POST UTME NOUN 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows a discrepancy of ₦25,000 between the debit and credit balances. The company's accountant has identified the following errors: (i) a credit of ₦15,000 was posted to the wrong account, (ii) a debit of ₦10,000 was omitted from the trial balance, and (iii) a credit of ₦5,000 was incorrectly posted as a debit. What is the correct adjustment to be made to the trial balance?
Question 2
A government agency uses the accrual basis of accounting. It has the following transactions for the year ended December 31, 2025:
- Received ₦1,500,000 from the government for services rendered.
- Paid ₦800,000 to suppliers for goods purchased.
- Paid ₦200,000 to employees for salaries.
- Received ₦300,000 from customers for goods sold.
- Paid ₦100,000 for rent.
What is the net cash inflow from operating activities for the year?
Question 3
A company uses the double-entry system of accounting. The journal entry for the purchase of a machine for ₦50,000 on credit is:
Question 4
A company uses the single-entry system of accounting. The following transactions occurred during the year ended December 31, 2025:
- Purchased goods for ₦1,200,000.
- Sold goods for ₦1,500,000.
- Received cash from customers for goods sold ₦1,200,000.
- Paid cash to suppliers for goods purchased ₦1,000,000.
What is the net income for the year?
Question 5
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 6
A company's bank reconciliation statement shows the following discrepancies: (i) a credit of ₦10,000 was incorrectly posted as a debit, (ii) a debit of ₦5,000 was omitted from the bank statement, and (iii) a credit of ₦15,000 was incorrectly posted as a credit. What is the correct adjustment to be made to the bank reconciliation statement?
Question 7
A firm has two departments: A and B. Department A has a budget of ₦1,500,000 and department B has a budget of ₦2,000,000. The firm has the following expenses: salaries ₦800,000, rent ₦300,000, and utilities ₦200,000. If the firm wants to allocate the remaining budget to department A and department B in the ratio 3:2, how much should department A receive?
Question 8
A company uses the double-entry system of accounting. The journal entry for the sale of goods for ₦100,000 on credit is:
Question 9
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, valued at ₦250 each. On March 10, 2025, 200 units were sold for ₦400 each. On April 15, 2025, 150 units were purchased for ₦350 each. On May 20, 2025, 100 units were sold for ₦450 each. What is the total cost of goods sold for the period?
Question 10
A business uses the following transactions to prepare its ledger accounts. Identify the type of account that is not a real account.
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets?
Question 12
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦5000, what is the annual depreciation charge if the asset's cost is ₦25000?
Question 13
A company uses the single-entry system of accounting. The following transactions occurred during the year ended December 31, 2025:
- Purchased goods for ₦1,200,000.
- Sold goods for ₦1,500,000.
- Received cash from customers for goods sold ₦1,200,000.
- Paid cash to suppliers for goods purchased ₦1,000,000.
What is the net income for the year?
Question 14
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, valued at ₦250 each. On March 10, 2025, 200 units were sold for ₦400 each. On April 15, 2025, 150 units were purchased for ₦350 each. On May 20, 2025, 100 units were sold for ₦450 each. What is the total cost of goods sold for the period?
Question 15
In a double-entry system, what is the purpose of the ledger accounts?
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