POST UTME UNILAG 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦175,000
C. ₦200,000
D. ₦225,000
Question 2
A government agency has a public sector accounting system that uses a self-balancing ledger. What is the main advantage of this system?
A. It is easy to maintain.
B. It is difficult to understand.
C. It provides accurate financial information.
D. It is not suitable for large organizations.
Question 3
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦50,000. The company's journal shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | ₦20,000 | | | 15 Jan | Cash paid to suppliers | | ₦15,000 | | 20 Jan | Cash received from customers | ₦30,000 | | | 25 Jan | Cash paid to employees | | ₦10,000 | What is the company's net cash inflow for the month?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 4
Determine the amount of depreciation for a machine that cost ₦250,000 and has a useful life of 5 years. The machine is expected to lose 10% of its value each year.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 5
A company has a cash book that shows the following transactions: Date | Debit | Credit 01/01 | ₦10,000 | ₦8,000 15/01 | ₦5,000 | ₦3,000 Determine the balance in the cash account.
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦9,000
Question 6
A company has two control accounts: Cash and Bank. The Cash account shows a balance of ₦100,000 and the Bank account shows a balance of ₦200,000. What is the total value of the company's assets?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 7
A company's trading account for the year ended 31st December 2024 is as follows: Debit: Sales: ₦1,500,000 Cost of Goods Sold: ₦1,200,000 Credit: Purchases: ₦1,000,000 What is the company's net profit for the year?
A. ₦300,000
B. ₦200,000
C. ₦400,000
D. ₦500,000
Question 8
A company prepares a trial balance that shows a total debit balance of ₦500,000 and a total credit balance of ₦600,000. What is the reason for the difference?
A. The company has not recorded a transaction.
B. The company has not recorded a journal entry.
C. The company has not recorded a ledger posting.
D. The company has not recorded a bank reconciliation.
Question 9
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | ₦20,000 | | | 15 Jan | Cash paid to suppliers | | ₦15,000 | | 20 Jan | Cash received from customers | ₦30,000 | | | 25 Jan | Cash paid to employees | | ₦10,000 | What is the company's net cash inflow for the month?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 10
A company's balance sheet as at 31st December 2024 is as follows: Assets: ₦1,500,000 Liabilities: ₦1,000,000 What is the company's current ratio?
A. 1.5
B. 2.0
C. 1.0
D. 3.0
Question 11
A company's trial balance showed an error of ₦15,000 due to an incorrect posting of a debit entry. The company's accountant corrected the error by making a corresponding credit entry. What is the effect of this correction on the company's net profit?
A. ₦15,000 increase
B. ₦15,000 decrease
C. ₦30,000 increase
D. ₦30,000 decrease
Question 12
A company's ledger showed the following balances: Cash ₦50,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. Prepare a trial balance.
A. Cash ₦50,000, Accounts Payable ₦30,000, Common Stock ₦100,000
B. Cash ₦50,000, Accounts Payable ₦30,000, Common Stock ₦120,000
C. Cash ₦50,000, Accounts Payable ₦30,000, Common Stock ₦80,000
D. Cash ₦50,000, Accounts Payable ₦30,000, Common Stock ₦90,000
Question 13
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦125,000. What is the reason for the difference?
A. The company has not recorded a deposit of ₦5,000.
B. The company has not recorded a withdrawal of ₦5,000.
C. The company has not recorded a bank charge of ₦5,000.
D. The company has not recorded a bank interest of ₦5,000.
Question 14
A partnership is dissolved when a partner retires. The remaining partners agree to pay the retiring partner ₦120,000 as a share of the profits. If the total profits for the year were ₦240,000, and the remaining partners' share of the profits was ₦180,000, what is the ratio of the retiring partner's share to the remaining partners' share?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 15
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦175,000
C. ₦200,000
D. ₦225,000

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