POST UTME IMS U 2025 Accounting | Objective

Are you preparing for POST UTME IMS U 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
In a partnership account, what is the correct method to calculate the capital of a partner who has been absent for the entire year?
Correct A. Capital = Drawings + Profit + Loss
B. Capital = Drawings + Profit
C. Capital = Drawings + Loss
D. Capital = Profit + Loss

Correct Answer: A

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Question 2
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | 200 | | | 4 Jan | Bank | | 300 | | 5 Jan | Cash | 400 | |
A. ₦1000
Correct B. ₦1200
C. ₦1500
D. ₦1800

Correct Answer: B

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Question 3
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | 2000 | | | Purchases | | 1500 | | Capital | | 500 | | Drawings | | 200 | | Profit | | 300 |
A. ₦1000
Correct B. ₦1200
C. ₦1500
D. ₦1800

Correct Answer: B

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Question 4
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | 200 | | | 4 Jan | Bank | | 300 | | 5 Jan | Cash | 400 | |
A. ₦1000
Correct B. ₦1200
C. ₦1500
D. ₦1800

Correct Answer: B

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Question 5
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1000 | | | Bank | | 500 | | Sales | 2000 | | | Purchases | | 1500 | | Capital | | 500 | | Drawings | | 200 | | Profit | | 300 |
A. ₦1000
Correct B. ₦1200
C. ₦1500
D. ₦1800

Correct Answer: B

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Question 6
A company uses a self-balancing ledger to record its transactions. The ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The company's trial balance shows a debit balance in the Cash account of ₦150,000 and a credit balance in the Accounts Payable account of ₦200,000. What is the correct journal entry to record the transfer of the debit balance from the Cash account to the Accounts Payable account?
A. Debit Cash ₦150,000, Credit Accounts Payable ₦150,000
Correct B. Debit Accounts Payable ₦150,000, Credit Cash ₦150,000
C. Debit Cash ₦200,000, Credit Accounts Payable ₦200,000
D. Debit Accounts Payable ₦200,000, Credit Cash ₦200,000

Correct Answer: B

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Question 7
A company's cash book shows the following transactions: Debit Cash ₦10,000, Credit Sales ₦10,000; Debit Sales ₦5,000, Credit Cash ₦5,000; Debit Purchases ₦8,000, Credit Cash ₦8,000. What is the correct bank reconciliation statement to reconcile the company's cash book with its bank statement?
A. ₦10,000
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

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Question 8
A partnership consists of two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's trial balance shows a debit balance in the Cash account of ₦100,000. What is the correct journal entry to record the distribution of the debit balance between the partners?
Correct A. Debit Partner A's Capital ₦60,000, Debit Partner B's Capital ₦40,000
B. Debit Partner A's Capital ₦40,000, Debit Partner B's Capital ₦60,000
C. Debit Partner A's Capital ₦80,000, Debit Partner B's Capital ₦20,000
D. Debit Partner A's Capital ₦20,000, Debit Partner B's Capital ₦80,000

Correct Answer: A

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Question 9
A company's cash book shows the following transactions: Debit Cash ₦20,000, Credit Sales ₦20,000; Debit Purchases ₦15,000, Credit Cash ₦15,000. What is the correct bank reconciliation statement to reconcile the company's cash book with its bank statement?
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 10
A company's trial balance shows a debit balance in the Cash account of ₦50,000 and a credit balance in the Accounts Payable account of ₦75,000. What is the correct journal entry to record the transfer of the debit balance from the Cash account to the Accounts Payable account?
A. Debit Cash ₦50,000, Credit Accounts Payable ₦50,000
B. Debit Accounts Payable ₦75,000, Credit Cash ₦75,000
C. Debit Cash ₦75,000, Credit Accounts Payable ₦75,000
Correct D. Debit Accounts Payable ₦50,000, Credit Cash ₦50,000

Correct Answer: D

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Question 11
A company issued 5,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 10,000. Prepare the journal entry for the issue of shares.
Correct A. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 10,000
B. Debit Share Capital ₦ 50,000, Credit Share Premium ₦ 10,000, Credit Issue Expenses ₦ 10,000
C. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 20,000, Credit Issue Expenses ₦ 10,000
D. Debit Share Capital ₦ 50,000, Credit Share Premium ₦ 20,000, Credit Issue Expenses ₦ 10,000

Correct Answer: A

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Question 12
A trader purchases goods on credit for ₦ 50,000. He also pays ₦ 10,000 as cash. Prepare the journal entry for the purchase.
A. Debit Purchases ₦ 40,000, Credit Cash ₦ 10,000
Correct B. Debit Purchases ₦ 50,000, Credit Cash ₦ 10,000
C. Debit Purchases ₦ 40,000, Credit Accounts Payable ₦ 10,000
D. Debit Purchases ₦ 50,000, Credit Accounts Payable ₦ 10,000

Correct Answer: B

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Question 13
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 3 per share. The issue expenses were ₦ 20,000. Prepare the journal entry for the issue of shares.
Correct A. Debit Share Capital ₦ 70,000, Credit Share Premium ₦ 30,000, Credit Issue Expenses ₦ 20,000
B. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 30,000, Credit Issue Expenses ₦ 20,000
C. Debit Share Capital ₦ 70,000, Credit Share Premium ₦ 40,000, Credit Issue Expenses ₦ 20,000
D. Debit Share Capital ₦ 60,000, Credit Share Premium ₦ 40,000, Credit Issue Expenses ₦ 20,000

Correct Answer: A

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Question 14
A company purchased goods on credit for ₦ 80,000. He also paid ₦ 20,000 as cash. Prepare the journal entry for the purchase.
A. Debit Purchases ₦ 60,000, Credit Cash ₦ 20,000
Correct B. Debit Purchases ₦ 80,000, Credit Cash ₦ 20,000
C. Debit Purchases ₦ 60,000, Credit Accounts Payable ₦ 20,000
D. Debit Purchases ₦ 80,000, Credit Accounts Payable ₦ 20,000

Correct Answer: B

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Question 15
A company issued 15,000 shares of ₦ 1 each at a premium of ₦ 4 per share. The issue expenses were ₦ 30,000. Prepare the journal entry for the issue of shares.
Correct A. Debit Share Capital ₦ 90,000, Credit Share Premium ₦ 60,000, Credit Issue Expenses ₦ 30,000
B. Debit Share Capital ₦ 80,000, Credit Share Premium ₦ 60,000, Credit Issue Expenses ₦ 30,000
C. Debit Share Capital ₦ 90,000, Credit Share Premium ₦ 80,000, Credit Issue Expenses ₦ 30,000
D. Debit Share Capital ₦ 80,000, Credit Share Premium ₦ 80,000, Credit Issue Expenses ₦ 30,000

Correct Answer: A

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Question 16
A company issued 10,000 shares of 1 par value at a premium of 2 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares and the total amount of share capital.
A. ₦20,000,000
Correct B. ₦30,000,000
C. ₦40,000,000
D. ₦50,000,000

Correct Answer: B

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Question 17
A company purchased a machine for ₦500,000 and sold it after 5 years for ₦750,000. The machine depreciated at a rate of 10% per annum. Calculate the annual depreciation and the total depreciation over the 5-year period.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 18
A company issued 5,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures and the total amount of debenture capital.
Correct A. ₦4,750,000
B. ₦5,000,000
C. ₦5,250,000
D. ₦5,500,000

Correct Answer: A

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Question 19
A company purchased a machine for ₦300,000 and sold it after 3 years for ₦450,000. The machine depreciated at a rate of 15% per annum. Calculate the annual depreciation and the total depreciation over the 3-year period.
A. ₦45,000
B. ₦50,000
Correct C. ₦55,000
D. ₦60,000

Correct Answer: C

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Question 20
A company issued 10,000 shares of ₦1 par value at a premium of ₦2 per share. The shares were sold for ₦5 each. Calculate the total amount received from the sale of shares and the total amount of share capital.
A. ₦50,000,000
Correct B. ₦60,000,000
C. ₦70,000,000
D. ₦80,000,000

Correct Answer: B

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Question 21
A company issued 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 22
A company's trading account for the year ended 31st December 2024 is as follows: Debit: Sales: ₦1,500,000 Cost of Goods Sold: ₦900,000 Credit: Purchases: ₦1,200,000 Returns Outwards: ₦50,000 What is the net profit for the year?
Correct A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000

Correct Answer: A

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Question 23
A company's balance sheet as at 31st December 2024 is as follows: Assets: Cash: ₦500,000 Debtors: ₦1,000,000 Stock: ₦800,000 Prepaid Rent: ₦200,000 Liabilities: Creditors: ₦1,200,000 Bank Loan: ₦800,000 What is the net worth of the company?
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,400,000
D. ₦1,600,000

Correct Answer: C

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Question 24
A company's profit and loss account for the year ended 31st December 2024 is as follows: Trading Profit: ₦500,000 Depreciation: ₦100,000 Interest on Bank Loan: ₦50,000 What is the net profit for the year?
A. ₦450,000
Correct B. ₦500,000
C. ₦550,000
D. ₦600,000

Correct Answer: B

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Question 25
A company issued 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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