POST UTME DELSU 2019 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 2019 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦300,000?
Correct A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: A

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Question 2
A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦120,000 on credit; Purchased equipment for ₦50,000 in cash. What is the total amount of cash received from customers?
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

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Question 3
A company has the following ledger accounts: Purchases (₦100,000), Sales (₦120,000), Equipment (₦50,000). What is the total amount of assets?
A. ₦170,000
B. ₦180,000
C. ₦190,000
Correct D. ₦200,000

Correct Answer: D

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Question 4
A company has the following transactions: Issued 10,000 shares at ₦10 per share; Purchased equipment for ₦50,000 in cash. What is the total amount of cash received from shareholders?
A. ₦100,000
Correct B. ₦110,000
C. ₦120,000
D. ₦130,000

Correct Answer: B

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Question 5
A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦120,000 on credit. What is the total amount of accounts payable?
A. ₦100,000
Correct B. ₦120,000
C. ₦140,000
D. ₦160,000

Correct Answer: B

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Question 6
The following is a trial balance for a manufacturing company. Prepare a balance sheet and an income statement for the company.
Correct A. Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000
B. Balance Sheet: Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000; Income Statement: Revenue = ₦2,000,000, Cost of Goods Sold = ₦1,500,000, Gross Profit = ₦500,000
C. Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦1,500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000
D. Balance Sheet: Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000; Income Statement: Revenue = ₦2,000,000, Cost of Goods Sold = ₦1,500,000, Gross Profit = ₦500,000

Correct Answer: A

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Question 7
A company has the following transactions: Purchased goods for ₦1,000,000; Sold goods for ₦1,500,000; Purchased equipment for ₦500,000. Prepare the journal entries for these transactions.
Correct A. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Cash = ₦500,000
B. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Purchases = ₦500,000
C. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Sales = ₦500,000
D. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Purchases = ₦500,000

Correct Answer: A

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Question 8
A company has the following ledger balances: Cash = ₦1,000,000, Accounts Payable = ₦500,000, Common Stock = ₦500,000. Prepare a balance sheet for the company.
Correct A. Assets = ₦1,000,000, Liabilities = ₦500,000, Equity = ₦500,000
B. Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000
C. Assets = ₦1,000,000, Liabilities = ₦1,500,000, Equity = ₦500,000
D. Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000

Correct Answer: A

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Question 9
A company has the following transactions: Purchased goods for ₦1,000,000; Sold goods for ₦1,500,000. Prepare the journal entries for these transactions.
Correct A. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000
B. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Purchases = ₦1,500,000
C. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Sales = ₦1,500,000
D. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000

Correct Answer: A

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Question 10
A company has the following ledger balances: Cash = ₦1,000,000, Accounts Payable = ₦500,000. Prepare a balance sheet for the company.
Correct A. Assets = ₦1,000,000, Liabilities = ₦500,000, Equity = ₦500,000
B. Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000
C. Assets = ₦1,000,000, Liabilities = ₦1,500,000, Equity = ₦500,000
D. Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000

Correct Answer: A

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Question 11
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. What is the correct journal entry to record this transaction?
A. ₦15,000 debit to Rent Received
Correct B. ₦15,000 credit to Rent Received
C. ₦15,000 debit to Rent Paid
D. ₦15,000 credit to Rent Paid

Correct Answer: B

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Question 12
A public sector organization has the following transactions for the month of January: ₦10,000 cash received from customers ₦8,000 cash paid to suppliers ₦5,000 cash paid to employees ₦3,000 cash received from government grant What is the total cash balance at the end of January?
A. ₦10,000
Correct B. ₦13,000
C. ₦15,000
D. ₦18,000

Correct Answer: B

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Question 13
A company's assets are valued as follows: Building: ₦500,000 Machinery: ₦300,000 Vehicles: ₦200,000 Furniture: ₦100,000 What is the total value of the company's assets?
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
Correct D. ₦1,400,000

Correct Answer: D

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Question 14
A company's trial balance shows a credit balance of ₦20,000 in the account 'Dividends'. What is the correct journal entry to record this transaction?
A. ₦20,000 debit to Dividends
Correct B. ₦20,000 credit to Dividends
C. ₦20,000 debit to Profit and Loss
D. ₦20,000 credit to Profit and Loss

Correct Answer: B

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Question 15
A company's assets are valued as follows: Building: ₦500,000 Machinery: ₦300,000 Vehicles: ₦200,000 Furniture: ₦100,000 What is the total value of the company's assets?
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
Correct D. ₦1,400,000

Correct Answer: D

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Question 16
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Sundry debtors £ 12,000 Credit: Sundry creditors £ 8,000 What is the net effect of the above transactions on the company's profit?
Correct A. £ 4,000
B. £ 8,000
C. £ 12,000
D. £ 16,000

Correct Answer: A

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Question 17
A company's balance sheet as at 31st December 2022 is as follows: Assets: Cash £ 10,000 Debtors £ 20,000 Stock £ 30,000 Total assets £ 60,000 Liabilities: Creditors £ 15,000 Capital £ 45,000 Total liabilities £ 60,000 What is the company's net worth?
A. £ 30,000
Correct B. £ 45,000
C. £ 60,000
D. £ 75,000

Correct Answer: B

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Question 18
A company's cash book for the year ended 31st December 2022 is as follows: Debit: Bank £ 10,000 Credit: Bank £ 20,000 What is the net effect of the above transactions on the company's cash balance?
A. £ 10,000
Correct B. £ 20,000
C. £ 30,000
D. £ 40,000

Correct Answer: B

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Question 19
A company's bank reconciliation statement as at 31st December 2022 is as follows: Bank balance £ 10,000 Cash book balance £ 20,000 What is the difference between the bank balance and the cash book balance?
A. £ 10,000
Correct B. £ 20,000
C. £ 30,000
D. £ 40,000

Correct Answer: B

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Question 20
A company's control account for the year ended 31st December 2022 is as follows: Debit: Sundry debtors £ 10,000 Credit: Sundry creditors £ 20,000 What is the net effect of the above transactions on the company's profit?
A. £ 10,000
Correct B. £ 20,000
C. £ 30,000
D. £ 40,000

Correct Answer: B

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Question 21
A company's trading profit for the year ended 31st December 2022 was ₦1,500,000. Its non-trading income was ₦250,000. Its tax liability was ₦375,000. Calculate the company's profit before tax.
Correct A. ₦1,425,000
B. ₦1,475,000
C. ₦1,525,000
D. ₦1,575,000

Correct Answer: A

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Question 22
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Correct A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000

Correct Answer: A

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Question 23
A company's balance sheet as at 31st December 2022 showed a current ratio of 2:1. If its current assets were ₦1,500,000 and its current liabilities were ₦750,000, what was the value of its non-current assets?
A. ₦1,000,000
B. ₦1,250,000
Correct C. ₦1,500,000
D. ₦1,750,000

Correct Answer: C

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Question 24
A company's profit and loss account for the year ended 31st December 2022 showed a net profit of ₦1,200,000. Its balance sheet as at that date showed a capital of ₦1,500,000 and a profit and loss account balance of ₦250,000. Calculate the company's retained earnings.
A. ₦1,000,000
B. ₦1,050,000
Correct C. ₦1,200,000
D. ₦1,350,000

Correct Answer: C

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Question 25
A company's balance sheet as at 31st December 2022 showed a total assets of ₦5,000,000 and a total liabilities of ₦2,500,000. Calculate its equity.
A. ₦2,500,000
B. ₦2,750,000
Correct C. ₦3,000,000
D. ₦3,250,000

Correct Answer: C

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