POST UTME VERITAS UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount on the debentures.
A. ₦475,000 and ₦25,000
B. ₦475,000 and ₦20,000
C. ₦475,000 and ₦30,000
D. ₦475,000 and ₦35,000
Question 2
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. The profit is divided in the ratio 2:3. If the total profit is ₦120,000, how much will A receive?
A. ₦48,000
B. ₦60,000
C. ₦72,000
D. ₦80,000
Question 3
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount on the debentures.
A. ₦475,000 and ₦25,000
B. ₦475,000 and ₦20,000
C. ₦475,000 and ₦30,000
D. ₦475,000 and ₦35,000
Question 4
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, Retained Earnings ₦50,000. Prepare a balance sheet for the company.
A. Assets ₦200,000, Liabilities ₦50,000, Equity ₦150,000
B. Assets ₦150,000, Liabilities ₦50,000, Equity ₦100,000
C. Assets ₦250,000, Liabilities ₦50,000, Equity ₦200,000
D. Assets ₦200,000, Liabilities ₦50,000, Equity ₦150,000
Question 5
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
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 6
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?
A. ₦105,000
B. ₦115,000
C. ₦125,000
D. ₦135,000
Question 7
A company's financial statements for the year ended December 31, 2024, are as follows:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 8
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦1,000 | | | 2 Jan | Sales | | ₦1,500 | | 3 Jan | Purchases | ₦800 | | | 4 Jan | Cash | | ₦1,200 | What is the balance of the cash account?
A. ₦400
B. ₦500
C. ₦600
D. ₦700
Question 9
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?
A. ₦150,000
B. ₦250,000
C. ₦300,000
D. ₦400,000
Question 10
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
B. ₦400,000
C. ₦425,000
D. ₦450,000
Question 11
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
D. ₦250,000
Question 12
A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000. What is the net amount due from customers?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 13
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
D. ₦400,000
Question 14
A company has the following transactions: Purchased office equipment for ₦50,000, Sold goods for ₦100,000, Purchased inventory for ₦200,000. Prepare a journal entry for the transactions.
A. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
B. Debit Inventory ₦200,000, Credit Cash ₦200,000
C. Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Inventory ₦200,000, Credit Cash ₦200,000
D. Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Sales ₦100,000, Credit Cash ₦100,000
Question 15
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
C. ₦275,000
D. ₦300,000

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