POST UTME ACHIEVERS UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's bank reconciliation statement shows a difference of ₦3,000 between the company's cash book balance and the bank statement balance. The company's accountant has informed you that the correct balance should be a difference of ₦1,000. What is the correct journal entry to record the correction?
A. Debit Bank, Credit Cash ₦2,000
B. Debit Bank, Credit Cash ₦3,000
C. Debit Cash, Credit Bank ₦2,000
D. Debit Cash, Credit Bank ₦3,000
Question 2
In a partnership account, the capital of a partner is increased by ₦50,000. If the original capital was ₦200,000, what is the new capital?
A. ₦250,000
B. ₦200,000
C. ₦250,000
D. ₦200,000
Question 3
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The shares were sold for 4 each. Calculate the total amount received from the sale of shares.
A. ₦20,000,000
B. ₦25,000,000
C. ₦30,000,000
D. ₦35,000,000
Question 4
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦120,000 and a weightage of 30%. The work-in-progress has a cost of ₦150,000 and a weightage of 40%. The finished goods have a cost of ₦180,000 and a weightage of 30%. Calculate the total value of the inventory.
A. ₦150,000
B. ₦180,000
C. ₦210,000
D. ₦240,000
Question 5
A company has the following ledger balances: Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000. Prepare a trial balance.
A. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
B. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
C. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
D. Cash ₦100,000, Raw Materials ₦50,000, Sales ₦200,000, Equipment ₦50,000
Question 6
A company has the following transactions in its cash book: Cash received from customers ₦25,000, Cash paid to suppliers ₦15,000, Cash received from bank ₦5,000. What is the total cash paid by the company?
A. ₦45,000
B. ₦40,000
C. ₦35,000
D. ₦30,000
Question 7
A company has the following transactions in its cash book: Cash received from customers ₦30,000, Cash paid to suppliers ₦20,000, Cash received from bank ₦10,000. What is the total cash received by the company?
A. ₦60,000
B. ₦55,000
C. ₦50,000
D. ₦45,000
Question 8
A company's cash book shows a balance of ₦120,000, but the bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦210,000
Question 9
A company's bank reconciliation statement shows a difference of ₦5,000 between the company's cash book balance and the bank statement balance. The company's accountant has informed you that the correct balance should be a difference of ₦2,000. What is the correct journal entry to record the correction?
A. Debit Bank, Credit Cash ₦3,000
B. Debit Bank, Credit Cash ₦5,000
C. Debit Cash, Credit Bank ₦3,000
D. Debit Cash, Credit Bank ₦5,000
Question 10
A company uses the double-entry system of accounting. It records a transaction where it purchases office supplies for ₦10,000 cash. What is the effect on the accounting equation?
A. Assets increase, Liabilities decrease
B. Assets decrease, Liabilities increase
C. Assets increase, Liabilities increase
D. Assets decrease, Liabilities decrease
Question 11
A company's trial balance shows a discrepancy of ₦10,000. What is the possible cause of the discrepancy?
A. Error in recording a transaction
B. Error in posting a transaction
C. Error in preparing the trial balance
D. Error in accounting equation
Question 12
A company uses the weighted average method to value its inventory. The following data is available:
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
In a partnership with a 2:3:5 profit-sharing ratio, the total capital invested by the partners is ₦1,500,000. If the profit for the year is ₦450,000, calculate the amount of profit that will be distributed to each partner.
A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦120,000
Question 14
A company issued 10,000 shares of 1 par value at a premium of 1 per share. The shares were sold for 3 each. Calculate the total amount received from the sale of shares.
A. ₦20,000,000
B. ₦25,000,000
C. ₦30,000,000
D. ₦35,000,000
Question 15
A company has the following single-entry records: Purchases ₦100,000, Sales ₦200,000, and Drawings ₦50,000. Prepare a statement of financial position.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000

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