POST UTME UNILAG 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a control account for its cash transactions. The following transactions occurred during the month:
Debit: ₦10,000 (cash sales), ₦5,000 (cash purchases), ₦2,000 (bank charges)
Credit: ₦8,000 (cash received from customers), ₦3,000 (cash paid to suppliers)
Determine the balance in the control account.
Question 2
Determine the amount of depreciation for a machine that cost ₦250,000 and has a useful life of 5 years. The machine is expected to lose 10% of its value each year.
Question 3
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦50,000. The company's journal shows the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash received from customers | ₦20,000 | |
| 15 Jan | Cash paid to suppliers | | ₦15,000 |
| 20 Jan | Cash received from customers | ₦30,000 | |
| 25 Jan | Cash paid to employees | | ₦10,000 |
What is the company's net cash inflow for the month?
Question 4
A company's cash book shows the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash received from customers | ₦20,000 | |
| 15 Jan | Cash paid to suppliers | | ₦15,000 |
| 20 Jan | Cash received from customers | ₦30,000 | |
| 25 Jan | Cash paid to employees | | ₦10,000 |
What is the company's net cash inflow for the month?
Question 5
A company purchased a machine for ₦200,000 and depreciated it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
Question 6
A company has the following departmental accounts. Prepare a departmental income statement.
Question 7
A company has a cash book that shows the following transactions:
Date | Debit | Credit
01/01 | ₦10,000 | ₦8,000
15/01 | ₦5,000 | ₦3,000
Determine the balance in the cash account.
Question 8
A government agency has a public sector accounting system that uses a self-balancing ledger. What is the main advantage of this system?
Question 9
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. Calculate the total amount received from the issue of shares.
Question 10
A company purchased a machine for ₦200,000 and depreciated it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
Question 11
A company has a bank reconciliation statement that shows the following:
Bank Balance | ₦20,000
Cash in Hand | ₦10,000
Determine the total amount of cash available to the company.
Question 12
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦10,000 | |
| 2 Jan | Bank | | ₦8,000 |
| 3 Jan | Cash | | ₦2,000 |
| 4 Jan | Bank | ₦4,000 | |
| 5 Jan | Cash | | ₦6,000 |
What is the balance in the cash book?
Question 13
A company prepares a trial balance that shows a total debit balance of ₦500,000 and a total credit balance of ₦600,000. What is the reason for the difference?
Question 14
A manufacturing company produces 1000 units of a product. The cost of production is ₦5000 per unit. If the selling price is ₦7500 per unit, what is the profit per unit?
Question 15
A company's profit and loss account for the year ended 31st December 2024 is as follows:
Sales: ₦1,500,000
Cost of Goods Sold: ₦1,200,000
Gross Profit: ₦300,000
Operating Expenses: ₦100,000
Net Profit: ₦200,000
What is the company's current ratio?
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