POST UTME VERITAS UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's income statement shows the following: Sales ₦200,000, Cost of Goods Sold ₦120,000. What is the gross profit?
A. ₦20,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 2
A company's balance sheet shows the following accounts:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 3
A company's cash book shows a credit balance of ₦12,000. However, the bank statement shows a debit balance of ₦8,000. What is the likely reason for this discrepancy?
A. The company has not recorded a bank overdraft.
B. The company has not recorded a bank loan.
C. The company's bank account has been overdrawn.
D. The company's bank account has been credited with an incorrect amount.
Question 4
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 5
A company's trial balance shows a debit balance of ₦50,000 in the account 'Rent Received' and a credit balance of ₦30,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?
A. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
B. ₦30,000 debit to Rent Received and ₦50,000 credit to Rent Paid
C. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
D. ₦50,000 debit to Rent Paid and ₦30,000 credit to Rent Received
Question 6
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. What is the total revenue for the month?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 7
A company has the following transactions in its bank reconciliation statement: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Bank balance | 10,000 | 0 | | 1/2 | Cheque deposited | 0 | 8,000 | | 1/3 | Bank charges | 0 | 1,000 | | 1/4 | Cheque returned | 0 | 2,000 | What is the correct bank balance at the end of the month?
A. ₦19,000
B. ₦21,000
C. ₦23,000
D. ₦25,000
Question 8
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦1,000 | | | 2 Jan | Sales | | ₦1,500 | | 3 Jan | Purchases | ₦800 | | | 4 Jan | Cash | | ₦1,200 | What is the balance of the cash account?
A. ₦400
B. ₦500
C. ₦600
D. ₦700
Question 9
A company has the following transactions: Purchased office equipment for ₦50,000, Sold goods for ₦100,000, Purchased inventory for ₦200,000. Prepare a journal entry for the transactions.
A. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
B. Debit Inventory ₦200,000, Credit Cash ₦200,000
C. Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Inventory ₦200,000, Credit Cash ₦200,000
D. Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Sales ₦100,000, Credit Cash ₦100,000
Question 10
A company's balance sheet shows the following: Share Capital ₦100,000, Retained Earnings ₦50,000. What is the total amount of shareholders' equity?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 11
A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000. What is the net amount due from customers?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company's trial balance shows an error of ₦1,500 in the debit side of the accounts payable account. The correct balance is ₦15,000. What is the correct balance in the accounts receivable account if the initial balance was ₦8,000?
A. ₦23,500
B. ₦22,500
C. ₦21,500
D. ₦20,500
Question 13
A company has the following transactions in its cash book: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash received from customers | 10,000 | 0 | | 1/2 | Cash paid to suppliers | 0 | 5,000 | | 1/3 | Cash received from bank | 8,000 | 0 | | 1/4 | Cash paid to employees | 0 | 3,000 | What is the balance of the cash account at the end of the month?
A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000
Question 14
In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for a certain period?
A. Average Capital Method
B. Average Profit Method
C. Capital Account Method
D. Profit and Loss Account Method
Question 15
A company's financial statements for the year ended December 31, 2024, are as follows:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

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