POST UTME UNILORIN 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product on hand at a cost of ₦120 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦130 per unit. The company uses the weighted average method to determine the cost of goods sold. Calculate the cost of goods sold for the year.
Question 2
A manufacturing company produces two products: A and B. Product A requires 2 hours of labor and 3 units of raw material, while Product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of Product A and Product B can be produced?
Question 3
A company has the following transactions:
1. Purchase of office equipment for ₦120,000.
2. Sale of goods for ₦150,000.
3. Payment of salaries to employees for ₦80,000.
4. Purchase of raw materials for ₦90,000.
5. Sale of goods for ₦200,000.
6. Payment of rent for ₦50,000.
7. Purchase of office supplies for ₦10,000.
8. Sale of goods for ₦250,000.
9. Payment of electricity bill for ₦20,000.
10. Purchase of raw materials for ₦100,000.
What is the total amount of expenses recorded in the journal?
Question 4
A company prepares its trial balance on December 31, 2025. The trial balance shows the following balances: Accounts Receivable ₦150,000, Accounts Payable ₦100,000, and Common Stock ₦500,000. Prepare the Balance Sheet for the company.
Question 5
A company uses the double-entry system of accounting. The following transactions are recorded in the journal:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦10,000 | |
| 1st Jan | Bank | | ₦10,000 |
| 2nd Jan | Rent | | ₦5,000 |
| 3rd Jan | Cash | ₦5,000 | |
What is the correct ledger account for the Cash account?
Question 6
A company has the following transactions:
1. Purchase of office equipment for ₦120,000.
2. Sale of goods for ₦150,000.
3. Payment of salaries to employees for ₦80,000.
4. Purchase of raw materials for ₦90,000.
5. Sale of goods for ₦200,000.
6. Payment of rent for ₦50,000.
7. Purchase of office supplies for ₦10,000.
8. Sale of goods for ₦250,000.
9. Payment of electricity bill for ₦20,000.
10. Purchase of raw materials for ₦100,000.
What is the total amount of revenue recorded in the journal?
Question 7
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
Question 8
A company's trading account shows a profit of 50,000. If the company's capital accounts are 100,000 and the drawings of the partners are 20,000, what is the net profit?
Question 9
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
Question 10
A company uses the single-entry system of accounting. The company's assets, liabilities, and equity at the beginning of the year were ₦100,000, ₦50,000, and ₦50,000, respectively. During the year, the company purchased equipment for ₦20,000 and sold goods for ₦30,000. The company's net income for the year was ₦15,000. Prepare the company's statement of financial position at the end of the year.
Question 11
A manufacturing company produces two products: A and B. Product A requires 2 hours of labor and 3 units of raw material, while Product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of Product A and Product B can be produced?
Question 12
A public sector organization has the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Salaries | | ₦100,000 |
| 2nd Jan | Rent | | ₦50,000 |
| 3rd Jan | Utilities | | ₦20,000 |
What is the correct accounting treatment for the above transactions?
Question 13
A company prepares its trial balance on December 31, 2025. The trial balance shows the following balances: Accounts Receivable ₦150,000, Accounts Payable ₦100,000, and Common Stock ₦500,000. Prepare the Income Statement for the company.
Question 14
A company has the following transactions:
1. Purchase of office equipment for ₦120,000.
2. Sale of goods for ₦150,000.
3. Payment of salaries to employees for ₦80,000.
4. Purchase of raw materials for ₦90,000.
5. Sale of goods for ₦200,000.
6. Payment of rent for ₦50,000.
7. Purchase of office supplies for ₦10,000.
8. Sale of goods for ₦250,000.
9. Payment of electricity bill for ₦20,000.
10. Purchase of raw materials for ₦100,000.
What is the total amount of liabilities recorded in the journal?
Question 15
A government agency has the following transactions: Revenue: ₦100,000, Expenditure: ₦80,000, and Capital Expenditure: ₦20,000. What is the net result of these transactions?
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