Practice Post UTME UNIPORT accounting 2025 Past Questions

Question 1

A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.

Correct A. ₦60,000

B. ₦80,000

C. ₦90,000

D. ₦100,000

Correct Answer: A

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Question 2

A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare the company's balance sheet.

Correct A. Assets: ₦180,000; Liabilities: ₦50,000; Equity: ₦130,000

B. Assets: ₦130,000; Liabilities: ₦50,000; Equity: ₦80,000

C. Assets: ₦180,000; Liabilities: ₦80,000; Equity: ₦100,000

D. Assets: ₦130,000; Liabilities: ₦80,000; Equity: ₦50,000

Correct Answer: A

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Question 3

A company has the following transactions: Purchased office supplies on account for ₦10,000, Sold merchandise for cash for ₦20,000, and Purchased a piece of equipment for ₦50,000 on credit. Prepare the company's journal entries for these transactions.

A. Debit Office Supplies ₦10,000, Credit Accounts Payable ₦10,000

B. Debit Cash ₦20,000, Credit Sales ₦20,000

Correct C. Debit Equipment ₦50,000, Credit Accounts Payable ₦50,000

D. Debit Office Supplies ₦10,000, Credit Cash ₦10,000

Correct Answer: C

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Question 4

A company has the following balance sheet: Assets ₦150,000, Liabilities ₦50,000, and Equity ₦100,000. If the company issues 10,000 shares of stock at ₦10 per share, what is the new balance of the company's equity?

A. ₦110,000

B. ₦120,000

C. ₦130,000

Correct D. ₦140,000

Correct Answer: D

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Question 5

A company has the following transactions: Purchased office supplies on account for ₦10,000, Sold merchandise for cash for ₦20,000, and Purchased a piece of equipment for ₦50,000 on credit. Prepare the company's trial balance.

Correct A. Assets: ₦80,000; Liabilities: ₦50,000; Equity: ₦30,000

B. Assets: ₦90,000; Liabilities: ₦50,000; Equity: ₦40,000

C. Assets: ₦80,000; Liabilities: ₦40,000; Equity: ₦40,000

D. Assets: ₦90,000; Liabilities: ₦40,000; Equity: ₦50,000

Correct Answer: A

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Question 6

In a double-entry system, a company purchases office equipment for ₦120,000 cash. Prepare the journal entry, assuming the equipment is recorded as an asset.

Correct A. Debit Office Equipment ₦120,000, Credit Cash ₦120,000

B. Debit Office Equipment ₦120,000, Credit Bank ₦120,000

C. Debit Office Equipment ₦120,000, Credit Cash ₦100,000

D. Debit Office Equipment ₦100,000, Credit Cash ₦120,000

Correct Answer: A

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Question 7

A company has the following ledger balances: Cash ₦50,000, Bank ₦30,000, Office Equipment ₦80,000. Prepare the trial balance.

Correct A. Cash ₦50,000, Bank ₦30,000, Office Equipment ₦80,000

B. Cash ₦30,000, Bank ₦50,000, Office Equipment ₦80,000

C. Cash ₦50,000, Bank ₦80,000, Office Equipment ₦30,000

D. Cash ₦80,000, Bank ₦50,000, Office Equipment ₦30,000

Correct Answer: A

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Question 8

A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit for partner A.

Correct A. ₦90,000

B. ₦80,000

C. ₦60,000

D. ₦40,000

Correct Answer: A

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Question 9

A company has the following transactions: Purchased office equipment for ₦80,000, Sold goods for ₦120,000, and Paid rent of ₦20,000. Prepare the journal entries for these transactions.

Correct A. Debit Office Equipment ₦80,000, Credit Cash ₦80,000; Debit Sales ₦120,000, Credit Cash ₦120,000; Debit Rent Expense ₦20,000, Credit Cash ₦20,000

B. Debit Office Equipment ₦80,000, Credit Bank ₦80,000; Debit Sales ₦120,000, Credit Bank ₦120,000; Debit Rent Expense ₦20,000, Credit Cash ₦20,000

C. Debit Office Equipment ₦80,000, Credit Cash ₦80,000; Debit Sales ₦120,000, Credit Bank ₦120,000; Debit Rent Expense ₦20,000, Credit Cash ₦20,000

D. Debit Office Equipment ₦80,000, Credit Bank ₦80,000; Debit Sales ₦120,000, Credit Cash ₦120,000; Debit Rent Expense ₦20,000, Credit Bank ₦20,000

Correct Answer: A

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Question 10

A company has the following ledger balances: Cash ₦50,000, Bank ₦30,000, Office Equipment ₦80,000. Prepare the trial balance.

Correct A. Cash ₦50,000, Bank ₦30,000, Office Equipment ₦80,000

B. Cash ₦30,000, Bank ₦50,000, Office Equipment ₦80,000

C. Cash ₦50,000, Bank ₦80,000, Office Equipment ₦30,000

D. Cash ₦80,000, Bank ₦50,000, Office Equipment ₦30,000

Correct Answer: A

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Question 11

A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?

Correct A. ₦24,000

B. ₦20,000

C. ₦18,000

D. ₦22,000

Correct Answer: A

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Question 12

A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership's profit is ₦150,000, how much will Partner A receive?

Correct A. ₦90,000

B. ₦60,000

C. ₦80,000

D. ₦70,000

Correct Answer: A

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Question 13

A company's balance sheet shows an increase in current liabilities of ₦50,000 and an increase in current assets of ₦70,000. What is the net increase in working capital?

A. ₦20,000

Correct B. ₦30,000

C. ₦10,000

D. ₦40,000

Correct Answer: B

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Question 14

A company uses the accrual method of accounting. If the company's accounts payable increased by ₦30,000 during the year and its accounts receivable increased by ₦20,000, what is the net increase in current liabilities?

A. ₦10,000

Correct B. ₦20,000

C. ₦30,000

D. ₦40,000

Correct Answer: B

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Question 15

A company's trial balance shows a debit balance of ₦50,000 in the accounts payable account. If the company's accounts payable increased by ₦20,000 during the year, what is the correct balance in the accounts payable account?

A. ₦30,000

Correct B. ₦50,000

C. ₦70,000

D. ₦60,000

Correct Answer: B

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Question 16

A company uses the double-entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the sale of goods on credit to a customer?

A. Debit Accounts Payable ₦ 50,000 and Credit Sales Revenue ₦ 100,000

Correct B. Debit Sales Revenue ₦ 100,000 and Credit Cost of Goods Sold ₦ 70,000

C. Debit Common Stock ₦ 30,000 and Credit Sales Revenue ₦ 100,000

D. Debit Accounts Payable ₦ 50,000 and Credit Cost of Goods Sold ₦ 70,000

Correct Answer: B

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Question 17

A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?

A. Debit Accounts Payable ₦ 50,000 and Credit Cost of Goods Sold ₦ 70,000

B. Debit Sales Revenue ₦ 100,000 and Credit Common Stock ₦ 30,000

Correct C. Debit Accounts Payable ₦ 50,000 and Credit Purchases ₦ 70,000

D. Debit Common Stock ₦ 30,000 and Credit Cost of Goods Sold ₦ 70,000

Correct Answer: C

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Question 18

A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the sale of goods for cash?

A. Debit Accounts Payable ₦ 50,000 and Credit Sales Revenue ₦ 100,000

B. Debit Sales Revenue ₦ 100,000 and Credit Cost of Goods Sold ₦ 70,000

Correct C. Debit Cash ₦ 100,000 and Credit Sales Revenue ₦ 100,000

D. Debit Common Stock ₦ 30,000 and Credit Sales Revenue ₦ 100,000

Correct Answer: C

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Question 19

A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the purchase of goods for cash?

A. Debit Accounts Payable ₦ 50,000 and Credit Purchases ₦ 70,000

B. Debit Sales Revenue ₦ 100,000 and Credit Common Stock ₦ 30,000

Correct C. Debit Cash ₦ 70,000 and Credit Purchases ₦ 70,000

D. Debit Common Stock ₦ 30,000 and Credit Purchases ₦ 70,000

Correct Answer: C

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Question 20

A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the payment of accounts payable?

A. Debit Accounts Payable ₦ 50,000 and Credit Cash ₦ 50,000

B. Debit Sales Revenue ₦ 100,000 and Credit Common Stock ₦ 30,000

Correct C. Debit Cash ₦ 50,000 and Credit Accounts Payable ₦ 50,000

D. Debit Common Stock ₦ 30,000 and Credit Accounts Payable ₦ 50,000

Correct Answer: C

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Question 21

A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the likely reason for the discrepancy?

A. The company has not yet deposited the cash into the bank.

Correct 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.

Correct Answer: B

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Question 22

A company's trial balance shows a debit balance of ₦50,000 in the 'Rent Expense' account. However, the company's accounting records show that the rent was actually paid in cash. What is the likely reason for the discrepancy?

A. The company has not yet recorded the rent expense.

B. The company has not yet paid the rent.

Correct C. The company has not yet debited the 'Rent Expense' account.

D. The company's trial balance is not up-to-date.

Correct Answer: C

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Question 23

A company's balance sheet shows a current liability of ₦100,000. However, the company's accounting records show that the liability was actually settled in cash. What is the likely reason for the discrepancy?

A. The company has not yet recorded the settlement of the liability.

Correct B. The company has not yet debited the 'Cash' account.

C. The company has not yet credited the 'Liability' account.

D. The company's balance sheet is not up-to-date.

Correct Answer: B

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Question 24

A company's cash book shows a balance of ₦80,000. However, the bank statement shows a balance of ₦60,000. 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.

Correct C. The company has not yet debited the bank for the withdrawn cash.

D. The company's cash book is not up-to-date.

Correct Answer: C

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Question 25

A company's trial balance shows a credit balance of ₦30,000 in the 'Sales Revenue' account. However, the company's accounting records show that the sales were actually made in cash. What is the likely reason for the discrepancy?

A. The company has not yet recorded the sales revenue.

Correct B. The company has not yet credited the 'Sales Revenue' account.

C. The company has not yet debited the 'Cash' account.

D. The company's trial balance is not up-to-date.

Correct Answer: B

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