POST UTME UNIBEN 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account for the year shows the following:
Question 2
A company's profit and loss account shows the following: Sales ₦200,000, Cost of Goods Sold ₦120,000, and Operating Expenses ₦30,000. What is the company's net profit?
Question 3
A company has the following trial balance: assets of ₦1,000,000, liabilities of ₦500,000, and equity of ₦500,000. What is the company's net worth?
Question 4
A company uses the single-entry system of accounting. The company's cash book shows the following transactions:
Question 5
A company's balance sheet shows the following: Equity Share Capital ₦100,000, Retained Earnings ₦50,000, and Accumulated Depreciation ₦20,000. What is the company's net worth?
Question 6
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?
Question 7
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?
Question 8
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?
Question 9
A company has the following trading account: Sales 100,000, Cost of Goods Sold 60,000. Calculate the gross profit.
Question 10
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?
Question 11
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 12
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?
Question 13
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount of premium received.
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 20,000 respectively. The profit sharing ratio is 2:3. Calculate the profit to be shared by A.
Question 15
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.
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