POST UTME VERITAS UNIVERSITY 2025 Accounting | Objective

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Question 1 View Details
A company's trial balance shows a debit balance of ₦50,000 in the account 'Rent Received' and a credit balance of ₦30,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?
A. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
B. ₦30,000 debit to Rent Received and ₦50,000 credit to Rent Paid
Correct C. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
D. ₦50,000 debit to Rent Paid and ₦30,000 credit to Rent Received

Correct Answer: C

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Question 2 View Details
A manufacturing company uses the weighted average method to value its inventory. The company has two types of inventory: raw materials and work-in-progress. The raw materials inventory has a cost of ₦100,000 and a physical quantity of 1,000 units. The work-in-progress inventory has a cost of ₦200,000 and a physical quantity of 500 units. What is the total value of the inventory?
Correct A. ₦150,000
B. ₦250,000
C. ₦300,000
D. ₦400,000

Correct Answer: A

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Question 3 View Details
A company's cash book shows a balance of ₦100,000. The company's bank statement shows a balance of ₦120,000. What is the correct explanation for the difference?
A. The company has a cash credit of ₦20,000
Correct B. The company has a bank overdraft of ₦20,000
C. The company has a cash debit of ₦20,000
D. The company has a bank credit of ₦20,000

Correct Answer: B

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Question 4 View Details
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦100,000 and a useful life of 5 years. What is the annual depreciation?
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 5 View Details
A company's trial balance shows a debit balance of ₦50,000 in the account 'Rent Received' and a credit balance of ₦30,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?
A. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
B. ₦30,000 debit to Rent Received and ₦50,000 credit to Rent Paid
Correct C. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
D. ₦50,000 debit to Rent Paid and ₦30,000 credit to Rent Received

Correct Answer: C

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Question 6 View Details
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After one year, the profit is shared in the ratio 3:2. If the total profit is ₦200,000, how much does A receive?
Correct A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: A

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Question 7 View Details
A company uses the straight-line method of depreciation. If the asset's original cost is ₦1,000,000 and its residual value is ₦200,000, what is the annual depreciation?
A. ₦375,000
Correct B. ₦400,000
C. ₦425,000
D. ₦450,000

Correct Answer: B

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Question 8 View Details
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦250,000
B. ₦300,000
C. ₦350,000
Correct D. ₦400,000

Correct Answer: D

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Question 9 View Details
A company uses the double-declining balance method of depreciation. If the asset's original cost is ₦1,500,000 and its residual value is ₦300,000, what is the annual depreciation?
A. ₦225,000
B. ₦250,000
Correct C. ₦275,000
D. ₦300,000

Correct Answer: C

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Question 10 View Details
A company's balance sheet shows the following accounts: Cash ₦50,000, Accounts Receivable ₦100,000, Inventory ₦150,000, and Common Stock ₦200,000. What is the total amount of liabilities?
A. ₦100,000
B. ₦150,000
C. ₦200,000
Correct D. ₦250,000

Correct Answer: D

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Question 11 View Details
A company's cash book shows a credit balance of ₦15,000. However, the bank statement shows a debit balance of ₦20,000. What is the likely reason for this discrepancy?
A. The company has made an error in recording a transaction.
B. The bank has made an error in recording a transaction.
Correct C. The company has deposited cash into the bank but has not yet been credited.
D. The company has withdrawn cash from the bank but has not yet been debited.

Correct Answer: C

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Question 12 View Details
A government agency has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Salaries | ₦50,000 | | | 5 Jan | Rent | | ₦20,000 | | 10 Jan | Utilities | ₦15,000 | | | 15 Jan | Miscellaneous | | ₦10,000 | | 20 Jan | Capital Expenditure | ₦30,000 | | What is the total amount of expenses for the month of January?
Correct A. ₦105,000
B. ₦115,000
C. ₦125,000
D. ₦135,000

Correct Answer: A

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Question 13 View Details
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. What is the total revenue for the month?
A. ₦120,000
B. ₦130,000
Correct C. ₦140,000
D. ₦150,000

Correct Answer: C

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Question 14 View Details
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Accounts Payable | | ₦30,000 | | Sales Revenue | ₦100,000 | | | Cost of Goods Sold | | ₦80,000 | What is the net income for the period?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 15 View Details
A company has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Purchase of Equipment | ₦50,000 | | | 5 Jan | Sale of Goods | | ₦100,000 | | 10 Jan | Purchase of Inventory | ₦30,000 | | | 15 Jan | Sale of Goods | | ₦80,000 | What is the total amount of assets for the month of January?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 16 View Details
A company's trial balance shows an error of ₦1,500 in the debit side of the accounts payable account. The correct balance is ₦15,000. What is the correct balance in the accounts receivable account if the initial balance was ₦8,000?
Correct A. ₦23,500
B. ₦22,500
C. ₦21,500
D. ₦20,500

Correct Answer: A

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Question 17 View Details
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The total overhead costs for the period are ₦1,200,000. The company has 10 jobs in production, with the following characteristics:
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 18 View Details
A company's balance sheet shows the following accounts:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 19 View Details
A company uses the single-entry system of accounting. The company's trial balance shows the following accounts:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 20 View Details
A company's financial statements for the year ended December 31, 2024, are as follows:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 21 View Details
A company's cash book shows a credit balance of ₦12,000. However, the bank statement shows a debit balance of ₦8,000. What is the likely reason for this discrepancy?
A. The company has not recorded a bank overdraft.
B. The company has not recorded a bank loan.
Correct C. The company's bank account has been overdrawn.
D. The company's bank account has been credited with an incorrect amount.

Correct Answer: C

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Question 22 View Details
A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000. What is the net amount due from customers?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 23 View Details
A company's balance sheet shows the following: Share Capital ₦100,000, Retained Earnings ₦50,000. What is the total amount of shareholders' equity?
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 24 View Details
A company's income statement shows the following: Sales ₦200,000, Cost of Goods Sold ₦120,000. What is the gross profit?
A. ₦20,000
B. ₦40,000
Correct C. ₦60,000
D. ₦80,000

Correct Answer: C

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Question 25 View Details
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000. What is the net increase in cash?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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