POST UTME UNIOSUN 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows an error of ₦15,000 in the debit side of the 'Accounts Payable' account. If the correct balance is ₦120,000, what is the correct balance of the 'Accounts Payable' account?
A. ₦135,000
B. ₦120,000
C. ₦105,000
D. ₦90,000
Question 2
A company's trial balance as at 31st December, 2024 is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦30,000 | | Sales Revenue | ₦0 | ₦150,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | | Total | ₦130,000 | ₦180,000 | Prepare the Income Statement as at 31st December, 2024.
A. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦30,000 Net Income
B. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦120,000 Net Income
C. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦150,000 Net Income
D. ₦50,000 Cash, ₦30,000 Accounts Payable, ₦150,000 Sales Revenue, ₦80,000 Cost of Goods Sold, ₦180,000 Net Income
Question 3
A company's balance sheet as at 31st December 2024 shows a total equity of ₦3,500,000. The company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The company's drawings for the year were ₦1,000,000. What is the amount of the company's capital introduced during the year?
A. ₦1,000,000
B. ₦2,000,000
C. ₦3,000,000
D. ₦4,000,000
Question 4
In a partnership account, if the capital of A and B are ₦120,000 and ₦90,000 respectively, and the profit-sharing ratio is 3:2, what is the ratio of their capitals?
A. 2:1
B. 3:2
C. 1:2
D. 4:3
Question 5
A company's financial year ends on 31st December. The following transactions occurred during the year:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 6
A company's balance sheet shows the following information:
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 7
A manufacturing company uses the process costing method to value its inventory. The company's production costs for the month are as follows: direct materials ₦120,000, direct labor ₦150,000, and overheads ₦80,000. What is the total production cost for the month?
A. ₦350,000
B. ₦350,250
C. ₦350,500
D. ₦350,750
Question 8
A company's income statement shows the following information:
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 9
A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The balance on the capital account is ₦2,000,000. The company's balance sheet as at 31st December 2024 shows a total equity of ₦3,500,000. What is the amount of the company's drawings for the year?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 10
A company has two partners, A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. The company's profit is ₦100,000. How much will Partner A receive?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 11
A company uses the double entry system to record its financial transactions. The company's assets are ₦300,000, liabilities are ₦100,000, and equity is ₦200,000. What is the company's net worth?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 12
A company uses the straight-line method of depreciation. The company's asset has a cost of ₦200,000 and a useful life of 5 years. What is the annual depreciation charge?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦80,000
Question 13
A company uses the self-balancing ledger to record its financial transactions. The company's ledger shows a balance of ₦120,000. However, the company's cash book shows a balance of ₦100,000. What is the reason for the difference?
A. The company has not recorded all its financial transactions.
B. The company has not deposited all its cash into the bank.
C. The company has not recorded all its cash receipts.
D. The company has not recorded all its financial liabilities.
Question 14
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 15
A company uses the single entry system to record its financial transactions. The company's cash book shows a balance of ₦100,000. However, the company's ledger shows a balance of ₦120,000. What is the reason for the difference?
A. The company has not recorded all its financial transactions.
B. The company has not deposited all its cash into the bank.
C. The company has not recorded all its cash receipts.
D. The company has not recorded all its financial liabilities.

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