Practice Post UTME UNILORIN accounting 2025 Past Questions

Question 1

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid

B. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid

C. ₦15,000 debit to Rent Paid and ₦20,000 credit to Rent Received

Correct D. ₦20,000 debit to Rent Received and ₦15,000 credit to Rent Paid

Correct Answer: D

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Question 2

In a partnership with a 3:5:7 ratio, the total capital invested is ₦1,500,000. If the profit is shared in the same ratio, what is the share of the partner with a 7:1 ratio?

A. ₦420,000

B. ₦630,000

Correct C. ₦840,000

D. ₦1,050,000

Correct Answer: C

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Question 3

A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?

A. ₦300,000

B. ₦350,000

C. ₦400,000

Correct D. ₦450,000

Correct Answer: D

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Question 4

A company's assets include a building worth ₦1,000,000, a machine worth ₦500,000, and a cash balance of ₦200,000. What is the total value of the company's assets?

A. ₦1,700,000

B. ₦1,800,000

C. ₦1,900,000

Correct D. ₦2,000,000

Correct Answer: D

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Question 5

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid

B. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid

C. ₦15,000 debit to Rent Paid and ₦20,000 credit to Rent Received

Correct D. ₦20,000 debit to Rent Received and ₦15,000 credit to Rent Paid

Correct Answer: D

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Question 6

A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product on hand at a cost of ₦120 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦130 per unit. The company uses the weighted average method to determine the cost of goods sold. Calculate the cost of goods sold for the year.

A. ₦36,000

B. ₦38,000

Correct C. ₦40,000

D. ₦42,000

Correct Answer: C

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Question 7

A partnership is formed by three individuals: John, Mary, and David. John contributes ₦500,000, Mary contributes ₦300,000, and David contributes ₦200,000. The partnership agreement states that the profits will be divided in the ratio 3:2:1. Calculate the share of profit for each partner.

Correct A. John: ₦150,000, Mary: ₦100,000, David: ₦50,000

B. John: ₦120,000, Mary: ₦80,000, David: ₦40,000

C. John: ₦180,000, Mary: ₦120,000, David: ₦60,000

D. John: ₦160,000, Mary: ₦110,000, David: ₦50,000

Correct Answer: A

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Question 8

A company prepares its trial balance on December 31, 2025. The trial balance shows the following balances: Accounts Receivable ₦150,000, Accounts Payable ₦100,000, and Common Stock ₦500,000. Prepare the Balance Sheet for the company.

A. ₦1,250,000

Correct B. ₦1,300,000

C. ₦1,350,000

D. ₦1,400,000

Correct Answer: B

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Question 9

A company uses the single-entry system of accounting. The company's journal entries for the year are as follows: Debit Cash ₦50,000, Credit Accounts Payable ₦20,000, Debit Accounts Receivable ₦30,000, Credit Sales ₦40,000. Prepare the Balance Sheet for the company.

A. ₦150,000

B. ₦160,000

Correct C. ₦170,000

D. ₦180,000

Correct Answer: C

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Question 10

A company prepares its trial balance on December 31, 2025. The trial balance shows the following balances: Accounts Receivable ₦150,000, Accounts Payable ₦100,000, and Common Stock ₦500,000. Prepare the Income Statement for the company.

A. ₦600,000

Correct B. ₦650,000

C. ₦700,000

D. ₦750,000

Correct Answer: B

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Question 11

A company uses the single-entry system of accounting. The company's assets, liabilities, and equity at the beginning of the year were ₦100,000, ₦50,000, and ₦50,000, respectively. During the year, the company purchased equipment for ₦20,000 and sold goods for ₦30,000. The company's net income for the year was ₦15,000. Prepare the company's statement of financial position at the end of the year.

A. ₦130,000

B. ₦140,000

Correct C. ₦150,000

D. ₦160,000

Correct Answer: C

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Question 12

A company has a building with a cost of ₦1,000,000 and a useful life of 10 years. The building is depreciated using the straight-line method. Calculate the annual depreciation for the first year.

Correct A. ₦100,000

B. ₦90,000

C. ₦80,000

D. ₦70,000

Correct Answer: A

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Question 13

A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.

A. ₦15,000

B. ₦20,000

Correct C. ₦25,000

D. ₦30,000

Correct Answer: C

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Question 14

A company has a debt of ₦50,000 due in 5 years. The company uses the present value method to calculate the interest on the debt. Calculate the interest on the debt for the first year.

Correct A. ₦10,000

B. ₦9,000

C. ₦8,000

D. ₦7,000

Correct Answer: A

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Question 15

A company has a manufacturing department that produces goods at a cost of ₦10 per unit. The company sells the goods at a price of ₦20 per unit. Calculate the profit per unit.

A. ₦10

Correct B. ₦15

C. ₦20

D. ₦25

Correct Answer: B

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Question 16

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid

Correct B. ₦20,000 debit to Rent Paid and ₦15,000 credit to Rent Received

C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received

D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid

Correct Answer: B

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Question 17

A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit-sharing ratio is 3:2, what is the amount of profit to be distributed to partner A?

Correct A. ₦15,000

B. ₦18,000

C. ₦20,000

D. ₦22,000

Correct Answer: A

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Question 18

A company uses the double-entry system of accounting. The following transactions are recorded in the journal: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 1st Jan | Bank | | ₦10,000 | | 2nd Jan | Rent | | ₦5,000 | | 3rd Jan | Cash | ₦5,000 | | What is the correct ledger account for the Cash account?

A. ₦15,000

Correct B. ₦10,000

C. ₦5,000

D. ₦0

Correct Answer: B

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Question 19

A public sector organization has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Salaries | | ₦100,000 | | 2nd Jan | Rent | | ₦50,000 | | 3rd Jan | Utilities | | ₦20,000 | What is the correct accounting treatment for the above transactions?

Correct A. ₦170,000

B. ₦150,000

C. ₦120,000

D. ₦100,000

Correct Answer: A

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Question 20

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid

Correct B. ₦20,000 debit to Rent Paid and ₦15,000 credit to Rent Received

C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received

D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid

Correct Answer: B

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Question 21

A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit-sharing ratio is 3:2, what is the amount of profit to be distributed to partner A?

Correct A. ₦15,000

B. ₦18,000

C. ₦20,000

D. ₦22,000

Correct Answer: A

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Question 22

A company uses the double-entry system of accounting. The following transactions are recorded in the journal: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 1st Jan | Bank | | ₦10,000 | | 2nd Jan | Rent | | ₦5,000 | | 3rd Jan | Cash | ₦5,000 | | What is the correct ledger account for the Cash account?

A. ₦15,000

Correct B. ₦10,000

C. ₦5,000

D. ₦0

Correct Answer: B

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Question 23

A public sector organization has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Salaries | | ₦100,000 | | 2nd Jan | Rent | | ₦50,000 | | 3rd Jan | Utilities | | ₦20,000 | What is the correct accounting treatment for the above transactions?

A. ₦170,000

B. ₦150,000

C. ₦120,000

D. ₦100,000

Correct Answer: VIEW ANSWER

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Question 24

A company uses the single entry system of accounting. The following transactions are recorded in the journal: 1. Purchase of office equipment for ₦120,000. 2. Sale of goods for ₦150,000. 3. Payment of salaries to employees for ₦80,000. 4. Purchase of raw materials for ₦90,000. 5. Sale of goods for ₦200,000. 6. Payment of rent for ₦50,000. 7. Purchase of office supplies for ₦10,000. 8. Sale of goods for ₦250,000. 9. Payment of electricity bill for ₦20,000. 10. Purchase of raw materials for ₦100,000. What is the total amount of assets recorded in the journal?

A. ₦520,000

B. ₦620,000

Correct C. ₦720,000

D. ₦820,000

Correct Answer: C

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Question 25

A company has the following transactions: 1. Purchase of office equipment for ₦120,000. 2. Sale of goods for ₦150,000. 3. Payment of salaries to employees for ₦80,000. 4. Purchase of raw materials for ₦90,000. 5. Sale of goods for ₦200,000. 6. Payment of rent for ₦50,000. 7. Purchase of office supplies for ₦10,000. 8. Sale of goods for ₦250,000. 9. Payment of electricity bill for ₦20,000. 10. Purchase of raw materials for ₦100,000. What is the total amount of liabilities recorded in the journal?

A. ₦220,000

Correct B. ₦320,000

C. ₦420,000

D. ₦520,000

Correct Answer: B

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