POST UTME DELSU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following trial balance: Debtors: ₦0,000; Creditors: ₦0,500; Capital: ₦0,000; Profit: ₦0,000. Prepare the balance sheet.
A. ₦0,000; ₦0,000; ₦0,000; ₦0,000
B. ₦0,000; ₦0,000; ₦0,000; ₦0,000
C. ₦0,000; ₦0,000; ₦0,000; ₦0,000
D. ₦0,000; ₦0,000; ₦0,000; ₦0,000
Question 2
A company's cash book for the year ended 31st December 2024 is as follows: Cash received from customers: ₦1,500,000; Cash paid to suppliers: ₦1,200,000. Calculate the net cash inflow from customers.
A. ₦300,000
B. ₦300,000
C. ₦300,000
D. ₦300,000
Question 3
A company has the following ledger account: Debitors ₦1,500,000, Creditors ₦800,000, Capital ₦2,000,000. What is the total assets of the company?
A. ₦3,500,000
B. ₦4,000,000
C. ₦4,500,000
D. ₦5,000,000
Question 4
A company uses a job costing system to account for its manufacturing activities. The following data is available for the current period: Job No. 101: Cost of raw materials = ₦10,000; Direct labor = ₦5,000; Overheads = ₦8,000. Job No. 102: Cost of raw materials = ₦12,000; Direct labor = ₦6,000; Overheads = ₦10,000. What is the total cost of production for the current period?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 5
A company's trial balance shows the following accounts: Debit: ₦100,000, Credit: ₦80,000. What is the correct balance of the account?
A. ₦20,000
B. ₦20,000 (Debit)
C. ₦20,000 (Credit)
D. ₦20,000 (Error)
Question 6
A company has the following incomplete records: Debtors: ₦0,000; Creditors: ₦0,500; Capital: ₦0,000; Profit: ₦0,000. Prepare the balance sheet.
A. ₦0,000; ₦0,000; ₦0,000; ₦0,000
B. ₦0,000; ₦0,000; ₦0,000; ₦0,000
C. ₦0,000; ₦0,000; ₦0,000; ₦0,000
D. ₦0,000; ₦0,000; ₦0,000; ₦0,000
Question 7
A company manufactures two products, X and Y, using a common raw material. The production process for X requires 2 units of raw material and generates 1 unit of waste, while the production process for Y requires 3 units of raw material and generates 2 units of waste. If the company has 120 units of raw material available and wants to minimize waste generation, how many units of product X and product Y should it produce?
A. (X = 30, Y = 20)
B. (X = 20, Y = 30)
C. (X = 40, Y = 10)
D. (X = 10, Y = 40)
Question 8
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 9
A government agency is responsible for the maintenance of a public park. The agency has a budget of ₦1,500,000 for the current year. The following expenses are incurred: Salaries = ₦600,000; Utilities = ₦200,000; Maintenance = ₦300,000; Miscellaneous = ₦100,000. What is the balance of the budget after all expenses have been paid?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 10
A company's control account for the year ended 31st December 2024 is as follows: Purchases Account: ₦1,200,000; Sales Account: ₦1,500,000; Returns Outwards Account: ₦50,000; Returns Inwards Account: ₦20,000. Prepare the trading account.
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 11
A company's cash book shows the following transactions:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A company's cash book shows the following transactions: Cash received from customers: ₦50,000, Cash paid to suppliers: ₦30,000. What is the net effect on the company's cash balance?
A. ₦20,000 increase
B. ₦20,000 decrease
C. ₦20,000 (no change)
D. ₦20,000 (error)
Question 13
A partnership of three individuals has a capital of ₦500,000. The capital is divided in the ratio 2:3:4. If the profit is shared in the same ratio, what is the total profit earned by the partnership in a year?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 14
A company's balance sheet as at 31st December 2024 is as follows: Equity: ₦500,000; Liabilities: ₦1,000,000. Calculate the ratio of equity to liabilities.
A. 1:2
B. 1:2
C. 1:2
D. 1:2
Question 15
A company's manufacturing account for the year ended 31st December 2024 is as follows: Cost of goods manufactured: ₦1,500,000; Closing stock: ₦200,000. Calculate the cost of goods sold.
A. ₦1,300,000
B. ₦1,300,000
C. ₦1,300,000
D. ₦1,300,000

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