POST UTME FUTA 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A manufacturing company has the following costs: direct materials 120,000, direct labor 80,000, and overhead 60,000. What is the total cost of production?
A. ₦260,000
B. ₦280,000
C. ₦300,000
D. ₦320,000
Question 2
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received 52,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 3
A company's trading account shows a profit of ₦500,000. The profit and loss account shows a net profit of ₦750,000. The balance sheet shows a capital of ₦1,200,000. Prepare the statement of changes in equity.
A. ₦1,250,000
B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000
Question 4
A company has the following transactions during the year: Jan 1: Purchased equipment for ₦200,000. Jan 15: Sold merchandise for ₦50,000. Feb 1: Purchased merchandise for ₦30,000. What is the total amount of assets on February 1?
A. ₦230,000
B. ₦240,000
C. ₦250,000
D. ₦260,000
Question 5
A partnership consisting of A, B, and C shares profits and losses in the ratio 5:3:2. The capital contributed by A, B, and C are ₦50,000, ₦30,000, and ₦20,000 respectively. Calculate the share of profit of A.
A. ₦12,500
B. ₦15,000
C. ₦17,500
D. ₦20,000
Question 6
A company purchased a machine for £ 20,000. The machine has a useful life of 5 years and a residual value of £ 2,000. Calculate the annual depreciation using the straight-line method.
A. £ 3,600
B. £ 4,000
C. £ 4,200
D. £ 4,800
Question 7
A company purchased a machine for ₦120,000. The machine is expected to last for 5 years and has a residual value of ₦20,000. Calculate the annual depreciation of the machine using the straight-line method.
A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000
Question 8
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 it has paid ₦20,000 in rent for the year. What is the correct journal entry to record the payment?
A. Debit Rent Expense ₦5,000, Credit Cash ₦5,000
B. Debit Rent Expense ₦20,000, Credit Cash ₦20,000
C. Debit Rent Expense ₦15,000, Credit Cash ₦15,000
D. Debit Rent Expense ₦5,000, Credit Cash ₦20,000
Question 9
A government agency has the following transactions: Purchased office equipment for ₦150,000. Paid ₦20,000 cash and the balance on account. Recorded a journal entry for the purchase. What is the correct journal entry?
A. Debit Office Equipment ₦150,000, Credit Cash ₦20,000, Credit Accounts Payable ₦130,000
B. Debit Office Equipment ₦150,000, Credit Cash ₦20,000, Credit Accounts Receivable ₦130,000
C. Debit Office Equipment ₦150,000, Credit Cash ₦20,000, Credit Accounts Payable ₦130,000
D. Debit Office Equipment ₦150,000, Credit Cash ₦20,000, Credit Accounts Receivable ₦130,000
Question 10
A company issued a 10% debenture at a premium of 5%. If the debenture is redeemed at par, what is the amount of interest paid?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 11
A company has the following incomplete records: Purchases 15,000, Sales 20,000, and Wages 8,000. Using the Single Entry method, what is the total value of the company's liabilities?
A. ₦23,000
B. ₦25,000
C. ₦27,000
D. ₦29,000
Question 12
A government agency purchased a vehicle for ₦500,000. The vehicle is expected to last for 5 years and has a residual value of ₦100,000. Calculate the annual depreciation of the vehicle using the straight-line method.
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 13
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. The company uses the weighted average method to determine the cost of goods sold. What is the total cost of goods sold for the year?
A. ₦42,000
B. ₦45,000
C. ₦48,000
D. ₦51,000
Question 14
A public sector organization has the following transactions: Revenue 100,000, Expenditure 80,000, and Capital Expenditure 20,000. What is the net change in the organization's equity?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A company manufactures two products, A and B. Product A requires 2 hours of direct labor and Product B requires 3 hours of direct labor. If the company operates for 120 hours in a week, how many units of Product A can be produced?
A. 60 units
B. 80 units
C. 100 units
D. 120 units

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