POST UTME UNN 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following ledger accounts: Cash: ₦100,000, Accounts Receivable: ₦80,000, Inventory: ₦200,000, Prepaid Rent: ₦30,000, and Equipment: ₦150,000. What is the total amount of assets on the balance sheet?
Question 2
In a partnership account, the capital of the partners is divided in the ratio of 3:5:7. If the total capital is ₦1,500,000, what is the amount of capital of each partner?
Question 3
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 4
A company's cash book shows a debit balance of ₦50,000. However, the bank statement shows a credit balance of ₦30,000. What is the correct balance of the company's bank account?
Question 5
A company issues 5,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 6
A company's control account shows the following balances: Sales ₦150,000, Purchases ₦80,000, Cost of Goods Sold ₦60,000. What is the gross profit of the company?
Question 7
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 8
A company has the following trial balance as at 31st December 2024:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦50,000 | |
| Accounts Payable | | ₦30,000 |
| Sales Revenue | | ₦200,000 |
| Cost of Goods Sold | ₦150,000 | |
| Net Income | | ₦50,000 |
What is the correct balance for the Cash account?
Question 9
A company has the following ledger accounts:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦50,000 | |
| Accounts Payable | | ₦30,000 |
| Sales Revenue | | ₦200,000 |
| Cost of Goods Sold | ₦150,000 | |
What is the correct balance for the Accounts Payable account?
Question 10
A trader maintains the following ledger accounts: Purchases, Sales, and Capital. The trial balance shows a difference of ₦20,000 between the debit and credit sides. What is the correct journal entry to rectify the error?
Question 11
A company uses the double-entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable: ₦120,000, Accounts Receivable: ₦90,000, Common Stock: ₦500,000, Dividends: ₦20,000, Retained Earnings: ₦150,000, Sales: ₦1,200,000, and Wages Expense: ₦180,000. What is the total amount of assets on the balance sheet?
Question 12
A company's cash book as at 31st December 2024 is as follows:
Date | Voucher No. | Particulars | Debit | Credit | Balance
-------------------------
01/01/2024 | 1 | Cash | ₦10,000 | ₦0 | ₦10,000
15/01/2024 | 2 | Cash | ₦5,000 | ₦0 | ₦15,000
20/01/2024 | 3 | Cash | ₦0 | ₦10,000 | ₦5,000
What is the cash balance as at 31st December 2024?
Question 13
A company's cash book as at 31st December 2024 is as follows:
Date | Voucher No. | Particulars | Debit | Credit | Balance
-------------------------
01/01/2024 | 1 | Cash | ₦10,000 | ₦0 | ₦10,000
15/01/2024 | 2 | Cash | ₦5,000 | ₦0 | ₦15,000
20/01/2024 | 3 | Cash | ₦0 | ₦10,000 | ₦5,000
What is the cash balance as at 31st December 2024?
Question 14
A trader records the following transactions in his journal: Debit Cash ₦10,000, Credit Sales ₦15,000, Debit Purchases ₦8,000, Credit Accounts Payable ₦6,000. What is the net effect on the trader's cash balance?
Question 15
A company has the following ledger accounts: Cash: ₦100,000, Accounts Receivable: ₦80,000, Inventory: ₦200,000, Prepaid Rent: ₦30,000, and Equipment: ₦150,000. What is the total amount of assets on the balance sheet?
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