POST UTME ABU 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions in its cash book:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1000 | |
| 2nd Jan | Cash | 500 | |
| 3rd Jan | Cash | | 2000 |
What is the balance of the cash account?
Question 2
A company has the following transactions: Purchased goods for ₦15,000 on credit, sold goods for ₦20,000 on credit, and paid cash for office expenses of ₦2,000. What is the net effect on the company's cash position?
Question 3
A company's trial balance shows the following balances:
Debit:
Rent Expense ¡ 100,000
Salaries Expense ¡ 150,000
Credit:
Rent Income ¡ 120,000
Salaries Payable ¡ 180,000
What is the correct classification of the above items?
Question 4
A company's bank statement shows a balance of ₦90,000. However, the company's cash book shows a balance of ₦80,000. What is the likely reason for the discrepancy?
Question 5
A company has the following transactions: Purchased goods for ₦100,000 on credit, sold goods for ₦150,000 on credit, and paid cash for office expenses of ₦20,000. What is the net effect on the company's accounts payable?
Question 6
The trial balance of XYZ Ltd. shows the following balances:
Debit:
Cash ¡ 500,000
Accounts Payable ¡ 200,000
Sales Revenue ¡ 300,000
Credit:
Accounts Receivable ¡ 150,000
Common Stock ¡ 400,000
Cost of Goods Sold ¡ 250,000
What is the correct classification of the above items?
Question 7
The following is a partial list of accounts from XYZ Ltd.'s general ledger:
Debit:
Cash ¡ 500,000
Accounts Payable ¡ 200,000
Sales Revenue ¡ 300,000
Credit:
Accounts Receivable ¡ 150,000
Common Stock ¡ 400,000
Cost of Goods Sold ¡ 250,000
What is the correct classification of the above items?
Question 8
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 9
A company uses the weighted average method to calculate its inventory cost. The company has the following inventory transactions: Beginning Inventory ₦100,000, Purchase 1 ₦150,000, Purchase 2 ₦200,000. What is the total value of the company's inventory?
Question 10
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1000 | |
| 2nd Jan | Cash | 500 | |
| 3rd Jan | Cash | | 2000 |
What is the bank reconciliation statement?
Question 11
A manufacturing company uses the weighted average method to calculate its inventory cost. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The following information is available: Raw Materials ₦100,000, Work-in-Progress ₦150,000, Finished Goods ₦200,000. What is the total value of the company's inventory?
Question 12
A company's profit and loss account shows the following:
| Revenue | ₦1,000,000 |
| Cost of Goods Sold | ₦800,000 |
| Gross Profit | ₦200,000 |
| Operating Expenses | ₦150,000 |
| Net Profit | ₦50,000 |
What is the company's gross profit margin?
Question 13
What is the primary purpose of a bank reconciliation statement?
Question 14
A company has the following transactions: Purchased goods for ₦20,000 on credit, sold goods for ₦25,000 on credit, and paid cash for office expenses of ₦3,000. What is the net effect on the company's cash position?
Question 15
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦100,000, Accounts Receivable ₦80,000, Common Stock ₦500,000, and Retained Earnings ₦200,000. What is the total amount of the company's assets?
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