POST UTME BSU 2021 Accounting | Objective

Are you preparing for POST UTME BSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the single-entry system of accounting. The following transactions were recorded in the accounting period:
A. ₦500,000
Correct B. ₦750,000
C. ₦1,000,000
D. ₦1,250,000

Correct Answer: B

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Question 2
A company's trial balance shows the following balances:
Correct A. ₦1,000,000
B. ₦750,000
C. ₦500,000
D. ₦250,000

Correct Answer: A

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Question 3
A company's cash book shows the following transactions:
A. ₦1,000,000
B. ₦750,000
Correct C. ₦500,000
D. ₦250,000

Correct Answer: C

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Question 4
A company's bank reconciliation statement shows the following discrepancies:
A. ₦1,000,000
Correct B. ₦750,000
C. ₦500,000
D. ₦250,000

Correct Answer: B

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Question 5
A company's ledger accounts show the following balances:
A. ₦1,000,000
B. ₦750,000
C. ₦500,000
Correct D. ₦250,000

Correct Answer: D

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Question 6
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the shares were sold for 5 each, what is the total amount received from the sale of shares?
A. ₦30,000,000
B. ₦40,000,000
Correct C. ₦50,000,000
D. ₦60,000,000

Correct Answer: C

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Question 7
A manufacturing company uses a job costing system. The company incurred the following costs during the month: direct materials 10,000, direct labor 15,000, and overhead 20,000. If the company produced 1,000 units during the month, what is the total cost per unit?
A. ₦35
B. ₦40
Correct C. ₦45
D. ₦50

Correct Answer: C

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Question 8
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. If the company uses the straight-line method of depreciation, what is the annual depreciation charge?
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 9
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the shares were sold for 5 each, what is the total amount received from the sale of shares?
A. ₦30,000,000
B. ₦40,000,000
Correct C. ₦50,000,000
D. ₦60,000,000

Correct Answer: C

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Question 10
A manufacturing company uses a job costing system. The company incurred the following costs during the month: direct materials 10,000, direct labor 15,000, and overhead 20,000. If the company produced 1,000 units during the month, what is the total cost per unit?
A. ₦35
B. ₦40
Correct C. ₦45
D. ₦50

Correct Answer: C

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Question 11
A company uses a job costing system to account for its manufacturing activities. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its work-in-progress account, while the Assembly department has a balance of ₦180,000 in its work-in-progress account. If the company's total work-in-progress balance is ₦300,000, what is the balance in the Cutting department's work-in-progress account after the Assembly department has completed its work?
A. ₦120,000
B. ₦180,000
Correct C. ₦240,000
D. ₦300,000

Correct Answer: C

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Question 12
A government agency is responsible for maintaining the country's public roads. The agency has a budget of ₦500 million for the year, which is allocated as follows: ₦200 million for road maintenance, ₦150 million for road construction, and ₦150 million for administrative expenses. If the agency has already spent ₦100 million on road maintenance and ₦75 million on road construction, what is the remaining balance in the agency's budget?
Correct A. ₦275 million
B. ₦300 million
C. ₦325 million
D. ₦350 million

Correct Answer: A

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Question 13
A company uses the perpetual inventory system to account for its merchandise inventory. The company has a beginning inventory balance of ₦150,000, and during the year, it purchases merchandise for ₦200,000 and sells merchandise for ₦300,000. If the company's cost of goods sold is ₦250,000, what is the company's ending inventory balance?
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 14
A sole proprietorship has a balance of ₦500,000 in its capital account. The proprietor withdraws ₦100,000 from the business during the year. If the business has a net income of ₦200,000, what is the new balance in the proprietor's capital account?
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 15
A partnership has a balance of ₦1,000,000 in its capital account. The partners withdraw ₦200,000 from the business during the year. If the business has a net income of ₦300,000, what is the new balance in the partnership's capital account?
A. ₦1,200,000
B. ₦1,300,000
Correct C. ₦1,400,000
D. ₦1,500,000

Correct Answer: C

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Question 16
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After 6 months, A withdraws ₦100,000 from the partnership, while B invests an additional ₦50,000. The profit-sharing ratio is 3:2. Calculate the total profit for the year, assuming a profit of ₦200,000.
A. ₦120,000
B. ₦150,000
C. ₦180,000
Correct D. ₦200,000

Correct Answer: D

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Question 17
A company uses the single-entry system of accounting. The company's assets at the beginning of the year were ₦1,000,000, and the assets at the end of the year were ₦1,500,000. The company's expenses for the year were ₦200,000. Calculate the company's net income for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 18
A company has the following ledger balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. The company's assets at the beginning of the year were ₦1,000,000, and the assets at the end of the year were ₦1,500,000. The company's expenses for the year were ₦200,000. Calculate the company's net income for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 19
A company has the following ledger balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. The company's assets at the beginning of the year were ₦1,000,000, and the assets at the end of the year were ₦1,500,000. The company's expenses for the year were ₦200,000. Calculate the company's net income for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 20
A company has the following ledger balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. The company's assets at the beginning of the year were ₦1,000,000, and the assets at the end of the year were ₦1,500,000. The company's expenses for the year were ₦200,000. Calculate the company's net income for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 21
Determine the correct order of operations for the following expression: ( rac{1}{2} imes (3 + 4) div (2 - 1) ).
A. ( rac{1}{2} imes 3 + 4 div (2 - 1) )
B. ( rac{1}{2} imes (3 + 4) div 2 )
Correct C. ( rac{1}{2} imes (3 + 4) div (2 - 1) )
D. ( rac{1}{2} imes 3 + 4 div 2 )

Correct Answer: C

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Question 22
A company's trial balance shows the following balances: Accounts Payable ( ₦ 150,000 ), Accounts Receivable ( ₦ 200,000 ), Sales Revenue ( ₦ 500,000 ), Cost of Goods Sold ( ₦ 300,000 ). Determine the correct balance for the company's Cash account.
Correct A. ( ₦ 50,000 )
B. ( ₦ 100,000 )
C. ( ₦ 150,000 )
D. ( ₦ 200,000 )

Correct Answer: A

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Question 23
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ( ₦ 100,000 ), Accounts Payable ( ₦ 50,000 ), Sales Revenue ( ₦ 200,000 ). Determine the correct balance for the company's Cost of Goods Sold account.
A. ( ₦ 50,000 )
B. ( ₦ 100,000 )
Correct C. ( ₦ 150,000 )
D. ( ₦ 200,000 )

Correct Answer: C

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Question 24
A company's financial statements show the following balances: Trading Profit ( ₦ 100,000 ), Non-Current Assets ( ₦ 500,000 ), Current Liabilities ( ₦ 200,000 ). Determine the correct balance for the company's Equity account.
A. ( ₦ 300,000 )
B. ( ₦ 400,000 )
Correct C. ( ₦ 500,000 )
D. ( ₦ 600,000 )

Correct Answer: C

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Question 25
A company's financial statements show the following balances: Trading Profit ( ₦ 150,000 ), Non-Current Assets ( ₦ 300,000 ), Current Liabilities ( ₦ 100,000 ). Determine the correct balance for the company's Equity account.
A. ( ₦ 350,000 )
B. ( ₦ 450,000 )
Correct C. ( ₦ 550,000 )
D. ( ₦ 650,000 )

Correct Answer: C

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