POST UTME UNN 2025 Accounting | Objective

Are you preparing for POST UTME UNN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 shares of 10% preference shares at a premium of 20% on the face value. The face value of each share is ₦10. Calculate the total premium received.
A. ₦50,000
Correct B. ₦100,000
C. ₦200,000
D. ₦500,000

Correct Answer: B

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Question 2
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?
A. ₦20,000
B. ₦30,000
C. ₦50,000
Correct D. ₦80,000

Correct Answer: D

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Question 3
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦150,000. What is the correct net result?
A. ₦50,000
Correct B. ₦100,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 4
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the company's net worth?
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦500,000

Correct Answer: B

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Question 5
A company issued 10,000 shares of ₦10 each at a premium of 50%. The company also issued 5,000 debentures of ₦100 each. What is the total amount received from the issue of shares and debentures?
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦2,500,000
D. ₦3,000,000

Correct Answer: C

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Question 6
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.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 7
A manufacturing company has the following transactions: Purchased raw materials worth ₦50,000 on credit. Sold goods worth ₦100,000 for cash. Paid wages of ₦20,000. Calculate the net profit or loss for the period.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 8
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000. Prepare a trial balance.
Correct A. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000
B. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦120,000
C. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦80,000
D. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦90,000

Correct Answer: A

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Question 9
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.
A. ₦25,000
B. ₦50,000
Correct C. ₦75,000
D. ₦100,000

Correct Answer: C

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Question 10
A manufacturing company has the following transactions: Purchased raw materials worth ₦30,000 on credit. Sold goods worth ₦60,000 for cash. Paid wages of ₦15,000. Calculate the net profit or loss for the period.
A. ₦15,000
B. ₦20,000
C. ₦25,000
Correct D. ₦30,000

Correct Answer: D

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Question 11
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.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 12
A company's trial balance as at 31st December 2024 is as follows: Debit ----------------- Cash: ₦50,000 Accounts Payable: ₦20,000 Sales Revenue: ₦150,000 Cost of Goods Sold: ₦100,000 ----------------- Credit ----------------- Accounts Receivable: ₦30,000 Common Stock: ₦50,000 Salaries Expense: ₦20,000 Rent Expense: ₦10,000 ----------------- What is the total amount of assets on the balance sheet?
Correct A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: A

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Question 13
A company's bank statement as at 31st December 2024 is as follows: Date | Debit | Credit | Balance ------------------------- 01/01/2024 | ₦10,000 | ₦0 | ₦10,000 15/01/2024 | ₦5,000 | ₦0 | ₦15,000 20/01/2024 | ₦0 | ₦10,000 | ₦5,000 What is the bank balance as at 31st December 2024?
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 14
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?
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 15
A company's trial balance as at 31st December 2024 is as follows: Debit ----------------- Cash: ₦50,000 Accounts Payable: ₦20,000 Sales Revenue: ₦150,000 Cost of Goods Sold: ₦100,000 ----------------- Credit ----------------- Accounts Receivable: ₦30,000 Common Stock: ₦50,000 Salaries Expense: ₦20,000 Rent Expense: ₦10,000 ----------------- What is the total amount of liabilities on the balance sheet?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 16
A company's bank statement as at 31st December 2024 is as follows: Date | Debit | Credit | Balance ------------------------- 01/01/2024 | ₦10,000 | ₦0 | ₦10,000 15/01/2024 | ₦5,000 | ₦0 | ₦15,000 20/01/2024 | ₦0 | ₦10,000 | ₦5,000 What is the bank balance as at 31st December 2024?
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 17
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?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: VIEW ANSWER

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Question 18
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?
A. ₦150,000
Correct B. ₦225,000
C. ₦350,000
D. ₦525,000

Correct Answer: B

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Question 19
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount of premium received?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 20
A trader maintains the following ledger accounts: Purchases, Sales, and Capital. The trial balance shows a difference of ₦10,000 between the debit and credit sides. What is the correct journal entry to rectify the error?
A. Debit Purchases and Credit Capital
B. Debit Sales and Credit Capital
Correct C. Debit Purchases and Credit Sales
D. Debit Capital and Credit Purchases

Correct Answer: C

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Question 21
A company issued 5,000 debentures of ₦100 each at a discount of 5%. If the company received a total of ₦450,000, what is the amount of discount received?
A. ₦5,000
B. ₦10,000
C. ₦15,000
Correct D. ₦20,000

Correct Answer: D

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Question 22
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?
A. Debit Purchases and Credit Capital
B. Debit Sales and Credit Capital
C. Debit Purchases and Credit Sales
Correct D. Debit Capital and Credit Purchases

Correct Answer: D

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Question 23
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?
A. ₦1,420,000
Correct B. ₦1,520,000
C. ₦1,620,000
D. ₦1,720,000

Correct Answer: B

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Question 24
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?
A. ₦560,000
B. ₦660,000
Correct C. ₦760,000
D. ₦860,000

Correct Answer: C

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Question 25
A company uses the straight-line method to depreciate its assets. The asset's cost is ₦200,000, and its useful life is 5 years. What is the annual depreciation expense?
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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