POST UTME DELSU 2018 Accounting | Objective

Are you preparing for POST UTME DELSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2018 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and a NSF fee of ₦2,000. The company's cash book also shows a deposit of ₦30,000. What is the correct balance according to the bank statement?
A. ₦117,000
Correct B. ₦122,000
C. ₦127,000
D. ₦132,000

Correct Answer: B

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Question 2
A manufacturing company produces two products, X and Y. Product X requires 2 hours of labor and 3 units of raw material, while product Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of product X and product Y should be produced to maximize profit?
Correct A. X = 30, Y = 40
B. X = 40, Y = 30
C. X = 50, Y = 20
D. X = 20, Y = 50

Correct Answer: A

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Question 3
A partnership consists of three partners, A, B, and C. The capital contributions of the partners are A = ₦100,000, B = ₦80,000, and C = ₦60,000. The profit-sharing ratio is 3:2:1. What is the ratio of the capital contributions to the profit-sharing ratio?
Correct A. 3:2:1
B. 2:3:1
C. 1:2:3
D. 3:1:2

Correct Answer: A

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Question 4
A government agency is responsible for collecting taxes. The agency has a budget of ₦1,000,000 to be allocated among three departments: A, B, and C. The budget for department A is 30% of the total budget, department B is 25%, and department C is 45%. What is the budget for department C?
A. ₦450,000
B. ₦475,000
Correct C. ₦500,000
D. ₦525,000

Correct Answer: C

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

Correct Answer: B

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Question 6
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. £ 10,000
B. £ 50,000
Correct C. £ 60,000
D. £ 70,000

Correct Answer: C

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Question 7
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales £ 50,000, Cost of Goods Sold £ 30,000. Prepare a corrected trial balance.
A. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 60,000 Cost of Goods Sold £ 30,000
B. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 30,000
Correct C. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 20,000
D. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 40,000

Correct Answer: C

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Question 8
A company issued 5,000 debentures of £ 100 each at a premium of £ 10 per debenture. Calculate the total amount received from the issue of debentures.
A. £ 500,000
Correct B. £ 550,000
C. £ 600,000
D. £ 650,000

Correct Answer: B

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Question 9
A company's bank reconciliation statement showed a difference of £ 1,000 between the cash book balance and the bank statement balance. The company's cash book balance was £ 10,000. Prepare a bank reconciliation statement.
Correct A. Bank Statement Balance £ 11,000 Cash Book Balance £ 10,000 Difference £ 1,000
B. Bank Statement Balance £ 9,000 Cash Book Balance £ 10,000 Difference £ 1,000
C. Bank Statement Balance £ 10,000 Cash Book Balance £ 10,000 Difference £ 0
D. Bank Statement Balance £ 11,000 Cash Book Balance £ 9,000 Difference £ 2,000

Correct Answer: A

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Question 10
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales £ 50,000, Cost of Goods Sold £ 30,000. Prepare a corrected trial balance.
A. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 60,000 Cost of Goods Sold £ 30,000
B. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 30,000
Correct C. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 20,000
D. Accounts Payable £ 10,000 Accounts Receivable £ 5,000 Sales £ 50,000 Cost of Goods Sold £ 40,000

Correct Answer: C

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Question 11
In a partnership account, the capital of the partners is divided in the ratio of 3:5:7. If the total capital is ₦1,500,000, what is the amount of capital of the partner with a 7:1 ratio?
A. ₦420,000
B. ₦630,000
Correct C. ₦840,000
D. ₦1,050,000

Correct Answer: C

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Question 12
A company uses the weighted average method to value its inventory. If the cost of goods available for sale is ₦1,200,000 and the total cost of goods sold is ₦900,000, what is the cost of goods sold using the weighted average method?
A. ₦900,000
Correct B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000

Correct Answer: B

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Question 13
A company has the following transactions: Purchased goods on credit for ₦100,000; sold goods on credit for ₦120,000; and returned goods worth ₦10,000 to the supplier. What is the net effect on the company's cash account?
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 14
A company has the following transactions: Purchased goods on credit for ₦150,000; sold goods on credit for ₦180,000; and returned goods worth ₦15,000 to the supplier. What is the net effect on the company's cash account?
A. ₦15,000
Correct B. ₦30,000
C. ₦45,000
D. ₦60,000

Correct Answer: B

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Question 15
A company has the following transactions: Purchased goods on credit for ₦200,000; sold goods on credit for ₦240,000; and returned goods worth ₦20,000 to the supplier. What is the net effect on the company's cash account?
A. ₦20,000
Correct B. ₦40,000
C. ₦60,000
D. ₦80,000

Correct Answer: B

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Question 16
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurs a direct labor cost of ₦120,000 and an overhead cost of ₦80,000. The Assembly department incurs a direct labor cost of ₦150,000 and an overhead cost of ₦100,000. If the company uses a predetermined overhead rate of 150% of direct labor cost, what is the total cost of production for the job?
A. ₦420,000
Correct B. ₦480,000
C. ₦520,000
D. ₦560,000

Correct Answer: B

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Question 17
A company has two partners: A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. The company makes a profit of ₦150,000. If the profit is divided in the ratio 2:3, how much will Partner A receive?
Correct A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: A

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Question 18
A company uses the single entry system of accounting. The company's assets at the beginning of the year were ₦500,000. The company's assets at the end of the year were ₦700,000. If the company's expenses for the year were ₦200,000, what is the company's profit for the year?
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 19
A company has the following ledger balances: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. If the company's net income is ₦50,000, what is the company's total assets?
A. ₦300,000
B. ₦350,000
Correct C. ₦400,000
D. ₦450,000

Correct Answer: C

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Question 20
A company uses the double entry system of accounting. The company's journal entries for the month of January are as follows: Debit Cash ₦50,000, Credit Accounts Payable ₦50,000. If the company's ledger balances are: Cash ₦100,000, Accounts Payable ₦50,000, what is the company's net income for the month?
A. ₦0
Correct B. ₦50,000
C. ₦100,000
D. ₦150,000

Correct Answer: B

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Question 21
A company purchases a machine for ₦120,000 and depreciates it by 20% at the end of each year. Calculate the book value of the machine after 3 years.
A. ₦96,000
B. ₦80,000
Correct C. ₦64,000
D. ₦48,000

Correct Answer: C

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Question 22
In a partnership of three persons, A, B, and C, the profit-sharing ratio is 3:5:2. If the total profit is ₦150,000, calculate the share of A.
Correct A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000

Correct Answer: A

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Question 23
A company prepares the following trial balance: <br> <br> Assets: ₦100,000 <br> Liabilities: ₦80,000 <br> Capital: ₦20,000. What is the correct accounting equation?
Correct A. Assets = Liabilities + Capital
B. Assets = Liabilities - Capital
C. Assets = Capital - Liabilities
D. Assets = Capital + Liabilities

Correct Answer: A

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Question 24
A manufacturing company produces 1,000 units of a product at a cost of ₦50 per unit. If the selling price is ₦75 per unit, what is the profit per unit?
A. ₦25
Correct B. ₦30
C. ₦35
D. ₦40

Correct Answer: B

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Question 25
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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