POST UTME UNN 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's manufacturing account shows the following balances: Direct Materials ₦40,000, Direct Labour ₦30,000, Factory Overheads ₦20,000. What is the total cost of production?
Question 2
A company's manufacturing account shows the following balances: Direct Materials ₦40,000, Direct Labour ₦30,000, Factory Overheads ₦20,000. What is the total cost of production?
Question 3
A company's cash book shows a debit balance of ₦50,000. However, the bank statement shows a credit balance of ₦30,000. What is the correct balance of the company's bank account?
Question 4
A company's cash book as at 31st December 2024 is as follows:
Date | Voucher No. | Particulars | Debit | Credit | Balance
-------------------------
01/01/2024 | 1 | Cash | ₦10,000 | ₦0 | ₦10,000
15/01/2024 | 2 | Cash | ₦5,000 | ₦0 | ₦15,000
20/01/2024 | 3 | Cash | ₦0 | ₦10,000 | ₦5,000
What is the cash balance as at 31st December 2024?
Question 5
A manufacturing company has the following transactions: Purchased raw materials worth ₦50,000 on credit. Sold goods worth ₦100,000 for cash. Paid wages of ₦20,000. Calculate the net profit or loss for the period.
Question 6
A company uses the double-entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable: ₦120,000, Accounts Receivable: ₦90,000, Common Stock: ₦500,000, Dividends: ₦20,000, Retained Earnings: ₦150,000, Sales: ₦1,200,000, and Wages Expense: ₦180,000. What is the total amount of liabilities on the balance sheet?
Question 7
A company purchases a machine for ₦120,000. The machine is expected to have a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 8
A company uses the straight-line method to depreciate its assets. The asset's cost is ₦200,000, and its useful life is 5 years. What is the annual depreciation expense?
Question 9
A company's bank statement as at 31st December 2024 is as follows:
Date | Debit | Credit | Balance
-------------------------
01/01/2024 | ₦10,000 | ₦0 | ₦10,000
15/01/2024 | ₦5,000 | ₦0 | ₦15,000
20/01/2024 | ₦0 | ₦10,000 | ₦5,000
What is the bank balance as at 31st December 2024?
Question 10
A company's control account shows the following balances: Sales ₦150,000, Purchases ₦80,000, Cost of Goods Sold ₦60,000. What is the gross profit of the company?
Question 11
A company issues 5,000 shares of ₦10 each at a premium of ₦2 per share. The issue expenses amount to ₦1,500. Prepare the journal entry for the issue of shares.
Question 12
A company's self-balancing ledger shows the following balances: Sales ₦100,000, Purchases ₦60,000, Cost of Goods Sold ₦40,000. What is the gross profit of the company?
Question 13
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 14
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦150,000. What is the correct net result?
Question 15
A company has the following journal entries:
| Date | Account | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan 2024 | Cash | ₦50,000 | |
| 1st Jan 2024 | Sales Revenue | | ₦200,000 |
| 31st Dec 2024 | Cost of Goods Sold | ₦150,000 | |
What is the correct balance for the Sales Revenue account?
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