POST UTME CALEB UNIVERSITY 2022 Accounting | Objective

Are you preparing for POST UTME CALEB UNIVERSITY 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.

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Question 1
The following trial balance was extracted from the ledger of XYZ Ltd. at the end of the year. Prepare a balance sheet and identify the errors in the trial balance.
A. ₦1250
Correct B. ₦1500
C. ₦1750
D. ₦2000

Correct Answer: B

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Question 2
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, and Common Stock. The ledger is balanced as follows: Cash = ₦1000, Accounts Payable = ₦500, and Common Stock = ₦2000. What is the total value of the company's assets?
Correct A. ₦2500
B. ₦3000
C. ₦3500
D. ₦4000

Correct Answer: A

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Question 3
A company uses the double-entry system to record its transactions. The company has the following accounts: Cash, Accounts Payable, and Common Stock. The company's ledger is balanced as follows: Cash = ₦1000, Accounts Payable = ₦500, and Common Stock = ₦2000. What is the total value of the company's assets?
Correct A. ₦2500
B. ₦3000
C. ₦3500
D. ₦4000

Correct Answer: A

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Question 4
A company uses the double-entry system to record its transactions. The company has the following accounts: Cash, Accounts Payable, and Common Stock. The company's ledger is balanced as follows: Cash = ₦1000, Accounts Payable = ₦500, and Common Stock = ₦2000. What is the total value of the company's assets?
Correct A. ₦2500
B. ₦3000
C. ₦3500
D. ₦4000

Correct Answer: A

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Question 5
A company uses the double-entry system to record its transactions. The company has the following accounts: Cash, Accounts Payable, and Common Stock. The company's ledger is balanced as follows: Cash = ₦1000, Accounts Payable = ₦500, and Common Stock = ₦2000. What is the total value of the company's assets?
Correct A. ₦2500
B. ₦3000
C. ₦3500
D. ₦4000

Correct Answer: A

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Question 6
A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of the firm's assets and liabilities?
A. The deceased partner's share is written off against the firm's capital account.
B. The deceased partner's share is transferred to the firm's profit and loss account.
Correct C. The deceased partner's share is distributed to the remaining partners in proportion to their capital.
D. The deceased partner's share is sold to a third party at the current market value.

Correct Answer: C

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Question 7
A government agency is responsible for collecting taxes on behalf of the government. What type of account is used to record the taxes collected?
Correct A. Revenue account
B. Expense account
C. Asset account
D. Liability account

Correct Answer: A

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Question 8
A company uses a double-entry system to record its transactions. What is the purpose of the trial balance?
A. To prepare the financial statements
Correct B. To identify and correct errors in the accounting records
C. To determine the company's net income
D. To calculate the company's tax liability

Correct Answer: B

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Question 9
A company has a control account for its accounts payable. What is the purpose of the control account?
A. To record the company's purchases
B. To record the company's sales
Correct C. To record the company's accounts payable
D. To record the company's accounts receivable

Correct Answer: C

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Question 10
A company uses a self-balancing ledger to record its transactions. What is the purpose of the ledger?
A. To record the company's assets
B. To record the company's liabilities
C. To record the company's equity
Correct D. To record the company's revenues and expenses

Correct Answer: D

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Question 11
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦120,000, and the Sales department has a balance of ₦80,000. If the company's total assets are ₦400,000, what is the balance of the Administration department?
A. ₦100,000
B. ₦120,000
C. ₦80,000
Correct D. ₦0

Correct Answer: D

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Question 12
A company's trial balance shows the following accounts: Cash ₦120,000, Accounts Payable ₦80,000, and Common Stock ₦200,000. If the company's total liabilities are ₦180,000, what is the balance of the Retained Earnings account?
A. ₦20,000
B. ₦40,000
Correct C. ₦60,000
D. ₦80,000

Correct Answer: C

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Question 13
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦120,000, and the Sales department has a balance of ₦80,000. If the company's total assets are ₦400,000, what is the balance of the Administration department?
A. ₦100,000
B. ₦120,000
C. ₦80,000
Correct D. ₦0

Correct Answer: D

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Question 14
A company's trial balance shows the following accounts: Cash ₦120,000, Accounts Payable ₦80,000, and Common Stock ₦200,000. If the company's total liabilities are ₦180,000, what is the balance of the Retained Earnings account?
A. ₦20,000
B. ₦40,000
Correct C. ₦60,000
D. ₦80,000

Correct Answer: C

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Question 15
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦120,000, and the Sales department has a balance of ₦80,000. If the company's total assets are ₦400,000, what is the balance of the Administration department?
A. ₦100,000
B. ₦120,000
C. ₦80,000
Correct D. ₦0

Correct Answer: D

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Question 16
A company uses the double-entry system to record transactions. The journal entry for the purchase of equipment on credit is as follows: Debit Equipment 10,000 and Credit Accounts Payable 10,000. What is the effect of this transaction on the accounting equation?
Correct A. Increases Assets and Decreases Liabilities
B. Increases Assets and Increases Liabilities
C. Decreases Assets and Decreases Liabilities
D. Decreases Assets and Increases Liabilities

Correct Answer: A

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Question 17
A company has the following ledger balances: Accounts Receivable 50,000, Accounts Payable 30,000, and Common Stock 100,000. What is the total amount of assets?
Correct A. 80,000
B. 120,000
C. 180,000
D. 220,000

Correct Answer: A

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Question 18
A company uses the straight-line method of depreciation. The cost of the asset is 10,000 and its useful life is 5 years. What is the annual depreciation expense?
Correct A. 2,000
B. 4,000
C. 6,000
D. 8,000

Correct Answer: A

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Question 19
A company has the following bank statement and cash book balances: Bank Statement 10,000, Cash Book 12,000. What is the correct balance of the bank account?
A. 10,000
Correct B. 12,000
C. 14,000
D. 16,000

Correct Answer: B

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Question 20
A company has the following trial balance: Accounts Receivable 50,000, Accounts Payable 30,000, and Common Stock 100,000. What is the total amount of assets?
Correct A. 80,000
B. 120,000
C. 180,000
D. 220,000

Correct Answer: A

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Question 21
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Correct A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000

Correct Answer: A

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Question 22
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦120,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
Correct A. ₦180,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: A

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Question 23
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000. What is the correct balance in the Profit and Loss Account?
Correct A. ₦100,000
B. ₦50,000
C. ₦200,000
D. ₦150,000

Correct Answer: A

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Question 24
A company's balance sheet shows the following balances: Equity ₦100,000, Liabilities ₦200,000. What is the correct balance in the Assets?
Correct A. ₦300,000
B. ₦200,000
C. ₦100,000
D. ₦300,000

Correct Answer: A

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Question 25
A government agency's budget shows the following allocations: Personnel Expenses ₦100,000, Capital Expenditures ₦200,000. What is the correct balance in the Operating Expenses?
Correct A. ₦300,000
B. ₦100,000
C. ₦200,000
D. ₦300,000

Correct Answer: A

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