POST UTME UNIBEN 2025 Accounting | Objective

Are you preparing for POST UTME UNIBEN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of profits?
Correct A. The deceased partner's share of profits is written off against the partner's capital account.
B. The deceased partner's share of profits is transferred to the partner's estate.
C. The deceased partner's share of profits is distributed among the remaining partners.
D. The deceased partner's share of profits is not distributed until the partnership is wound up.

Correct Answer: A

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Question 2
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the cost of goods sold is ₦1,200,000. What is the value of the inventory using the weighted average method?
A. ₦300,000
B. ₦400,000
Correct C. ₦500,000
D. ₦600,000

Correct Answer: C

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Question 3
A company has the following transactions: Purchased a machine for ₦500,000, and sold it for ₦600,000. What is the gain on the sale of the machine?
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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Question 4
A company has the following transactions: Purchased a machine for ₦500,000, and sold it for ₦600,000. What is the gain on the sale of the machine?
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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Question 5
A company has the following transactions: Purchased a machine for ₦500,000, and sold it for ₦600,000. What is the gain on the sale of the machine?
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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Question 6
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 each. During the year, the partnership earns a profit of ₦750,000. However, A withdraws ₦200,000 from the partnership, and B invests an additional ₦150,000. Prepare the partnership's statement of profit or loss and the statement of changes in equity for the year.
A. ₦1,200,000
Correct B. ₦1,050,000
C. ₦900,000
D. ₦750,000

Correct Answer: B

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Question 7
A company uses the single-entry system of accounting. The company's cash book shows the following transactions:
A. ₦1,500
B. ₦2,000
Correct C. ₦2,500
D. ₦3,000

Correct Answer: C

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Question 8
A company's trading account for the year shows the following:
A. ₦1,200,000
Correct B. ₦1,050,000
C. ₦900,000
D. ₦750,000

Correct Answer: B

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Question 9
A company's balance sheet as at 31st December shows the following:
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦2,500,000
D. ₦3,000,000

Correct Answer: C

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Question 10
A company's cash book shows the following transactions:
A. ₦1,000
Correct B. ₦1,500
C. ₦2,000
D. ₦2,500

Correct Answer: B

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Question 11
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If the total available time on machine A is 120 hours and the total available time on machine B is 120 hours, what is the maximum number of units of product X that can be produced?
A. 60
B. 80
Correct C. 100
D. 120

Correct Answer: C

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Question 12
A company has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 5 Jan | Sales | | 15,000 | | 10 Jan | Purchase | 8,000 | | | 15 Jan | Rent | | 2,000 | | 20 Jan | Cash | | 5,000 | What is the net profit for the month of January?
Correct A. ₦6,000
B. ₦7,000
C. ₦8,000
D. ₦9,000

Correct Answer: A

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Question 13
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct journal entry to correct the error in the trial balance?
Correct A. Debit Cash, Credit Profit
B. Debit Profit, Credit Cash
C. Debit Purchase, Credit Rent
D. Debit Rent, Credit Purchase

Correct Answer: A

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Question 14
A company has the following ledger accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct ledger account to post the journal entry?
Correct A. Cash
B. Sales
C. Purchase
D. Profit

Correct Answer: A

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Question 15
A company has the following self-balancing ledger: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct self-balancing ledger to post the journal entry?
Correct A. Cash
B. Sales
C. Purchase
D. Profit

Correct Answer: A

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Question 16
A company has the following double-entry system: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct double-entry system to post the journal entry?
Correct A. Cash
B. Sales
C. Purchase
D. Profit

Correct Answer: A

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Question 17
A company has the following ledger accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Sales | | 15,000 | | Purchase | 8,000 | | | Rent | | 2,000 | | Profit | | 5,000 | What is the correct ledger account to post the journal entry?
Correct A. Cash
B. Sales
C. Purchase
D. Profit

Correct Answer: A

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Question 18
A company's trading account for the year ended 31st December 2024 is as follows: Debit: Sales £ 1,500,000 Purchases £ 1,200,000 Wages £ 150,000 Rent £ 50,000 Credit: Returns Outwards £ 20,000 Returns Inwards £ 10,000 Drawings £ 30,000 Calculate the gross profit for the year.
A. £ 300,000
Correct B. £ 400,000
C. £ 500,000
D. £ 600,000

Correct Answer: B

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Question 19
A company's balance sheet as at 31st December 2024 is as follows: Assets: Cash £ 100,000 Debtors £ 200,000 Stock £ 300,000 Prepaid Rent £ 20,000 Total Assets £ 620,000 Liabilities: Creditors £ 150,000 Capital £ 200,000 Total Liabilities £ 350,000 What is the amount of the company's net current assets?
A. £ 270,000
B. £ 280,000
C. £ 290,000
Correct D. £ 300,000

Correct Answer: D

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Question 20
A company's manufacturing account for the year ended 31st December 2024 is as follows: Direct Materials £ 500,000 Direct Labour £ 300,000 Overheads £ 200,000 Total Cost of Production £ 1,000,000 Selling Price per unit £ 50 Number of Units Sold 20,000 What is the company's gross profit for the year?
A. £ 1,000,000
B. £ 1,200,000
Correct C. £ 1,400,000
D. £ 1,600,000

Correct Answer: C

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Question 21
A company's single entry system for the year ended 31st December 2024 is as follows: Debit: Purchases £ 1,200,000 Wages £ 150,000 Rent £ 50,000 Credit: Returns Outwards £ 20,000 Returns Inwards £ 10,000 Drawings £ 30,000 What is the company's net profit for the year?
A. £ 300,000
B. £ 400,000
Correct C. £ 500,000
D. £ 600,000

Correct Answer: C

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Question 22
A company's control account for the year ended 31st December 2024 is as follows: Debit: Purchases £ 1,200,000 Wages £ 150,000 Rent £ 50,000 Credit: Returns Outwards £ 20,000 Returns Inwards £ 10,000 Drawings £ 30,000 What is the company's net profit for the year?
A. £ 300,000
B. £ 400,000
Correct C. £ 500,000
D. £ 600,000

Correct Answer: C

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Question 23
A company's self-balancing ledger for the year ended 31st December 2024 is as follows: Debit: Purchases £ 1,200,000 Wages £ 150,000 Rent £ 50,000 Credit: Returns Outwards £ 20,000 Returns Inwards £ 10,000 Drawings £ 30,000 What is the company's net profit for the year?
A. £ 300,000
B. £ 400,000
Correct C. £ 500,000
D. £ 600,000

Correct Answer: C

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Question 24
A company's trial balance shows a debit balance of ₦50,000 in the accounts payable account. However, the company's ledger shows a credit balance of ₦20,000 in the accounts payable account. What is the correct treatment for this discrepancy?
A. Debit the accounts payable account by ₦50,000
B. Credit the accounts payable account by ₦20,000
Correct C. Debit the accounts payable account by ₦30,000
D. Credit the accounts payable account by ₦50,000

Correct Answer: C

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Question 25
A manufacturing company uses a job order costing system. The company has the following costs: direct materials of ₦100,000, direct labor of ₦150,000, and overhead of ₦200,000. What is the total cost of production?
A. ₦450,000
Correct B. ₦550,000
C. ₦450,000
D. ₦550,000

Correct Answer: B

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