POST UTME FUTA 2025 Accounting | Objective

Are you preparing for POST UTME FUTA 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 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
Correct D. Debit Rent Expense ₦5,000, Credit Cash ₦20,000

Correct Answer: D

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Question 2
A partnership agreement between two partners, John and Jane, states that their profit-sharing ratio is 3:2. If the total profit for the year is ₦120,000, what is Jane's share of the profit?
A. ₦60,000
Correct B. ₦72,000
C. ₦80,000
D. ₦90,000

Correct Answer: B

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Question 3
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?
Correct A. 60 units
B. 80 units
C. 100 units
D. 120 units

Correct Answer: A

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Question 4
A company's ledger shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the company's total equity?
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 5
A company uses the double-entry system of accounting. If a customer pays ₦10,000 for goods sold, what is the journal entry to record the transaction?
Correct A. Debit Cash ₦10,000, Credit Sales Revenue ₦10,000
B. Debit Sales Revenue ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Accounts Receivable ₦10,000
D. Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000

Correct Answer: A

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Question 6
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
Correct C. ₦750,000
D. ₦1,000,000

Correct Answer: C

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Question 7
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.
Correct A. ₦12,500
B. ₦15,000
C. ₦17,500
D. ₦20,000

Correct Answer: A

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Question 8
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
Correct B. ₦22,000
C. ₦24,000
D. ₦26,000

Correct Answer: B

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Question 9
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
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 10
A company issued 10,000, 10% shares of ₦10 each at a premium of ₦2. The shares are redeemable at the end of 5 years. Calculate the amount of premium on the shares.
A. ₦20,000
Correct B. ₦40,000
C. ₦60,000
D. ₦80,000

Correct Answer: B

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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 assets?
A. ₦43,000
B. ₦45,000
Correct C. ₦48,000
D. ₦50,000

Correct Answer: C

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Question 12
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?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 13
A company has the following control account balances: Debtors 10,000, Creditors 8,000, and Capital 20,000. What is the total value of the company's assets?
A. ₦38,000
Correct B. ₦40,000
C. ₦42,000
D. ₦44,000

Correct Answer: B

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Question 14
A company has the following final accounts: Trading Profit 15,000, Profit and Loss 10,000, and Balance Sheet 20,000. What is the total value of the company's equity?
A. ₦45,000
B. ₦50,000
Correct C. ₦55,000
D. ₦60,000

Correct Answer: C

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Question 15
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
Correct C. ₦27,000
D. ₦29,000

Correct Answer: C

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Question 16
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 10,000, Credit Cash £ 10,000
B. Debit Share Capital £ 10,000, Credit Cash £ 15,000
C. Debit Share Capital £ 15,000, Credit Cash £ 10,000
Correct D. Debit Share Capital £ 10,000, Credit Cash £ 10,000, Credit Issue Expenses £ 5,000

Correct Answer: D

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Question 17
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.
Correct A. £ 3,600
B. £ 4,000
C. £ 4,200
D. £ 4,800

Correct Answer: A

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Question 18
A government agency received £ 10,000 from the treasury to cover the cost of a project. The project was completed at a cost of £ 12,000. Prepare the journal entry to record the transaction.
Correct A. Debit Project Expenses £ 12,000, Credit Cash £ 10,000
B. Debit Project Expenses £ 12,000, Credit Cash £ 12,000
C. Debit Project Expenses £ 10,000, Credit Cash £ 12,000
D. Debit Project Expenses £ 12,000, Credit Cash £ 10,000

Correct Answer: A

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Question 19
A company issued 5,000 debentures of £ 100 each at a discount of £ 5 per debenture. The issue expenses were £ 2,000. Prepare the journal entry to record the issue of debentures.
A. Debit Debenture Capital £ 500,000, Credit Cash £ 475,000
B. Debit Debenture Capital £ 500,000, Credit Cash £ 480,000
C. Debit Debenture Capital £ 480,000, Credit Cash £ 475,000
Correct D. Debit Debenture Capital £ 500,000, Credit Cash £ 475,000, Credit Issue Expenses £ 2,000

Correct Answer: D

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Question 20
A company purchased a machine for £ 30,000. The machine has a useful life of 8 years and a residual value of £ 4,000. Calculate the annual depreciation using the straight-line method.
Correct A. £ 3,250
B. £ 3,500
C. £ 3,750
D. £ 4,000

Correct Answer: A

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Question 21
A company's cash book shows a debit balance of ₦150,000. The bank statement shows a credit balance of ₦120,000. The difference of ₦30,000 is due to a dishonored cheque. Prepare the bank reconciliation statement.
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 22
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
Correct B. ₦1,500,000
C. ₦1,750,000
D. ₦2,000,000

Correct Answer: B

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Question 23
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. The company also issues 5,000 debentures of ₦100 each. Prepare the journal entry to record the issue of shares and debentures.
A. ₦50,000
B. ₦100,000
C. ₦150,000
Correct D. ₦200,000

Correct Answer: D

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Question 24
A company's cash book shows a debit balance of ₦80,000. The bank statement shows a credit balance of ₦60,000. The difference of ₦20,000 is due to a bank charge. Prepare the bank reconciliation statement.
A. ₦60,000
B. ₦80,000
Correct C. ₦100,000
D. ₦120,000

Correct Answer: C

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Question 25
A company's trading account shows a loss of ₦200,000. The profit and loss account shows a net loss of ₦300,000. The balance sheet shows a capital of ₦1,000,000. Prepare the statement of changes in equity.
A. ₦1,200,000
Correct B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

Correct Answer: B

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