POST UTME AAUA 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 2
A company's balance sheet as at 31st December 2024 is as follows: Assets: Cash ₦ 50,000 Debtors ₦ 100,000 Stock ₦ 150,000 Total Assets ₦ 300,000 Liabilities: Creditors ₦ 50,000 Capital ₦ 200,000 Total Liabilities ₦ 250,000 What is the amount of working capital?
A. ₦ 50,000
B. ₦ 100,000
C. ₦ 150,000
D. ₦ 200,000
Question 3
A company has the following trial balance: Debitors ₦500,000, Creditors ₦300,000, Capital ₦1,000,000, Profit and Loss Account ₦200,000. What is the value of the company's net worth?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 4
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts receivable, ₦20,000 in inventory, and ₦30,000 in equipment. The company also has the following liabilities: ₦40,000 in accounts payable and ₦20,000 in notes payable. Prepare the company's balance sheet.
A. ₦100,000 Cash, ₦50,000 Accounts Receivable, ₦20,000 Inventory, ₦30,000 Equipment, ₦40,000 Accounts Payable, ₦20,000 Notes Payable
B. ₦100,000 Cash, ₦50,000 Accounts Receivable, ₦20,000 Inventory, ₦30,000 Equipment, ₦20,000 Accounts Payable, ₦40,000 Notes Payable
C. ₦100,000 Cash, ₦50,000 Accounts Receivable, ₦20,000 Inventory, ₦30,000 Equipment, ₦40,000 Accounts Payable, ₦20,000 Notes Payable
D. ₦100,000 Cash, ₦50,000 Accounts Receivable, ₦20,000 Inventory, ₦30,000 Equipment, ₦20,000 Accounts Payable, ₦40,000 Notes Payable
Question 5
A partnership has the following transactions for the month of January:
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 6
A company has the following transactions: Purchased office supplies for ₦15,000, purchased office equipment for ₦30,000, and paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦15,000, Credit Cash ₦15,000
B. Debit Office Equipment ₦30,000, Credit Cash ₦30,000
C. Debit Salaries Expense ₦20,000, Credit Cash ₦20,000
D. Debit Office Supplies ₦15,000, Debit Office Equipment ₦30,000, Debit Salaries Expense ₦20,000, Credit Cash ₦65,000
Question 7
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership's net income is ₦240,000, how much will partner A receive?
A. ₦144,000
B. ₦160,000
C. ₦176,000
D. ₦192,000
Question 8
A public sector organization has the following transactions for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
A company has the following ledger accounts: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total amount of equity?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 10
A company issued 5% debentures of ₦ 10,000 at 5% premium. The debentures are redeemable after 5 years. Calculate the amount of interest to be paid annually.
A. ₦ 500
B. ₦ 1,000
C. ₦ 1,500
D. ₦ 2,000
Question 11
A company uses the straight-line method to depreciate its assets. The company's asset has a useful life of 5 years and a residual value of ₦20,000. What is the annual depreciation charge?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 12
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of opening inventory is ₦200,000. If the company uses a perpetual inventory system and the cost of goods sold is ₦1,300,000, what is the value of the closing inventory?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 13
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
A company uses the single entry system to record its transactions. The company's assets increased by ₦120,000 and its liabilities decreased by ₦80,000. What is the net increase in the company's equity?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 15
A company has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 3 Jan | Sales | | 12,000 | | 5 Jan | Purchases | 8,000 | | | 10 Jan | Cash | | 5,000 | | 15 Jan | Sales | | 15,000 | | 20 Jan | Purchases | 6,000 | | | 25 Jan | Cash | | 8,000 | | 31 Jan | Sales | | 18,000 | What is the net cash flow for the month of January?
A. ₦2,000
B. ₦4,000
C. ₦6,000
D. ₦8,000

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