POST UTME RSU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows the following transactions:
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 2
A government agency is responsible for collecting taxes on behalf of the state. The agency's financial year-end is December 31st. What type of account would the agency use to record its financial transactions?
A. Trading Account
B. Profit and Loss Account
C. Balance Sheet
D. Public Sector Accounting
Question 3
A company's balance sheet as at 31st December, 2024 is as follows:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 4
A manufacturing company produces 1,000 units of a product at a cost of ₦50 per unit. The selling price is ₦75 per unit. What is the gross profit?
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 5
In a public sector organization, what is the primary purpose of the accounting system?
A. To provide financial information for decision-making
B. To ensure compliance with regulatory requirements
C. To facilitate the preparation of financial statements
D. To manage the organization's assets and liabilities
Question 6
A company uses the double-entry system of accounting. The following transactions occurred during the year: 1. Purchased office supplies for ₦10,000. 2. Collected cash from customers for ₦50,000. 3. Paid rent for ₦20,000. 4. Purchased a new computer for ₦30,000. What is the total amount of assets recorded in the ledger at the end of the year?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 7
A company uses the double-entry system of accounting. The following transactions occurred during the year: Purchased office equipment for ₦120,000, Purchased a building for ₦500,000, Sold goods for ₦150,000, Purchased goods for ₦200,000. What is the total amount of equity of the company?
A. ₦870,000
B. ₦970,000
C. ₦1,070,000
D. ₦1,170,000
Question 8
A manufacturing company produces two products: X and Y. Product X has a selling price of ₦500 per unit, while Product Y has a selling price of ₦300 per unit. The company sells 100 units of Product X and 50 units of Product Y. What is the total revenue generated by the company?
A. ₦65,000
B. ₦70,000
C. ₦75,000
D. ₦80,000
Question 9
A company's bank reconciliation statement shows the following discrepancies:
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received by the company from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' account. However, the company's accountant has forgotten to record a credit entry of ₦5,000 in the 'Accrued Expenses' account. What is the correct journal entry to correct this error?
A. Debit Accrued Expenses ₦5,000 and Credit Cash ₦5,000
B. Debit Accrued Expenses ₦5,000 and Credit Accrued Income ₦5,000
C. Debit Accrued Income ₦5,000 and Credit Accrued Expenses ₦5,000
D. Debit Cash ₦5,000 and Credit Accrued Expenses ₦5,000
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 ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 13
A company's trial balance shows a debit balance of ₦25,000 in the 'Accrued Expenses' account. However, the company's accountant has forgotten to record a credit entry of ₦12,500 in the 'Accrued Income' account. What is the correct journal entry to correct this error?
A. Debit Accrued Expenses ₦12,500 and Credit Accrued Income ₦12,500
B. Debit Accrued Income ₦12,500 and Credit Accrued Expenses ₦12,500
C. Debit Accrued Expenses ₦12,500 and Credit Cash ₦12,500
D. Debit Cash ₦12,500 and Credit Accrued Expenses ₦12,500
Question 14
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦200,000 and its current liabilities are ₦100,000, what is the company's total assets?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 15
A partnership agreement between two partners, John and Mary, specifies that profits and losses are to be shared in the ratio 3:2. If the total profit for the year is ₦120,000, how much will John receive?
A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

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