POST UTME SKYLINE UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet as at December 31, 2024, showed the following assets and liabilities:
A. ₦500,000
B. ₦525,000
C. ₦550,000
D. ₦575,000
Question 2
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the liabilities recorded in the journal?
A. £40,000
B. £50,000
C. £60,000
D. £70,000
Question 3
A company prepares its trial balance. The company's trial balance shows a discrepancy of ₦5,000 between the debit and credit balances. What is the correct procedure to follow to resolve this discrepancy?
A. Prepare a suspense account to record the discrepancy
B. Reconcile the trial balance by adjusting the accounts
C. Ignore the discrepancy and proceed with the preparation of the final accounts
D. Recompute the trial balance from the ledger accounts
Question 4
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦210,000
Question 5
A manufacturing company has the following departmental expenses for the year: Selling Expenses: ₦120,000 Administrative Expenses: ₦150,000 Production Expenses: ₦800,000 Calculate the total departmental expenses.
A. ₦1,070,000
B. ₦1,080,000
C. ₦1,090,000
D. ₦1,100,000
Question 6
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the assets recorded in the journal?
A. £75,000
B. £85,000
C. £95,000
D. £105,000
Question 7
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the liabilities recorded in the journal?
A. £40,000
B. £50,000
C. £60,000
D. £70,000
Question 8
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Finished Goods £30,000 Credit: Purchases £40,000, Wages £15,000, Factory Overheads £25,000 What is the total value of the equity recorded in the journal?
A. £35,000
B. £45,000
C. £55,000
D. £65,000
Question 9
A company's balance sheet as at 31st December shows the following: Assets: ₦500,000 Equity: ₦200,000 Liabilities: ₦300,000 Calculate the return on equity.
A. 200%
B. 250%
C. 300%
D. 350%
Question 10
A company's trial balance shows a credit balance of ₦300,000 in the 'Salaries Expense' account. However, the company's accounting records show that it has paid ₦200,000 in salaries for the year. Prepare the necessary journal entry to correct the error.
A. ₦100,000 credit to Salaries Expense and ₦100,000 debit to Cash
B. ₦200,000 credit to Salaries Expense and ₦200,000 debit to Cash
C. ₦100,000 credit to Salaries Expense and ₦300,000 debit to Cash
D. ₦300,000 credit to Salaries Expense and ₦200,000 debit to Cash
Question 11
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
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company issues 5,000 debentures of ₦100 each at 10% interest per annum. Calculate the annual interest payable on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 13
A company has the following incomplete records: Sales ₦200,000, Purchases ₦150,000, Wages ₦30,000. Calculate the net profit for the year.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company's balance sheet shows a total asset value of ₦1,200,000 and a total liability value of ₦600,000. What is the company's equity?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the net income of the company?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000

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