POST UTME UNIPORT 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit for partner A.
A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000
Question 2
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership's profit is ₦150,000, how much will Partner A receive?
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦70,000
Question 3
A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the payment of accounts payable?
A. Debit Accounts Payable ₦ 50,000 and Credit Cash ₦ 50,000
B. Debit Sales Revenue ₦ 100,000 and Credit Common Stock ₦ 30,000
C. Debit Cash ₦ 50,000 and Credit Accounts Payable ₦ 50,000
D. Debit Common Stock ₦ 30,000 and Credit Accounts Payable ₦ 50,000
Question 4
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦180,000
C. ₦150,000
D. ₦210,000
Question 5
A company's manufacturing account shows the following data: Direct materials ₦100,000, Direct labor ₦150,000, Factory overhead ₦200,000. What is the total cost of production?
A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000
Question 6
A company has the following balance sheet: Assets ₦150,000, Liabilities ₦50,000, and Equity ₦100,000. If the company issues 10,000 shares of stock at ₦10 per share, what is the new balance of the company's equity?
A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 7
A company uses the double-entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the sale of goods on credit to a customer?
A. Debit Accounts Payable ₦ 50,000 and Credit Sales Revenue ₦ 100,000
B. Debit Sales Revenue ₦ 100,000 and Credit Cost of Goods Sold ₦ 70,000
C. Debit Common Stock ₦ 30,000 and Credit Sales Revenue ₦ 100,000
D. Debit Accounts Payable ₦ 50,000 and Credit Cost of Goods Sold ₦ 70,000
Question 8
A company's trial balance shows a debit balance of ₦50,000 in the accounts payable account. If the company's accounts payable increased by ₦20,000 during the year, what is the correct balance in the accounts payable account?
A. ₦30,000
B. ₦50,000
C. ₦70,000
D. ₦60,000
Question 9
A company uses the straight-line method of depreciation for its assets. If the asset has a useful life of 5 years and a residual value of ₦50,000, calculate the annual depreciation charge if the asset cost ₦300,000.
A. ₦50,000
B. ₦60,000
C. ₦55,000
D. ₦65,000
Question 10
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 11
A company's balance sheet shows a current liability of ₦100,000. However, the company's accounting records show that the liability was actually settled in cash. What is the likely reason for the discrepancy?
A. The company has not yet recorded the settlement of the liability.
B. The company has not yet debited the 'Cash' account.
C. The company has not yet credited the 'Liability' account.
D. The company's balance sheet is not up-to-date.
Question 12
A company's trial balance shows a credit balance of ₦30,000 in the 'Sales Revenue' account. However, the company's accounting records show that the sales were actually made in cash. What is the likely reason for the discrepancy?
A. The company has not yet recorded the sales revenue.
B. The company has not yet credited the 'Sales Revenue' account.
C. The company has not yet debited the 'Cash' account.
D. The company's trial balance is not up-to-date.
Question 13
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦25,000 | | | 5 Jan | Cash | | ₦30,000 | Calculate the bank balance on 5 Jan.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A company's departmental accounts show the following data: Sales revenue ₦500,000, Cost of goods sold ₦300,000, Gross profit ₦200,000. What is the gross profit percentage?
A. 40%
B. 50%
C. 60%
D. 70%
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare the company's balance sheet.
A. Assets: ₦180,000; Liabilities: ₦50,000; Equity: ₦130,000
B. Assets: ₦130,000; Liabilities: ₦50,000; Equity: ₦80,000
C. Assets: ₦180,000; Liabilities: ₦80,000; Equity: ₦100,000
D. Assets: ₦130,000; Liabilities: ₦80,000; Equity: ₦50,000

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