Practice Post UTME UNIOSUN accounting 2025 Past Questions

Question 1

A company's trial balance shows an error of ₦15,000 in the debit side of the 'Accounts Payable' account. If the correct balance is ₦120,000, what is the correct balance of the 'Accounts Payable' account?

Correct A. ₦135,000

B. ₦120,000

C. ₦105,000

D. ₦90,000

Correct Answer: A

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Question 2

A company's financial year ends on 31st December. The following transactions occurred during the year:

A. ₦120,000

Correct B. ₦150,000

C. ₦180,000

D. ₦200,000

Correct Answer: B

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Question 3

A company's balance sheet shows the following information:

A. ₦150,000

B. ₦180,000

Correct C. ₦200,000

D. ₦220,000

Correct Answer: C

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Question 4

A company's income statement shows the following information:

A. ₦150,000

B. ₦180,000

Correct C. ₦200,000

D. ₦220,000

Correct Answer: C

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Question 5

A company's financial statements show the following information:

A. ₦150,000

B. ₦180,000

Correct C. ₦200,000

D. ₦220,000

Correct Answer: C

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Question 6

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 not recorded all its financial transactions.

Correct B. The bank has charged a fee for the overdraft.

C. The company has not deposited all its cash into the bank.

D. The company has not recorded all its cash receipts.

Correct Answer: B

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Question 7

A government agency uses the accrual basis of accounting to record its financial transactions. What is the main advantage of using the accrual basis of accounting?

A. It provides a true and fair view of the financial position of the agency.

Correct B. It helps to match the costs with the revenues.

C. It provides a cash basis of accounting.

D. It helps to reduce the tax liability of the agency.

Correct Answer: B

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Question 8

A company uses the single entry system to record its financial transactions. The company's cash book shows a balance of ₦100,000. However, the company's ledger shows a balance of ₦120,000. What is the reason for the difference?

A. The company has not recorded all its financial transactions.

B. The company has not deposited all its cash into the bank.

C. The company has not recorded all its cash receipts.

Correct D. The company has not recorded all its financial liabilities.

Correct Answer: D

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Question 9

A company uses the control account to record its financial transactions. The company's control account shows a balance of ₦80,000. However, the company's ledger shows a balance of ₦60,000. What is the reason for the difference?

A. The company has not recorded all its financial transactions.

B. The company has not deposited all its cash into the bank.

Correct C. The company has not recorded all its cash receipts.

D. The company has not recorded all its financial liabilities.

Correct Answer: C

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Question 10

A company uses the self-balancing ledger to record its financial transactions. The company's ledger shows a balance of ₦120,000. However, the company's cash book shows a balance of ₦100,000. What is the reason for the difference?

A. The company has not recorded all its financial transactions.

B. The company has not deposited all its cash into the bank.

C. The company has not recorded all its cash receipts.

Correct D. The company has not recorded all its financial liabilities.

Correct Answer: D

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Question 11

A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦25,000. The company's trial balance shows a credit balance of ₦30,000 for the account 'Accrued Expenses'. What is the correct journal entry to record the accrual of expenses?

A. ₦25,000 debit to Accrued Expenses

Correct B. ₦30,000 credit to Accrued Expenses

C. ₦55,000 debit to Accrued Expenses

D. ₦55,000 credit to Accrued Expenses

Correct Answer: B

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Question 12

A manufacturing company uses the process costing method to value its inventory. The company's production costs for the month are as follows: direct materials ₦120,000, direct labor ₦150,000, and overheads ₦80,000. What is the total production cost for the month?

Correct A. ₦350,000

B. ₦350,250

C. ₦350,500

D. ₦350,750

Correct Answer: A

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Question 13

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

Correct C. Unrecorded deposit

D. Unrecorded withdrawal

Correct Answer: C

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Question 14

A company uses the double-entry system of accounting. The company's ledger shows a debit balance of ₦50,000 for the account 'Accounts Payable'. The company's trial balance shows a credit balance of ₦60,000 for the account 'Accounts Receivable'. What is the correct journal entry to record the payment of accounts payable?

Correct A. ₦50,000 debit to Accounts Payable

B. ₦60,000 credit to Accounts Payable

C. ₦110,000 debit to Accounts Payable

D. ₦110,000 credit to Accounts Payable

Correct Answer: A

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Question 15

A company uses the straight-line method of depreciation. The company's asset has a cost of ₦200,000 and a useful life of 5 years. What is the annual depreciation charge?

A. ₦40,000

B. ₦50,000

Correct C. ₦60,000

D. ₦80,000

Correct Answer: C

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Question 16

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

Correct C. ₦1,350,000

D. ₦1,400,000

Correct Answer: C

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Question 17

A company uses the perpetual inventory system. On January 1, it had 500 units of a product on hand at a cost of ₦100 per unit. During the month, 300 units were sold, and 200 units were purchased at ₦120 per unit. Prepare the company's perpetual inventory records for the month.

A. ₦30,000

B. ₦35,000

Correct C. ₦40,000

D. ₦45,000

Correct Answer: C

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Question 18

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

Correct C. ₦2,500

D. ₦3,000

Correct Answer: C

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Question 19

A company uses the self-balancing ledger system. The following transactions are recorded in the ledger: | 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 self-balancing ledger as at 31 January.

A. ₦1,500

B. ₦2,000

Correct C. ₦2,500

D. ₦3,000

Correct Answer: C

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Question 20

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

Correct C. 4 kg

D. 5 kg

Correct Answer: C

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Question 21

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?

Correct 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.

Correct Answer: A

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Question 22

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?

Correct A. ₦150,000

B. ₦200,000

C. ₦250,000

D. ₦300,000

Correct Answer: A

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Question 23

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

Correct B. ₦100,000

C. ₦110,000

D. ₦120,000

Correct Answer: B

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Question 24

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

Correct B. ₦50,000

C. ₦60,000

D. ₦70,000

Correct Answer: B

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Question 25

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

Correct B. ₦300,000

C. ₦400,000

D. ₦500,000

Correct Answer: B

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