POST UTME UI 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership agreement between two partners, A and B, states that the profits and losses will be shared in the ratio 2:3. If the total profit for the year is ₦150,000, calculate the share of profit of partner B.
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 2
A company's trial balance as at December 31, 2022, showed the following balances: Accounts Payable ₦1,200,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000, and Common Stock ₦3,000,000. Prepare a corrected trial balance.
A. ₦1,200,000
B. ₦2,500,000
C. ₦1,800,000
D. ₦3,000,000
Question 3
A company's trial balance as at 31st December, 2024 is as follows: Debit ₦ 1,000,000 Credit ₦ 1,200,000 Prepare the ledger accounts for the following accounts: Purchases, Sales, and Wages.
A. Purchases: Debit ₦ 1,000,000, Credit ₦ 1,200,000 Sales: Debit ₦ 1,200,000, Credit ₦ 1,000,000 Wages: Debit ₦ 1,000,000, Credit ₦ 1,200,000
B. Purchases: Debit ₦ 1,200,000, Credit ₦ 1,000,000 Sales: Debit ₦ 1,000,000, Credit ₦ 1,200,000 Wages: Debit ₦ 1,200,000, Credit ₦ 1,000,000
C. Purchases: Debit ₦ 1,000,000, Credit ₦ 1,000,000 Sales: Debit ₦ 1,200,000, Credit ₦ 1,200,000 Wages: Debit ₦ 1,200,000, Credit ₦ 1,200,000
D. Purchases: Debit ₦ 1,200,000, Credit ₦ 1,200,000 Sales: Debit ₦ 1,000,000, Credit ₦ 1,000,000 Wages: Debit ₦ 1,000,000, Credit ₦ 1,000,000
Question 4
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦130,000. The bank statement also shows a debit of ₦5,000 for a cheque that was returned unpaid. What is the correct balance in the company's cash book?
A. ₦125,000
B. ₦130,000
C. ₦120,000
D. ₦115,000
Question 5
A company purchased a machine for ₦500,000. Depreciation is provided using the straight-line method. The machine is expected to have a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation charge.
A. ₦90,000
B. ₦92,000
C. ₦95,000
D. ₦97,000
Question 6
A company's balance sheet as at 31st December, 2024 is as follows: ₦ 1,000,000 ₦ 1,200,000 Prepare the journal entry to record the issue of shares.
A. Debit Share Capital ₦ 1,000,000, Credit Cash ₦ 1,200,000
B. Debit Share Capital ₦ 1,200,000, Credit Cash ₦ 1,000,000
C. Debit Share Capital ₦ 1,000,000, Credit Cash ₦ 1,000,000
D. Debit Share Capital ₦ 1,200,000, Credit Cash ₦ 1,200,000
Question 7
A company's balance sheet shows the following balances: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the company's net income?
A. ₦200,000
B. ₦150,000
C. ₦100,000
D. ₦50,000
Question 8
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 in rent and rates for the year. Prepare the necessary journal entry to correct the error.
A. ₦15,000
B. ₦20,000
C. ₦5,000
D. ₦10,000
Question 9
A company uses the double-entry system to record its transactions. If the company purchases office supplies for ₦10,000 cash and issues a check for ₦5,000 to a supplier, what is the journal entry?
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
C. Debit Office Supplies ₦10,000, Credit Accounts Payable ₦10,000
D. Debit Office Supplies ₦5,000, Credit Accounts Payable ₦5,000
Question 10
A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labour and 3 hours of indirect labour, while product Y requires 3 hours of direct labour and 2 hours of indirect labour. If the company works 8 hours a day and produces 100 units of product X and 50 units of product Y, what is the total labour cost per unit?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 11
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue of shares were credited to a 'Share Capital' account. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Cash 40,000
C. Debit Share Capital 40,000, Credit Cash 30,000
D. Debit Share Capital 40,000, Credit Cash 40,000
Question 12
A company has the following balance sheet as at December 31, 2022: Assets ₦5,000,000, Liabilities ₦2,000,000, and Equity ₦3,000,000. Calculate the return on equity.
A. 50%
B. 60%
C. 70%
D. 80%
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
A. ₦200,000
B. ₦150,000
C. ₦100,000
D. ₦50,000
Question 14
A company's balance sheet shows a decrease in its debtors' balance from ₦50,000 to ₦30,000. However, the company's profit and loss account shows a decrease in its debtors' balance from ₦50,000 to ₦40,000. Prepare the necessary journal entry to correct the error.
A. ₦20,000
B. ₦10,000
C. ₦30,000
D. ₦40,000
Question 15
A company issued 10,000 shares of ₦10 each at a premium of ₦2 per share. The issue expenses were ₦10,000. Calculate the amount received from the issue of shares.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000

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: