POST UTME IGBINEDION UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following balances: Debtors: ₦150,000; Creditors: ₦100,000; Capital: ₦200,000; Profit: ₦30,000. Determine the total liabilities of the company.
A. ₦240,000
B. ₦260,000
C. ₦280,000
D. ₦300,000
Question 2
A company issues 10,000, 9% 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. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 3
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, work-in-progress is ₦80,000, and finished goods is ₦150,000. The total value of the inventory is ₦350,000. If the company uses a cost flow assumption of FIFO, what is the value of the finished goods inventory?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 4
A company issued 5,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₣0,250
B. ₣0,500
C. ₣0,750
D. ₣0,950
Question 5
A business entity recorded the following transactions in its bank reconciliation statement: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank | 1,000 | | | 2nd Jan | Cash | | 500 | | 3rd Jan | Bank | | 800 | What is the balance of the bank account?
A. ₨00
B. ₩00
C. ₡000
D. ₡200
Question 6
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. The company worked 1,000 hours of direct labor and 500 hours of indirect labor during the month. Calculate the number of units of product A and product B produced during the month.
A. 500 units of A and 200 units of B
B. 400 units of A and 300 units of B
C. 300 units of A and 400 units of B
D. 200 units of A and 500 units of B
Question 7
A company issued 5,000 shares of ₡0 each at a premium of ₠.50 per share. The company also issued 10,000 ₢0 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. ₡00,000
B. ₡10,000
C. ₡20,000
D. ₡30,000
Question 8
A company has a self-balancing ledger for its accounts receivable. The ledger has a balance of ₦200,000 and the control account has a balance of ₦180,000. What is the difference between the two balances?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 9
A company's trial balance as at 31st December, 2024 is as follows: Debit ₦ 50,000 ₦ 30,000 ₦ 20,000 ₦ 10,000 Credit ₦ 40,000 ₦ 25,000 ₦ 15,000 ₦ 5,000 Identify the error in the trial balance.
A. The debit balance of the account 'Cash' is incorrect.
B. The credit balance of the account 'Accounts Payable' is incorrect.
C. The debit balance of the account 'Accounts Receivable' is incorrect.
D. The credit balance of the account 'Common Stock' is incorrect.
Question 10
A company's assets, liabilities, and equity at the beginning of the year were ₦1,500,000, ₦800,000, and ₦700,000, respectively. During the year, the company purchased equipment for ₦250,000 and sold goods for ₦300,000. The company's net income for the year was ₦150,000. Prepare the company's statement of financial position at the end of the year.
A. ₦1,750,000
B. ₦1,800,000
C. ₦1,850,000
D. ₦1,900,000
Question 11
A company has two departments: manufacturing and sales. The manufacturing department has a direct labor cost of ₦100,000 and a direct material cost of ₦150,000. The sales department has a direct labor cost of ₦80,000 and a direct material cost of ₦120,000. What is the total direct cost of the company?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 12
A company uses the single-entry system of accounting. The company's assets, liabilities, and equity at the beginning of the year were ₦1,500,000, ₦800,000, and ₦700,000, respectively. During the year, the company purchased equipment for ₦250,000 and sold goods for ₦300,000. The company's net income for the year was ₦150,000. Prepare the company's statement of financial position at the end of the year.
A. ₦1,750,000
B. ₦1,800,000
C. ₦1,850,000
D. ₦1,900,000
Question 13
A company uses the single-entry system of accounting. The company's assets, liabilities, and equity at the beginning of the year were ₦1,500,000, ₦800,000, and ₦700,000, respectively. During the year, the company purchased equipment for ₦250,000 and sold goods for ₦300,000. The company's net income for the year was ₦150,000. Prepare the company's statement of financial position at the end of the year.
A. ₦1,750,000
B. ₦1,800,000
C. ₦1,850,000
D. ₦1,900,000
Question 14
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. The difference of ₦70,000 is due to _______.
A. Error in trading account
B. Error in profit and loss account
C. Error in accounting equation
D. Error in accounting principles
Question 15
A company's trial balance as at 31st December, 2024 is as follows: Debit ₦ 50,000 ₦ 30,000 ₦ 20,000 ₦ 10,000 Credit ₦ 40,000 ₦ 25,000 ₦ 15,000 ₦ 5,000 Identify the error in the trial balance.
A. The debit balance of the account 'Cash' is incorrect.
B. The credit balance of the account 'Accounts Payable' is incorrect.
C. The debit balance of the account 'Accounts Receivable' is incorrect.
D. The credit balance of the account 'Common Stock' is incorrect.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: