POST UTME ESUT 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦500,000, and the cost of goods sold is ₦400,000. If the inventory turnover ratio is 4:1, what is the value of the inventory at the end of the year?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 2
A company uses the cash book to record all its financial transactions. Which of the following transactions would NOT be recorded in the cash book?
A. Sale of goods on credit
B. Purchase of goods on cash
C. Payment of rent
D. Sale of goods on cash
Question 3
A partnership has the following capital accounts: John: ₦100,000 Mary: ₦80,000 What is the total capital of the partnership?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 4
A company purchases a machine for ₦0,000 and pays ₦0,500 as cash and the balance by a bank loan. The loan is repayable in 5 years. Calculate the annual installment.
A. ₡0,100
B. ₡0,200
C. ₡0,300
D. ₡0,400
Question 5
A partnership is formed by three partners, A, B, and C, who contribute ₦50,000, ₦30,000, and ₦20,000 respectively. The profit is to be shared in the ratio 5:3:2. Calculate the share of profit of partner A.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 6
A public sector organization has the following transactions: Purchased office supplies for ₦10,000 cash Sold goods for ₦20,000 on credit Paid salaries of ₦15,000 in cash What is the total amount of cash transactions?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 7
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were used to purchase a piece of land. Prepare the journal entry to record the issuance of the shares.
A. Debit Cash 30,000; Credit Common Stock 30,000
B. Debit Land 30,000; Credit Common Stock 30,000
C. Debit Cash 30,000; Credit Land 30,000
D. Debit Common Stock 30,000; Credit Land 30,000
Question 8
A government agency prepares a budget for the year 2025. The budget includes the following revenues: Taxes (£100,000), Fees (£50,000), and Grants (£20,000). What is the total amount of revenues?
A. £170,000
B. £180,000
C. £190,000
D. £200,000
Question 9
A company's trial balance shows a debit balance of ₦15,000 in the 'Office Equipment' account. However, the company's accountant has informed you that the correct balance should be a credit of ₦5,000. What is the correct journal entry to rectify this error?
A. ₦20,000 debit to Office Equipment and ₦20,000 credit to Office Supplies
B. ₦20,000 credit to Office Equipment and ₦20,000 debit to Office Supplies
C. ₦20,000 debit to Office Equipment and ₦20,000 credit to Office Equipment
D. ₦20,000 credit to Office Equipment and ₦20,000 debit to Office Equipment
Question 10
A company's balance sheet as at 31st December 2024 shows a current liability of ₦200,000. The company's profit and loss account for the year ended 31st December 2024 shows a net profit of ₦750,000. Calculate the company's equity at the beginning of the year.
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000
Question 11
A company's balance sheet shows the following balances:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. If the profit-sharing ratio is 2:3, what is the total profit for the year?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 13
A company issues 5,000 shares of ₦.50 each at a premium of ₦0.25 per share. Calculate the total amount received from the issue of shares.
A. ₣1,250
B. ₣1,375
C. ₣1,500
D. ₣1,625
Question 14
A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labor and 1 hour of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company produces 100 units of X and 50 units of Y, what is the total labor cost?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 15
A company's balance sheet as at 31st December 2024 shows a non-current asset of ₦500,000. The company's profit and loss account for the year ended 31st December 2024 shows a net profit of ₦750,000. Calculate the company's equity at the beginning of the year.
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000

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