POST UTME FUTO 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, and Sales Revenue. The company's trial balance shows a debit balance of ₦10,000 in the Cash account and a credit balance of ₦20,000 in the Accounts Payable account. What is the correct journal entry to record the sale of goods worth ₦15,000 on credit to a customer?
A. Debit Cash ₦15,000, Credit Sales Revenue ₦15,000
B. Debit Accounts Payable ₦15,000, Credit Sales Revenue ₦15,000
C. Debit Cash ₦15,000, Credit Accounts Payable ₦15,000
D. Debit Sales Revenue ₦15,000, Credit Accounts Payable ₦15,000
Question 2
A company issued 5,000 shares of ₦1 par value at a premium of ₦2.50 per share. Calculate the total amount received from the issue of shares.
A. ₦12,500
B. ₦12,500
C. ₦12,500
D. ₦12,500
Question 3
A partnership has two partners, A and B. Partner A has a capital of ₦500,000 and a profit-sharing ratio of 3:2. Partner B has a capital of ₦300,000 and a profit-sharing ratio of 2:3. If the total profit is ₦200,000, how much will Partner A receive?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 4
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership has a trial balance as follows:
A. ₦23,000
B. ₦25,000
C. ₦27,000
D. ₦29,000
Question 5
A company's trial balance shows the following balances: Debit balance of ₦10,000 in the Cash account and a credit balance of ₦20,000 in the Accounts Payable account. What is the correct journal entry to record the sale of goods worth ₦15,000 on credit to a customer?
A. Debit Cash ₦15,000, Credit Sales Revenue ₦15,000
B. Debit Accounts Payable ₦15,000, Credit Sales Revenue ₦15,000
C. Debit Cash ₦15,000, Credit Accounts Payable ₦15,000
D. Debit Sales Revenue ₦15,000, Credit Accounts Payable ₦15,000
Question 6
A partnership has two partners, A and B. The capital accounts of A and B are ₦0,000 and ₦0,500 respectively. The profit-sharing ratio is 3:2. Calculate the share of profit of A.
A. ₦0,300
B. ₦0,400
C. ₦0,500
D. ₦0,600
Question 7
A company issued 5,000 shares of ₦1 par value at a premium of ₦2.50 per share. Calculate the total amount received from the issue of shares.
A. ₦12,500
B. ₦12,500
C. ₦12,500
D. ₦12,500
Question 8
A company's trading account for the year ended 31st December 2024 is as follows: Debit: Sundry expenses ₦0,000 Depreciation ₦0,500 Credit: Sales ₦1,500 Returns outwards ₦0,200 Calculate the profit or loss for the year.
A. ₦0,100
B. ₦0,200
C. ₦0,300
D. ₦0,400
Question 9
A company's trial balance showed the following balances: Accounts Payable ₦10,000, Sales Revenue ₦50,000, Cost of Goods Sold ₦30,000, and Common Stock ₦20,000. Prepare a balance sheet.
A. ₦20,000
B. ₦50,000
C. ₦30,000
D. ₦10,000
Question 10
A company has the following transactions in its cash book:
A. ₦23,000
B. ₦25,000
C. ₦27,000
D. ₦29,000
Question 11
A company uses the cash book method of accounting. The cash book shows a balance of ₦100,000 on December 31. The bank statement shows a balance of ₦120,000 on December 31. The company's accountant has made an error in the cash book. What is the correct balance of the cash book on December 31?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 12
A company uses the FIFO method to value its inventory. If the total cost of goods available for sale is ₦500,000, and the total cost of goods sold is ₦450,000, what is the cost of goods sold per unit?
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 13
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The total amount received from the issue of shares is 150,000. Calculate the amount of premium received.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, and Sales Revenue. The company's trial balance shows a debit balance of ₦10,000 in the Cash account and a credit balance of ₦20,000 in the Accounts Payable account. What is the correct journal entry to record the purchase of office supplies worth ₦5,000?
A. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
B. Debit Cash ₦5,000, Credit Office Supplies ₦5,000
C. Debit Accounts Payable ₦5,000, Credit Office Supplies ₦5,000
D. Debit Office Supplies ₦5,000, Debit Cash ₦5,000
Question 15
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦0,500
B. ₦1,000
C. ₦1,500
D. ₦2,000

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