POST UTME EKSU 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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?
Question 2
A company issues 5,000 shares of ₦10 each at a premium of ₦3 per share. The proceeds from the issue are used to pay off a loan of ₦75,000. Calculate the amount of the loan that is still outstanding.
Question 3
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.
Question 4
A company issued 15,000 shares of its common stock at a par value of ₦15 per share. If the company also issued 3,000 shares of its preferred stock at a par value of ₦30 per share, what is the total par value of the company's issued stock?
Question 5
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's accounting records indicate that the rent expense for the year was ₦20,000. What is the correct journal entry to record the adjustment?
Question 6
A company's trial balance shows a debit balance of ₦20,000 in the 'Rent Expense' account. However, the company's accounting records indicate that the rent expense for the year was ₦15,000. What is the correct journal entry to record the adjustment?
Question 7
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?
Question 8
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 9
A firm's bank statement shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 500 |
| 3rd Jan | Cash | | 800 |
| 4th Jan | Bank | | 1,200 |
Calculate the bank balance on 4th January.
Question 10
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?
Question 11
The trial balance of XYZ Ltd. as at 31st December 2024 is as follows:
Debit
-----------------
₦1,500,000
₦2,000,000
₦3,000,000
₦4,000,000
₦5,000,000
₦6,000,000
₦7,000,000
₦8,000,000
₦9,000,000
₦10,000,000
Credit
-----------------
₦1,000,000
₦2,000,000
₦3,000,000
₦4,000,000
₦5,000,000
₦6,000,000
₦7,000,000
₦8,000,000
₦9,000,000
₦10,000,000
Identify the error in the trial balance.
Question 12
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?
Question 13
A manufacturing company uses a job-order costing system. The company has two departments: Cutting and Assembly. The Cutting Department has a beginning balance of ₦20,000 in the Work-in-Process Inventory account and adds ₦30,000 of direct materials and ₦25,000 of direct labor during the month. The Assembly Department adds ₦35,000 of direct materials and ₦30,000 of direct labor during the month. What is the total cost of goods available for sale at the end of the month?
Question 14
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.
Question 15
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?
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