POST UTME UNILORIN 2025 Accounting | Objective

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Question 1
A manufacturing company produces two products: A and B. Product A requires 2 hours of labor and 3 units of raw material, while Product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of Product A and Product B can be produced?
A. 10 units of Product A and 15 units of Product B
B. 15 units of Product A and 10 units of Product B
C. 20 units of Product A and 25 units of Product B
D. 25 units of Product A and 20 units of Product B
Question 2
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
C. ₦25,000
D. ₦30,000
Question 3
A company issued 5,000 debentures of 1,000 each at a discount of 5%. If the debentures are redeemed after 5 years, what is the total amount paid to redeem the debentures?
A. ₦4,750,000
B. ₦5,000,000
C. ₦5,250,000
D. ₦5,500,000
Question 4
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 equity recorded in the journal?
A. ₦620,000
B. ₦720,000
C. ₦820,000
D. ₦920,000
Question 5
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
B. ₦650,000
C. ₦700,000
D. ₦750,000
Question 6
A government agency has the following transactions: Revenue: ₦100,000, Expenditure: ₦80,000, and Capital Expenditure: ₦20,000. What is the net result of these transactions?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 7
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.
A. ₦100,000
B. ₦90,000
C. ₦80,000
D. ₦70,000
Question 8
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 revenue recorded in the journal?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 9
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
C. ₦40,000
D. ₦42,000
Question 10
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. What is the likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has not yet credited the company's account for the deposited cash.
C. The company has not yet debited the bank for the withdrawn cash.
D. The company's cash book is not up-to-date.
Question 11
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
D. ₦2,000,000
Question 12
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
C. ₦720,000
D. ₦820,000
Question 13
A company's trading account shows a profit of 50,000. If the company's capital accounts are 100,000 and the drawings of the partners are 20,000, what is the net profit?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 15,000 respectively. If the profit-sharing ratio is 2:3, what is the profit-sharing ratio in terms of the capital accounts?
A. 1:1
B. 2:3
C. 3:2
D. 4:5
Question 15
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
C. ₦150,000
D. ₦160,000

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