POST UTME AAUA 2022 Accounting | Objective

Are you preparing for POST UTME AAUA exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2022 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000
B. ₦50,000
C. ₦70,000
Correct D. ₦90,000

Correct Answer: D

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Question 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare a corrected trial balance.
Correct A. {Accounts Payable: ₦50,000, Sales Revenue: ₦200,000, Cost of Goods Sold: ₦150,000}
B. {Accounts Payable: ₦50,000, Sales Revenue: ₦50,000, Cost of Goods Sold: ₦150,000}
C. {Accounts Payable: ₦50,000, Sales Revenue: ₦200,000, Cost of Goods Sold: ₦50,000}
D. {Accounts Payable: ₦50,000, Sales Revenue: ₦50,000, Cost of Goods Sold: ₦50,000}

Correct Answer: A

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Question 3
A company issued 10% debentures of ₦100,000 at a premium of ₦10,000. Calculate the annual interest payable.
A. ₦10,000
Correct B. ₦11,000
C. ₦12,000
D. ₦13,000

Correct Answer: B

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Question 4
A company's assets are valued as follows: Buildings ₦500,000, Machinery ₦300,000, Vehicles ₦200,000. Calculate the total value of the assets.
Correct A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000

Correct Answer: A

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Question 5
A company's liabilities are as follows: Accounts Payable ₦50,000, Taxes Payable ₦20,000, Long-term Debt ₦100,000. Calculate the total amount of liabilities.
A. ₦170,000
B. ₦180,000
C. ₦190,000
Correct D. ₦200,000

Correct Answer: D

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Question 6
A company issued 5,000, 10% debentures of ₦100 each on January 1, 2022. The debentures are redeemable at ₦120 each after 5 years. Calculate the annual charge on the debentures.
Correct A. ₦50,000
B. ₦62,500
C. ₦75,000
D. ₦87,500

Correct Answer: A

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Question 7
A company's trading account for the year ended December 31, 2022, showed a profit of ₦250,000. The company also made a gain of ₦75,000 on the sale of a piece of land. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's tax liability for the year.
A. ₦50,000
Correct B. ₦62,500
C. ₦75,000
D. ₦87,500

Correct Answer: B

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Question 8
A company's balance sheet as at December 31, 2022, showed a current liability of ₦200,000 and a non-current liability of ₦500,000. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's equity as at December 31, 2022.
A. ₦800,000
B. ₦900,000
Correct C. ₦1,000,000
D. ₦1,100,000

Correct Answer: C

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Question 9
A company issued 10,000 shares of ₦10 each on January 1, 2022. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's retained earnings as at December 31, 2022.
A. ₦300,000
B. ₦400,000
Correct C. ₦500,000
D. ₦600,000

Correct Answer: C

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Question 10
A company's balance sheet as at December 31, 2022, showed a current asset of ₦200,000 and a non-current asset of ₦500,000. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's total assets as at December 31, 2022.
A. ₦700,000
B. ₦800,000
Correct C. ₦900,000
D. ₦1,000,000

Correct Answer: C

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Question 11
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for this discrepancy?
A. The company has outstanding checks
Correct B. The bank has charged a fee for an overdraft
C. The company has deposited cash but not yet recorded it
D. The company has written a check but not yet recorded it

Correct Answer: B

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Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦70,000. What is the company's net income?
Correct A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000

Correct Answer: A

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Question 13
A company's balance sheet shows the following balances: Cash ₦20,000, Accounts Payable ₦30,000, Common Stock ₦100,000. What is the company's total liabilities?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 14
A company's income statement shows the following balances: Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, Gross Profit ₦70,000. What is the company's net income?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 15
A company's cash book shows the following transactions: Cash Sale ₦10,000, Cash Purchase ₦5,000, Bank Deposit ₦20,000. What is the company's net cash flow?
A. ₦25,000
Correct B. ₦30,000
C. ₦35,000
D. ₦40,000

Correct Answer: B

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Question 16
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Correct A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000

Correct Answer: A

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Question 17
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Materials: ₦15,000; Labour: ₦20,000; Overheads: ₦18,000. Calculate the total cost of the job.
A. ₦53,000
B. ₦53,500
Correct C. ₦54,000
D. ₦54,500

Correct Answer: C

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Question 18
A partnership is formed between two individuals, A and B, who contribute ₦200,000 and ₦300,000 respectively. The profit is to be shared in the ratio 2:3. If the profit for the year is ₦150,000, calculate the amount of profit that will be allocated to A.
Correct A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000

Correct Answer: A

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Question 19
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦92,000
Correct C. ₦95,000
D. ₦97,000

Correct Answer: C

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Question 20
A company issues 10,000 9% debentures of ₦100 each at a premium of 5%. Calculate the amount received from the debenture holders.
A. ₦1,050,000
B. ₦1,100,000
Correct C. ₦1,150,000
D. ₦1,200,000

Correct Answer: C

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Question 21
Determine the amount of depreciation for a machine with a cost of ₦150,000, a useful life of 5 years, and a residual value of ₦20,000, using the straight-line method.
A. ₦25,000
Correct B. ₦30,000
C. ₦35,000
D. ₦40,000

Correct Answer: B

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Question 22
A partnership with a capital of ₦500,000 has 3 partners. If the profit is shared in the ratio 2:3:4, what is the amount of profit shared by each partner?
Correct A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: A

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Question 23
A company has a control account for its sales ledger. The control total is ₦1,000,000 and the ledger total is ₦950,000. What is the difference between the control total and the ledger total?
Correct A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: A

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Question 24
A company has the following transactions: Purchased goods for ₦200,000, sold goods for ₦300,000, and purchased a machine for ₦100,000. What is the total amount of the transactions?
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 25
A government agency has the following transactions: Received a grant of ₦500,000, paid salaries of ₦200,000, and purchased a vehicle for ₦150,000. What is the total amount of the transactions?
A. ₦750,000
Correct B. ₦800,000
C. ₦850,000
D. ₦900,000

Correct Answer: B

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