POST UTME PAN-ATLANTIC UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A and B are partners in a business sharing profits and losses in the ratio 3:2. Their capital accounts are as follows: A: ₦100,000 B: ₦80,000 What is the value of A's share of the profit of ₦40,000?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦975,000
D. ₦1,000,000
Question 3
A company's balance sheet shows a non-current liability of ₦25,000 in the 'Bonds Payable' account. However, the company's accounting records indicate that the bonds payable for the year were ₦35,000. What is the likely cause of the discrepancy?
A. The bonds payable were incorrectly recorded as a debit.
B. The bonds payable were incorrectly recorded as a credit.
C. The bonds payable were not recorded at all.
D. The bonds payable were recorded in the wrong account.
Question 4
A company has the following balance sheet: ₦100,000 in Cash, ₦50,000 in Accounts Receivable, ₦20,000 in Office Supplies, and ₦30,000 in Equipment. What is the total assets?
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000
Question 5
A company's balance sheet shows the following: Current Assets ₦ 150,000, Current Liabilities ₦ 100,000, Long-term Debt ₦ 50,000, Common Stock ₦ 100,000. If the company's net income for the year is ₦ 40,000, what is the correct journal entry to record the net income?
A. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
B. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
C. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
D. Debit Current Assets ₦ 150,000, Debit Current Liabilities ₦ 100,000, Credit Common Stock ₦ 100,000, Credit Long-term Debt ₦ 50,000
Question 6
Determine the amount of depreciation on a machine that cost ₦150,000 and has a useful life of 5 years, with an estimated residual value of ₦30,000. The machine is depreciated using the straight-line method.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 7
A company's trial balance shows a discrepancy of ₦1,000 between the debit and credit columns. What is the most likely cause of this discrepancy?
A. A transaction has been omitted from the accounting records.
B. A journal entry has been incorrectly posted to the wrong account.
C. A bank reconciliation statement has not been prepared.
D. A depreciation expense has been incorrectly calculated.
Question 8
A company uses the perpetual inventory system. The cost of goods sold for the year is ₦1,200,000. The beginning inventory is ₦300,000. The cost of goods available for sale is ₦1,800,000. Calculate the cost of ending inventory.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 9
A company has the following trial balance at the end of the year:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 10
A company has the following transactions: Purchased office supplies for ₦15,000, paid salaries of ₦30,000, and received cash of ₦20,000 from customers. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦15,000, Credit Cash ₦15,000
B. Debit Salaries ₦30,000, Credit Cash ₦30,000
C. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000
D. Debit Office Supplies ₦15,000, Credit Salaries ₦15,000
Question 11
A company has the following ledger balances at the end of the year:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000
Question 12
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Common Stock ₦ 100,000, Dividends ₦ 10,000, Retained Earnings ₦ 20,000. If the company's net income for the year is ₦ 40,000, what is the correct journal entry to record the net income?
A. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
B. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
C. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
D. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
Question 13
A company's trial balance shows a credit balance of ₦15,000 in the 'Salaries Payable' account. However, the company's accounting records indicate that the salaries payable for the year were ₦10,000. What is the likely cause of the discrepancy?
A. The salaries payable were incorrectly recorded as a debit.
B. The salaries payable were incorrectly recorded as a credit.
C. The salaries payable were not recorded at all.
D. The salaries payable were recorded in the wrong account.
Question 14
A company's trading account for the year ended 31st December 2024 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Returns inwards: ₦50,000 Returns outwards: ₦20,000 Credit: Cost of goods sold: ₦1,300,000 What is the value of the company's opening stock?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 15
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Common Stock ₦ 100,000, Dividends ₦ 10,000, Retained Earnings ₦ 20,000. If the company's net income for the year is ₦ 40,000, what is the correct journal entry to record the net income?
A. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
B. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
C. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000
D. Debit Accounts Payable ₦ 50,000, Debit Accounts Receivable ₦ 30,000, Credit Common Stock ₦ 100,000, Credit Dividends ₦ 10,000, Credit Retained Earnings ₦ 20,000

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: