POST UTME UNIOSUN 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the single entry system to record its financial transactions. The company's assets are ₦200,000, liabilities are ₦100,000, and equity is ₦50,000. What is the company's net worth?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 2
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 3
A company's balance sheet as at 31st December 2024 shows a total equity of ₦3,500,000. The company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's drawings for the year were ₦1,000,000. What is the amount of the company's capital introduced during the year?
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 4
A company's balance sheet as at 31st December 2024 shows a total equity of ₦3,500,000. The company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's drawings for the year were ₦1,000,000. What is the amount of the company's capital introduced during the year?
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 5
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 15 Jan | Bank | | 5,000 | | 20 Jan | Cash | | 8,000 | | 25 Jan | Bank | | 3,000 | Prepare the company's bank reconciliation statement as at 31 January.
A. ₦1,500
B. ₦2,000
C. ₦2,500
D. ₦3,000
Question 6
A partnership is formed by two individuals, A and B, with a capital of ₦500,000 each. During the year, A withdraws ₦100,000 for personal use, while B invests an additional ₦200,000. The partnership earns a profit of ₦750,000. Prepare the partnership's trading and profit and loss account for the year.
A. ₦1,250,000
B. ₦1,300,000
C. ₦1,350,000
D. ₦1,400,000
Question 7
A company's financial year ends on 31st December. The following transactions occurred during the year:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 8
A company uses the double-declining balance method of depreciation. If the initial cost of an asset is ₦120,000 and its useful life is 5 years, what is the depreciation expense for the first year?
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦42,000
Question 9
A company uses the double entry system to record its financial transactions. The company's assets are ₦300,000, liabilities are ₦100,000, and equity is ₦200,000. What is the company's net worth?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 10
A company manufactures a product that requires 2 kg of raw material A and 3 kg of raw material B to produce 10 units of the product. The company uses 500 kg of raw material A and 750 kg of raw material B to produce 2,500 units of the product. Calculate the company's raw material usage per unit of product.
A. 2 kg
B. 3 kg
C. 4 kg
D. 5 kg
Question 11
A company's bank statement shows a balance of ₦100,000. The company's cash book shows a balance of ₦120,000. The bank reconciliation statement shows a difference of ₦20,000. What is the correct explanation for the difference?
A. Bank error
B. Cash book error
C. Unrecorded deposit
D. Unrecorded withdrawal
Question 12
A company has two partners, A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. The company's profit is ₦100,000. How much will Partner A receive?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 13
A company's trial balance as at 31st December, 2024 is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦30,000 | | Sales Revenue | ₦0 | ₦150,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | | Total | ₦130,000 | ₦180,000 | Prepare the Income Statement as at 31st December, 2024.
A. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦30,000 Net Income
B. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦120,000 Net Income
C. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦150,000 Net Income
D. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦180,000 Net Income
Question 14
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for the difference?
A. The company has outstanding checks.
B. The company has deposited cash but not yet recorded in the cash book.
C. The company has written checks but not yet recorded in the cash book.
D. The bank has charged the company's account for bank fees.
Question 15
A company's trial balance as at 31st December, 2024 is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦30,000 | | Sales Revenue | ₦0 | ₦150,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | | Total | ₦130,000 | ₦180,000 | Prepare the Balance Sheet as at 31st December, 2024.
A. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦30,000 Net Income
B. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦120,000 Net Income
C. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦150,000 Net Income
D. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦180,000 Net Income

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