POST UTME WELLSPRING UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 5,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit for the year is ₦50,000. If A's share of the profit is 60%, what is the amount of A's share of the profit?
Question 3
A company's trial balance shows an error of ₦5,000 in the credit side of the accounts receivable account. The correct amount is ₦15,000. What is the effect of this error on the company's net income?
Question 4
A government agency has the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash | ₦ 50,000 | |
| 1/2 | Expenses | | ₦ 30,000 |
| 1/3 | Cash | | ₦ 20,000 |
| 1/4 | Expenses | ₦ 10,000 | |
Prepare the government agency's ledger accounts for the month of January.
Question 5
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has three jobs in production: Job A, Job B, and Job C. Job A requires 100 hours of direct labor, Job B requires 200 hours of direct labor, and Job C requires 300 hours of direct labor. The total overhead cost is ₦120,000. What is the overhead cost per hour for Job A?
Question 6
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 7
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. If the company receives ₦50,000 in cash and issues 2,000 shares to the promoter at ₦10 per share, what is the total amount received from the issue of shares?
Question 8
A company has a cash book account with a balance of ₦50,000. The company receives a cash deposit of ₦20,000 and pays a bill of ₦15,000. What is the new balance in the cash book account?
Question 9
A company uses the double-declining balance method to depreciate its assets. If the asset's cost is ₦200,000 and its useful life is 10 years, what is the annual depreciation charge?
Question 10
A company's balance sheet shows a current asset of ₦50,000 and a non-current liability of ₦30,000. What is the net working capital?
Question 11
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 ₦1,500,000, how much will A receive as their share of the profit?
Question 12
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦300,000. What is the company's net worth?
Question 13
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash | ₦ 10,000 | |
| 1/2 | Sales | | ₦ 15,000 |
| 1/3 | Purchases | ₦ 8,000 | |
| 1/4 | Cash | | ₦ 12,000 |
Prepare the cash book for the month of January.
Question 14
A company has a manufacturing account with a cost of goods sold of ₦500,000 and a selling price of ₦750,000. What is the profit from the manufacturing account?
Question 15
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. The correct amount is ₦15,000. What is the effect of this error on the company's net income?
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