POST UTME IMS U 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's bank statement shows a balance of 10,000. However, the company's cash book shows a balance of 12,000. What is the reason for the difference?
A. The bank has charged a service fee.
B. The company has deposited a check that has not yet been cleared.
C. The company has written a check that has not yet been presented for payment.
D. The company has made a mistake in its cash book.
Question 2
A company prepares its financial statements in accordance with the accrual basis of accounting. The following transactions occurred during the year: Transaction 1: Sold goods for ₦250,000. Transaction 2: Purchased office equipment for ₦120,000. Transaction 3: Paid rent for the year ₦150,000. What is the total asset for the year?
A. ₦420,000
B. ₦520,000
C. ₦620,000
D. ₦720,000
Question 3
A company prepares its financial statements in accordance with the accrual basis of accounting. The following transactions occurred during the year: Transaction 1: Sold goods for ₦250,000. Transaction 2: Purchased office equipment for ₦120,000. Transaction 3: Paid rent for the year ₦150,000. What is the total revenue for the year?
A. ₦420,000
B. ₦520,000
C. ₦620,000
D. ₦720,000
Question 4
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
B. ₦30,000,000
C. ₦40,000,000
D. ₦50,000,000
Question 5
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
B. ₦60,000,000
C. ₦70,000,000
D. ₦80,000,000
Question 6
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
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 7
In a partnership account, what is the correct method to calculate the capital of a partner who has been absent for the entire year?
A. Capital = Drawings + Profit + Loss
B. Capital = Drawings + Profit
C. Capital = Drawings + Loss
D. Capital = Profit + Loss
Question 8
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
C. ₦15,000
D. ₦20,000
Question 9
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Payable 1,000
B. Debit Accounts Payable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Sales Revenue 1,000
D. Debit Sales Revenue 1,000 and Credit Accounts Payable 1,000
Question 10
A company uses a self-balancing ledger system. The following transactions occurred during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
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
B. ₦1200
C. ₦1500
D. ₦1800
Question 12
A public sector organization has a budget of ₦500,000 for a project. The organization has already spent ₦200,000 on the project. Calculate the percentage of the budget that has been spent.
A. 40%
B. 50%
C. 60%
D. 70%
Question 13
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.
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
Question 14
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
B. ₦500,000
C. ₦550,000
D. ₦600,000
Question 15
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?
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

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