POST UTME LEAD CITY UNIVERSITY 2025 Accounting | Objective

Are you preparing for POST UTME LEAD CITY 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.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦475,500
Correct C. ₦475,000
D. ₦475,500

Correct Answer: C

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Question 2
A firm has the following transactions: Purchased goods on credit ₦50,000; sold goods on credit ₦30,000; purchased goods on cash ₦20,000. Prepare the cash book.
Correct A. ₦50,000; ₦30,000; ₦20,000
B. ₦50,000; ₦20,000; ₦30,000
C. ₦30,000; ₦50,000; ₦20,000
D. ₦20,000; ₦50,000; ₦30,000

Correct Answer: A

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Question 3
A partnership has the following capital accounts: A ₦50,000; B ₦30,000; C ₦20,000. The profit for the year is ₦10,000. Prepare the profit and loss account.
Correct A. ₦50,000; ₦30,000; ₦20,000
B. ₦50,000; ₦20,000; ₦30,000
C. ₦30,000; ₦50,000; ₦20,000
D. ₦20,000; ₦50,000; ₦30,000

Correct Answer: A

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Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦475,500
Correct C. ₦475,000
D. ₦475,500

Correct Answer: C

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Question 5
A firm has the following transactions: Purchased goods on credit ₦50,000; sold goods on credit ₦30,000; purchased goods on cash ₦20,000. Prepare the cash book.
Correct A. ₦50,000; ₦30,000; ₦20,000
B. ₦50,000; ₦20,000; ₦30,000
C. ₦30,000; ₦50,000; ₦20,000
D. ₦20,000; ₦50,000; ₦30,000

Correct Answer: A

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Question 6
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 7
A manufacturing company has a production department that produces 500 units of a product per day. The company has a selling price of ₦200 per unit and a variable cost of ₦80 per unit. Calculate the contribution margin per unit.
Correct A. ₦120
B. ₦80
C. ₦60
D. ₦40

Correct Answer: A

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Question 8
A company has a debt of ₦1,000,000 due in 5 years. The company's cost of capital is 10% per annum. Calculate the present value of the debt using the formula for present value of an annuity.
A. ₦500,000
Correct B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000

Correct Answer: B

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Question 9
A company has a departmental account for its manufacturing department. The department has a beginning balance of ₦100,000 and a net income of ₦50,000. The company also has a departmental expense of ₦20,000. Calculate the departmental account balance at the end of the period.
Correct A. ₦130,000
B. ₦120,000
C. ₦110,000
D. ₦100,000

Correct Answer: A

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Question 10
A company has a ledger account for its accounts payable. The account has a debit balance of ₦500,000 and a credit balance of ₦200,000. Calculate the net balance of the account.
Correct A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000

Correct Answer: A

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Question 11
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the ending inventory is ₦1,200,000. If the company uses a 20% discount rate, what is the value of the ending inventory?
Correct A. ₦1,000,000
B. ₦1,200,000
C. ₦1,400,000
D. ₦1,600,000

Correct Answer: A

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Question 12
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 13
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 14
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 15
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 16
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 17
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 18
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

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Question 19
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: VIEW ANSWER

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Question 20
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash and Credit Accounts Payable
Correct B. Credit Cash and Debit Accounts Payable
C. Debit Accounts Payable and Credit Cash
D. Credit Accounts Payable and Debit Cash

Correct Answer: B

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Question 21
A company has the following ledger balances at the end of the year:
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 22
A company has the following cash book entries for the month of January:
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 23
A company has the following bank reconciliation statement for the month of January:
A. ₦5,000
B. ₦10,000
C. ₦15,000
Correct D. ₦20,000

Correct Answer: D

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Question 24
A company has the following manufacturing account for the month of January:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 25
A company has the following trading account for the month of January:
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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