POST UTME EKSU 2025 Accounting | Objective

Are you preparing for POST UTME EKSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: ₦800,000 for salaries, ₦300,000 for rent, and ₦200,000 for utilities. What is the remaining budget for the organization?
Correct A. ₦500,000
B. ₦400,000
C. ₦300,000
D. ₦200,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company has the following transactions: Purchased goods for ₦100,000, sold goods for ₦120,000, and returned goods worth ₦10,000 to the supplier. What is the net effect on the company's cash balance?
Correct A. ₦30,000 increase
B. ₦20,000 increase
C. ₦10,000 decrease
D. ₦20,000 decrease

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A partnership has two partners, A and B. Partner A has a 60% share of the profits, while partner B has a 40% share. If the total profit for the year is ₦240,000, how much will partner A receive?
Correct A. ₦144,000
B. ₦120,000
C. ₦96,000
D. ₦80,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company has the following transactions: Purchased a machine for ₦500,000, sold goods for ₦200,000, and returned goods worth ₦20,000 to the supplier. What is the net effect on the company's cash balance?
Correct A. ₦280,000 increase
B. ₦220,000 increase
C. ₦180,000 decrease
D. ₦120,000 decrease

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A public sector organization has a budget of ₦1,000,000 for the year. The organization has the following expenses: ₦600,000 for salaries, ₦200,000 for rent, and ₦100,000 for utilities. What is the remaining budget for the organization?
Correct A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount.
A. ₦950,000
B. ₦1,000,000
Correct C. ₦1,050,000
D. ₦1,100,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A partnership has two partners, A and B. A contributes ₦50,000 and B contributes ₦30,000. The profit is divided in the ratio 3:2. Calculate the share of profit of A and B.
Correct A. ₦45,000, ₦30,000
B. ₦40,000, ₦20,000
C. ₦50,000, ₦20,000
D. ₦60,000, ₦10,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company purchases a machine for ₦120,000 and sells it after 5 years for ₦180,000. Calculate the annual depreciation using the straight-line method.
A. ₦10,000
Correct B. ₦12,000
C. ₦15,000
D. ₦18,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦10,000 for an outstanding cheque. Calculate the corrected cash book balance.
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company issues 10,000, 9% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders and the amount of premium.
Correct A. ₦1,100,000
B. ₦1,050,000
C. ₦1,000,000
D. ₦950,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
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 inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
A. ₦420,000
B. ₦450,000
Correct C. ₦480,000
D. ₦510,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A company uses the FIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
A. ₦420,000
Correct B. ₦450,000
C. ₦480,000
D. ₦510,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company uses the LIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
A. ₦420,000
B. ₦450,000
C. ₦480,000
Correct D. ₦510,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
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 inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
A. ₦420,000
B. ₦450,000
Correct C. ₦480,000
D. ₦510,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company uses the FIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
A. ₦420,000
Correct B. ₦450,000
C. ₦480,000
D. ₦510,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company uses the LIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?
A. ₦420,000
B. ₦450,000
C. ₦480,000
Correct D. ₦510,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 in rent and rates for the year. What is the correct journal entry to correct the discrepancy?
Correct A. ₦15,000 debit to 'Rent and Rates' and ₦20,000 credit to 'Cash'
B. ₦20,000 debit to 'Rent and Rates' and ₦15,000 credit to 'Cash'
C. ₦15,000 credit to 'Rent and Rates' and ₦20,000 debit to 'Cash'
D. ₦20,000 credit to 'Rent and Rates' and ₦15,000 debit to 'Cash'

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The proceeds from the issue of shares are credited to the 'Share Capital' account. What is the total amount credited to the 'Share Capital' account?
A. ₦10,000
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company's balance sheet shows a current liability of ₦50,000 due within 12 months. However, the company's accounting records show that it has paid ₦20,000 of this liability during the year. What is the correct accounting treatment for the remaining liability?
Correct A. ₦30,000 debit to 'Liabilities' and ₦20,000 credit to 'Cash'
B. ₦20,000 debit to 'Liabilities' and ₦30,000 credit to 'Cash'
C. ₦30,000 credit to 'Liabilities' and ₦20,000 debit to 'Cash'
D. ₦20,000 credit to 'Liabilities' and ₦30,000 debit to 'Cash'

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company issues 1,000 debentures of ₦100 each at a premium of ₦10 per debenture. The proceeds from the issue of debentures are credited to the 'Debenture Capital' account. What is the total amount credited to the 'Debenture Capital' account?
A. ₦100,000
Correct B. ₦110,000
C. ₦120,000
D. ₦130,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 in rent and rates for the year. What is the correct journal entry to correct the discrepancy?
Correct A. ₦15,000 debit to 'Rent and Rates' and ₦20,000 credit to 'Cash'
B. ₦20,000 debit to 'Rent and Rates' and ₦15,000 credit to 'Cash'
C. ₦15,000 credit to 'Rent and Rates' and ₦20,000 debit to 'Cash'
D. ₦20,000 credit to 'Rent and Rates' and ₦15,000 debit to 'Cash'

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company's accounting records show that its total assets increased by ₦1,500,000 and its total liabilities increased by ₦1,200,000. If the company's net worth increased by ₦300,000, what is the amount of its retained earnings?
A. ₦1,500,000
B. ₦1,200,000
C. ₦300,000
Correct D. ₦900,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company issued 10,000 shares of its common stock at a par value of ₦10 per share. If the company also issued 5,000 shares of its preferred stock at a par value of ₦20 per share, what is the total par value of the company's issued stock?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's trial balance shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. If the company's total assets are ₦200,000, what is the amount of its total liabilities?
A. ₦120,000
B. ₦150,000
C. ₦180,000
Correct D. ₦200,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company's accounting records show that its total assets increased by ₦1,000,000 and its total liabilities increased by ₦800,000. If the company's net worth increased by ₦200,000, what is the amount of its retained earnings?
A. ₦200,000
B. ₦400,000
Correct C. ₦600,000
D. ₦800,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support