,200,000, Credit ₦ 1,200,000 Wages: Debit ₦ 1,200,000, Credit ₦ 1,200,000
D. Purchases: Debit ₦ 1,200,000, Credit ₦ 1,200,000 Sales: Debit ₦ 1,000,000, Credit ₦ 1,000,000 Wages: Debit ₦ 1,000,000, Credit ₦ 1,000,000
Question 14
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. If the company's net income is ₦150,000, what is the company's retained earnings?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000

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