POST UTME UNIPORT 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the double-entry system of accounting. If the company purchases an asset for ₦100,000 and pays for it in 3 installments of ₦30,000 each, calculate the journal entry to record the purchase.
A. Asset A/c Dr. ₦100,000, Cash A/c Dr. ₦90,000
B. Asset A/c Dr. ₦100,000, Cash A/c Dr. ₦90,000, Bank A/c Dr. ₦10,000
C. Asset A/c Dr. ₦100,000, Cash A/c Dr. ₦30,000, Bank A/c Dr. ₦70,000
D. Asset A/c Dr. ₦100,000, Cash A/c Dr. ₦30,000, Bank A/c Dr. ₦70,000
Question 2
A company has a manufacturing department that produces a product at a cost of ₦50 per unit. The selling price of the product is ₦75 per unit. If the company sells 10,000 units, what is the gross profit?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 3
A company uses the straight-line method of depreciation for its assets. If the asset has a useful life of 5 years and a residual value of ₦50,000, calculate the annual depreciation charge if the asset cost ₦300,000.
A. ₦50,000
B. ₦60,000
C. ₦55,000
D. ₦65,000
Question 4
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦180,000
C. ₦150,000
D. ₦210,000
Question 5
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 6
A company has a control account that shows a balance of ₦100,000. The company's ledger accounts show a balance of ₦120,000. What is the reason for the difference?
A. Error in the control account
B. Error in the ledger accounts
C. Difference in the accounting equation
D. Difference in the accounting period
Question 7
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.
A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 8
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
D. ₦140,000
Question 9
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
C. Debit Cash ₦ 50,000 and Credit Accounts Payable ₦ 50,000
D. Debit Common Stock ₦ 30,000 and Credit Accounts Payable ₦ 50,000
Question 10
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. The company pays an annual interest of ₦45,000. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦45,000
C. ₦40,000
D. ₦35,000
Question 11
A company's manufacturing account shows the following data: Direct materials ₦100,000, Direct labor ₦150,000, Factory overhead ₦200,000. What is the total cost of production?
A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000
Question 12
A company uses the weighted average method to value its inventory. The following data is available: Cost of goods available for sale ₦500,000, Cost of goods sold ₦400,000, Beginning inventory ₦100,000. What is the cost of goods sold?
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 13
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
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
Question 14
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.
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
Question 15
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.
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

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