POST UTME GREENFIELD UNIVERSITY 2025 Accounting | Objective

Are you preparing for POST UTME GREENFIELD UNIVERSITY 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.

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Question 1
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method.
A. ₦12,000
Correct B. ₦24,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 2
A company's trial balance shows an error of ₦1,500 in the debit side of the accounts payable account. What is the correct amount of the accounts payable account?
A. ₦15,000
Correct B. ₦16,500
C. ₦18,000
D. ₦20,000

Correct Answer: B

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Question 3
A bank statement shows a balance of ₦25,000, but the cash book balance is ₦28,000. What is the correct balance?
A. ₦25,000
B. ₦26,000
C. ₦27,000
Correct D. ₦28,000

Correct Answer: D

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Question 4
A company's profit and loss account shows a net profit of ₦100,000. The balance sheet shows a capital of ₦200,000. What is the correct amount of the retained earnings?
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

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Question 5
A company's balance sheet shows a current ratio of 2:1. The current assets are ₦100,000 and the current liabilities are ₦50,000. What is the correct amount of the current liabilities?
A. ₦25,000
Correct B. ₦50,000
C. ₦75,000
D. ₦100,000

Correct Answer: B

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Question 6
A partnership is formed by three individuals, A, B, and C, who contribute ₦100,000, ₦150,000, and ₦200,000 respectively. The partnership agreement states that the profits will be shared in the ratio 3:5:7. Calculate the total profit and the amount each partner will receive if the total profit is ₦1,200,000.
A. ₦1,200,000
B. ₦1,500,000
Correct C. ₦1,800,000
D. ₦2,000,000

Correct Answer: C

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Question 7
A company uses the single-entry system of accounting. The company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Sales | | ₦15,000 | | 3 Jan | Purchases | ₦8,000 | | | 4 Jan | Cash | | ₦12,000 | What is the company's net cash balance on 4 Jan?
A. ₦2,000
Correct B. ₦4,000
C. ₦6,000
D. ₦8,000

Correct Answer: B

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Question 8
A government agency uses the accrual basis of accounting. The agency's income statement for the year ended 31 Dec shows the following: | Particulars | ₦ | ₦ | | --- | --- | --- | | Revenue | | 1,500,000 | | Expenses | 800,000 | | | Profit | | 700,000 | What is the agency's current assets at 31 Dec?
A. ₦1,200,000
Correct B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000

Correct Answer: B

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Question 9
A company uses the self-balancing ledger system. The company's ledger shows the following: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Sales | | ₦15,000 | | Purchases | ₦8,000 | | | Profit | | ₦7,000 | What is the company's net profit?
A. ₦2,000
B. ₦4,000
Correct C. ₦6,000
D. ₦8,000

Correct Answer: C

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Question 10
A company uses the control account system. The company's ledger shows the following: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Sales | | ₦15,000 | | Purchases | ₦8,000 | | | Profit | | ₦7,000 | What is the company's net profit?
A. ₦2,000
B. ₦4,000
Correct C. ₦6,000
D. ₦8,000

Correct Answer: C

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Question 11
A company issued 10,000 shares of ₦5 each at a premium of ₦3 per share. The company also issued 5% debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦550,000
Correct B. ₦600,000
C. ₦650,000
D. ₦700,000

Correct Answer: B

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Question 12
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦150,000; Direct Labour: ₦120,000; Overheads: ₦180,000. Calculate the total cost of production for the month.
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 13
A company uses a self-balancing ledger system. The following transactions occurred in the month of January: Purchased goods for ₦100,000; Sold goods for ₦150,000; Purchased office supplies for ₦20,000. Prepare the ledger accounts for the month.
A. ₦170,000
Correct B. ₦180,000
C. ₦190,000
D. ₦200,000

Correct Answer: B

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Question 14
A company uses a single-entry system. The following transactions occurred in the month of January: Purchased goods for ₦100,000; Sold goods for ₦150,000; Purchased office supplies for ₦20,000. Prepare the journal entries for the month.
A. ₦170,000
B. ₦180,000
Correct C. ₦190,000
D. ₦200,000

Correct Answer: C

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Question 15
A company uses a double-entry system. The following transactions occurred in the month of January: Purchased goods for ₦100,000; Sold goods for ₦150,000; Purchased office supplies for ₦20,000. Prepare the ledger accounts for the month.
A. ₦170,000
B. ₦180,000
C. ₦190,000
Correct D. ₦200,000

Correct Answer: D

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Question 16
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 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 17
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦1,000 | | | 2nd Jan | Bank | | ₦500 | | 3rd Jan | Cash | | ₦1,500 | What is the balance of the cash account?
Correct A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000

Correct Answer: A

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Question 18
A company's balance sheet as at 31st December 2024 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 25,000 | Profit | 5,000 | What is the total amount of liabilities?
A. ₦55,000
B. ₦60,000
Correct C. ₦65,000
D. ₦70,000

Correct Answer: C

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Question 19
A company's manufacturing account for the year ended 31st December 2024 is as follows: | Particulars | ₦ | | --- | --- | | Opening Stock | 10,000 | | Raw Materials Purchased | 50,000 | | Work-in-Progress | 20,000 | | Closing Stock | 15,000 | What is the total cost of production?
A. ₦75,000
B. ₦80,000
Correct C. ₦85,000
D. ₦90,000

Correct Answer: C

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Question 20
A company's departmental accounts for the year ended 31st December 2024 is as follows: | Department | Sales | Cost of Goods Sold | Gross Profit | | --- | --- | --- | --- | | A | 100,000 | 60,000 | 40,000 | | B | 80,000 | 50,000 | 30,000 | What is the total gross profit?
A. ₦70,000
B. ₦80,000
Correct C. ₦90,000
D. ₦100,000

Correct Answer: C

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Question 21
A company uses the weighted average method to value its inventory. The company's inventory consists of three types of items: A, B, and C. The cost of item A is ₦100, item B is ₦200, and item C is ₦300. The quantities of items A, B, and C are 100, 50, and 20 units, respectively. The total cost of the inventory is ₦150,000. What is the cost per unit of item A?
Correct A. ₦120
B. ₦150
C. ₦180
D. ₦200

Correct Answer: A

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Question 22
A company's trial balance shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000. What is the net income of the company?
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 23
A company uses the FIFO method to value its inventory. The company's inventory consists of two types of items: X and Y. The cost of item X is ₦100, and item Y is ₦200. The quantities of items X and Y are 50 and 20 units, respectively. The total cost of the inventory is ₦10,000. What is the cost per unit of item X?
Correct A. ₦120
B. ₦150
C. ₦180
D. ₦200

Correct Answer: A

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Question 24
A company's balance sheet shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000. What is the total assets of the company?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 25
A company uses the LIFO method to value its inventory. The company's inventory consists of two types of items: X and Y. The cost of item X is ₦100, and item Y is ₦200. The quantities of items X and Y are 50 and 20 units, respectively. The total cost of the inventory is ₦10,000. What is the cost per unit of item Y?
A. ₦120
B. ₦150
C. ₦180
Correct D. ₦200

Correct Answer: D

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