POST UTME DELSU 2022 Accounting | Objective

Prepare for your exams with POST UTME DELSU questions? Reviewing past/model 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 View Details
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and M1 and M2 are used for 16 hours and 8 hours respectively, what is the total production of product A and product B?
Correct A. 80 units of A and 40 units of B
B. 40 units of A and 80 units of B
C. 60 units of A and 60 units of B
D. 120 units of A and 20 units of B

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2 View Details
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3 View Details
A company uses the weighted average method to value its inventory. The following data is available: Cost of Goods Available for Sale ₦150,000, Beginning Inventory ₦50,000, Purchases ₦100,000, and Ending Inventory ₦80,000. What is the cost of goods sold?
A. ₦120,000
B. ₦130,000
C. ₦140,000
Correct D. ₦150,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4 View Details
A company's bank reconciliation statement shows the following: Cash Balance ₦50,000, Bank Balance ₦40,000, Deposits in Transit ₦10,000, and Outstanding Checks ₦20,000. What is the correct balance per the bank reconciliation statement?
A. ₦60,000
B. ₦70,000
C. ₦80,000
Correct D. ₦90,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5 View Details
A company's financial statements show the following: Net Income ₦100,000, Dividends ₦20,000, and Retained Earnings ₦80,000. What is the correct amount of dividends paid?
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6 View Details
A partnership was formed on January 1, 2022, between three individuals, A, B, and C, with initial capital contributions of ₦500,000, ₦300,000, and ₦200,000, respectively. During the year, the partnership earned a profit of ₦150,000. The profit was divided in the ratio 2:3:4. Calculate the amount of profit shared by partner A.
Correct A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7 View Details
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8 View Details
A company purchased 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
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9 View Details
A company issued 5% debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the annual interest payable on the debentures.
A. ₦2,500
Correct B. ₦5,000
C. ₦7,500
D. ₦10,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10 View Details
A company purchased a building for ₦1,000,000. The building has a useful life of 10 years and a residual value of ₦100,000. Calculate the annual depreciation using the straight-line method.
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11 View Details
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The company's accountant suspects that the discrepancy is due to an error in the posting of a transaction. Which of the following steps should the accountant take first?
A. Verify the accuracy of the transaction journal entry
B. Reconcile the bank statement with the company's ledger
Correct C. Investigate the error in the posting of the transaction
D. Prepare a new trial balance

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12 View Details
A company uses a self-balancing ledger system. The ledger shows the following balances: Cash: ₦10,000; Accounts Payable: ₦5,000. What is the total amount of assets and liabilities on the ledger?
Correct A. ₦15,000
B. ₦10,000
C. ₦5,000
D. ₦20,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13 View Details
A company's ledger shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the net effect of these transactions on the company's assets?
Correct A. Increase assets by ₦2,000
B. Decrease assets by ₦2,000
C. Increase assets by ₦8,000
D. Decrease assets by ₦10,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14 View Details
A company uses the double-entry system of accounting. The ledger shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the net effect of these transactions on the company's equity?
Correct A. Increase equity by ₦2,000
B. Decrease equity by ₦2,000
C. Increase equity by ₦8,000
D. Decrease equity by ₦10,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15 View Details
A company's ledger shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the net effect of these transactions on the company's assets and liabilities?
Correct A. Increase assets by ₦2,000 and decrease liabilities by ₦2,000
B. Decrease assets by ₦2,000 and increase liabilities by ₦2,000
C. Increase assets by ₦8,000 and decrease liabilities by ₦8,000
D. Decrease assets by ₦10,000 and increase liabilities by ₦10,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16 View Details
A company has two departments, A and B. Department A has a balance of ₦150,000 in its control account, while department B has a balance of ₦75,000. If the company's total assets are ₦1,200,000, and the total liabilities are ₦500,000, what is the balance in the company's control account?
A. ₦225,000
B. ₦275,000
Correct C. ₦325,000
D. ₦425,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17 View Details
A manufacturing company uses a job costing system. The company has two jobs, A and B, with the following costs:
A. ₦120,000
B. ₦180,000
Correct C. ₦220,000
D. ₦280,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18 View Details
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. If the company receives ₦50,000 in cash, what is the amount received from the issue of shares?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19 View Details
A company has a cash book balance of ₦150,000 and a bank statement balance of ₦120,000. If the company's cash book shows a debit balance of ₦20,000 and the bank statement shows a credit balance of ₦15,000, what is the amount of the bank reconciliation?
A. ₦30,000
Correct B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20 View Details
A government agency has a budget of ₦1,000,000 for a project. If the agency has already spent ₦500,000 and has a remaining balance of ₦200,000, what is the percentage of the budget that has been spent?
A. 50%
B. 60%
Correct C. 70%
D. 80%

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21 View Details
A company issued 10,000 shares of 50% preference shares at ₦10 each. The company also issued 10,000 ordinary shares at ₦5 each. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
Correct D. ₦300,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22 View Details
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A.
A. ₦45,000
Correct B. ₦50,000
C. ₦55,000
D. ₦60,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23 View Details
A company purchased a machine for ₦200,000. Depreciation is provided using the straight-line method at 10% per annum. Calculate the amount of depreciation for the first year.
Correct A. ₦20,000
B. ₦22,000
C. ₦25,000
D. ₦30,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24 View Details
A company issued 5,000 debentures of ₦100 each at 10% interest per annum. Calculate the total interest payable on the debentures for the first year.
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25 View Details
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
A. ₦25,000
B. ₦28,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support