POST UTME CALEB UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's income statement showed the following: Sales ₦1,000,000, Cost of Goods Sold ₦500,000, Gross Profit ₦500,000, Operating Expenses ₦200,000, and Net Income ₦300,000. Calculate the total amount of operating expenses.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 2
A company's cash book shows a debit balance of ₦15,000. However, the company's bank statement shows a credit balance of ₦20,000. What is the reason for the discrepancy?
A. Bank charges
B. Cheque returned unpaid
C. Deposit in transit
D. Incorrect bank statement
Question 3
A trader purchased goods worth ₦80,000 and sold them at a loss of 15%. Calculate the selling price.
A. ₦68,000
B. ₦72,000
C. ₦76,000
D. ₦80,000
Question 4
A company has a capital of ₦1,500,000 divided into 300,000 shares of ₦5 each. If the company issues 30,000 shares at a premium of ₦2 per share, calculate the new capital.
A. ₦2,100,000
B. ₦2,400,000
C. ₦2,700,000
D. ₦3,000,000
Question 5
The following ledger account shows the transactions of XYZ Limited for the month of January:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 6
A company's cash book shows a debit balance of ₦100,000. However, the bank statement shows a credit balance of ₦120,000. What is the reason for the discrepancy?
A. The company has not recorded a bank overdraft.
B. The bank has charged a fee for the overdraft.
C. The company has not recorded a bank loan.
D. The bank has credited the company's account incorrectly.
Question 7
A company's profit and loss account for the year ended 31st December 2024 shows a profit of ₦1,000,000. The balance on the retained earnings account is ₦200,000. The company issues 10% debentures of ₦100,000 each. What is the amount of dividend paid to the debenture holders?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 8
A company issued 10,000 shares of 50 kobo each at a premium of 20%. Calculate the total amount received from the issue of shares.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 10
The following ledger account shows the transactions of XYZ Limited for the month of January:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The balance on the profit and loss account is ₦500,000. The balance on the retained earnings account is ₦200,000. What is the balance on the capital account?
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 12
A company's balance sheet as at 31st December 2024 shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 50,000 | Bank Loan | 100,000 | | Debtors | 150,000 | Share Capital | 200,000 | | Stock | 100,000 | Retained Earnings | 50,000 | What is the total amount of liabilities?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 13
The following journal entry was recorded by XYZ Limited:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 14
A company's cash book shows a debit balance of ₦25,000. However, the company's bank statement shows a credit balance of ₦30,000. What is the reason for the discrepancy?
A. Bank charges
B. Cheque returned unpaid
C. Deposit in transit
D. Incorrect bank statement
Question 15
A company's trading account shows a profit of ₦600,000. However, the profit and loss account shows a loss of ₦300,000. What is the reason for the discrepancy?
A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
C. The company has not recorded a depreciation expense.
D. The company has not recorded a gain on the sale of investments.

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