POST UTME SUMMIT 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, is presented below. Prepare the company's statement of cash flows for the year.
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 2
A public sector organization has the following transactions for the month of January: Purchased office supplies for ₦10,000 cash Paid salaries of ₦50,000 by cheque Received cash from customers of ₦25,000 Paid rent of ₦15,000 by bank transfer What is the total cash received by the organization in January?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 3
A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 10,000 | | | 2 | Equipment | | 8,000 | | 3 | Rent | 2,000 | | | 4 | Sales | | 12,000 | What is the company's total expenses?
A. ₦12,000
B. ₦14,000
C. ₦16,000
D. ₦18,000
Question 4
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Inventory 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000
Question 5
A public sector organization has the following transactions: Purchased office supplies for ₦10,000 cash Paid salaries of ₦50,000 by cheque Received cash from customers of ₦25,000 Paid rent of ₦15,000 by bank transfer What is the total cash paid by the organization?
A. ₦60,000
B. ₦65,000
C. ₦70,000
D. ₦75,000
Question 6
A company has the following balance sheet: | Asset | Liability | Equity | | --- | --- | --- | | Cash | | | | Equipment | | | | Accounts Payable | | | | Common Stock | | | What is the company's total assets?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A government agency has the following transactions: Receipts ₦ 100,000, Expenditures ₦ 80,000. What is the net surplus?
A. ₦ 20,000
B. ₦ 30,000
C. ₦ 40,000
D. ₦ 50,000
Question 8
A company has two partners: A and B. Partner A has a 60% interest in the company, and Partner B has a 40% interest. If the company's profit is ₦120,000, what is Partner A's share of the profit?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 9
A single entry system is used by a business. The following transactions are recorded: Cash received from customers ₦15,000 Cash paid to suppliers ₦8,000 Cash paid to employees ₦12,000 What is the total cash received by the business?
A. ₦3,000
B. ₦5,000
C. ₦7,000
D. ₦9,000
Question 10
A company uses the single-entry system of accounting. The journal shows the following transactions: Debitors ₦ 50,000, Creditors ₦ 30,000. What is the net effect on the company's assets?
A. Increase by ₦ 20,000
B. Decrease by ₦ 20,000
C. No effect
D. Increase by ₦ 10,000
Question 11
A company's balance sheet shows a current ratio of 2:1. If the company's total current assets are ₦500,000 and its total current liabilities are ₦200,000, what is the amount of the company's current assets that are not included in the current ratio?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company's trial balance shows a debit balance of ₦30,000 in the account 'Salaries' while the corresponding credit balance in the account 'Salaries Payable' is ₦20,000. What is the correct journal entry to rectify this error?
A. Debit Salaries Payable by ₦10,000 and Credit Salaries by ₦10,000
B. Debit Salaries Payable by ₦10,000 and Credit Salaries by ₦10,000 and also Debit Salaries by ₦30,000
C. Credit Salaries Payable by ₦10,000 and Debit Salaries by ₦10,000
D. Debit Salaries Payable by ₦10,000 and Credit Salaries by ₦10,000 and also Credit Salaries Payable by ₦20,000
Question 13
A government agency is required to prepare a cash flow statement in accordance with the cash basis of accounting. Which of the following items would NOT be included in the cash flow statement?
A. Cash received from customers
B. Cash paid to suppliers
C. Depreciation expense
D. Increase in accounts payable
Question 14
A company's trial balance shows a debit balance of ₦25,000 in the account 'Rent Paid' while the corresponding credit balance in the account 'Rent Received' is ₦30,000. What is the correct journal entry to rectify this error?
A. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000
B. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000 and also Debit Rent Paid by ₦25,000
C. Credit Rent Received by ₦5,000 and Debit Rent Paid by ₦5,000
D. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000 and also Credit Rent Received by ₦30,000
Question 15
A company has two partners: A and B. Partner A has a 60% interest in the company, and Partner B has a 40% interest. If the company's profit is ₦120,000, what is Partner A's share of the profit?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000

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