POST UTME WELLSPRING UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 2
A government agency has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦ 50,000 | | | 1/2 | Expenses | | ₦ 30,000 | | 1/3 | Cash | | ₦ 20,000 | | 1/4 | Expenses | ₦ 10,000 | | Prepare the government agency's ledger accounts for the month of January.
A. ₦80,000
B. ₦85,000
C. ₦90,000
D. ₦95,000
Question 3
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 ₦1,500,000, how much will A receive as their share of the profit?
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,100,000
Question 4
A company uses the double-entry system of accounting. If the company purchases office supplies for ₦50,000 and pays cash, what is the journal entry to record this transaction?
A. Debit Office Supplies ₦50,000, Credit Cash ₦50,000
B. Debit Cash ₦50,000, Credit Office Supplies ₦50,000
C. Debit Office Supplies ₦50,000, Credit Bank ₦50,000
D. Debit Bank ₦50,000, Credit Office Supplies ₦50,000
Question 5
A company uses the single-entry system of accounting. If the company receives cash of ₦100,000 from a customer, what is the journal entry to record this transaction?
A. Debit Cash ₦100,000, Credit Sales ₦100,000
B. Debit Sales ₦100,000, Credit Cash ₦100,000
C. Debit Bank ₦100,000, Credit Sales ₦100,000
D. Debit Sales ₦100,000, Credit Bank ₦100,000
Question 6
A public sector organization uses the accrual basis of accounting. If it incurs an expense of ₦100,000 in December but does not pay for it until January, what is the accounting treatment for this expense?
A. Debit expense and credit cash
B. Debit cash and credit expense
C. Debit expense and credit accounts payable
D. Debit accounts payable and credit expense
Question 7
A company uses the percentage of completion method to account for construction contracts. The contract is 40% complete at the end of the first year. If the total contract price is ₦100,000,000 and the cost incurred during the year is ₦40,000,000, what is the amount of profit recognized in the first year?
A. ₦16,000,000
B. ₦20,000,000
C. ₦24,000,000
D. ₦28,000,000
Question 8
A company's balance sheet shows a current asset of ₦50,000 and a non-current liability of ₦30,000. What is the net working capital?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 9
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 10
A company's cash book shows a balance of ₦500,000. However, the bank statement shows a balance of ₦550,000. What is the reason for the difference?
A. Bank charges
B. Interest earned
C. Deposits in transit
D. Cheques issued but not yet presented
Question 11
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 12
A company has a cash book account with a balance of ₦50,000. The company receives a cash deposit of ₦20,000 and pays a bill of ₦15,000. What is the new balance in the cash book account?
A. ₦55,000
B. ₦60,000
C. ₦65,000
D. ₦70,000
Question 13
A company maintains a cash book and bank reconciliation statement. If the cash book balance is ₦200,000 and the bank statement balance is ₦250,000, what is the reason for the difference?
A. The company has not recorded a deposit in the cash book
B. The bank has charged a fee for a service
C. The company has not recorded a withdrawal in the cash book
D. The bank has made an error in the statement
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit for the year is ₦50,000. If A's share of the profit is 60%, what is the amount of A's share of the profit?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 15
A partnership has two partners, A and B. Partner A invests ₦150,000 and Partner B invests ₦200,000. If the profit is divided in the ratio 2:3, what is Partner A's share of the profit?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

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