POST UTME DELSU 2023 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 2023 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that the actual rent paid for the year was ₦20,000. What is the correct journal entry to correct this error?
Correct A. ₦5,000 debit to 'Rent and Rates' and ₦5,000 credit to 'Profit and Loss Account'
B. ₦5,000 credit to 'Rent and Rates' and ₦5,000 debit to 'Profit and Loss Account'
C. ₦20,000 debit to 'Rent and Rates'
D. ₦20,000 credit to 'Rent and Rates'

Correct Answer: A

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Question 2
A partnership has two partners, A and B. The partnership agreement states that profits and losses are to be shared in the ratio 3:2. If the total profit for the year is ₦120,000, how much will each partner receive?
A. ₦60,000 to A and ₦40,000 to B
Correct B. ₦72,000 to A and ₦48,000 to B
C. ₦90,000 to A and ₦30,000 to B
D. ₦80,000 to A and ₦40,000 to B

Correct Answer: B

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Question 3
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of share capital and debentures issued?
A. ₦15,000
B. ₦20,000
C. ₦25,000
Correct D. ₦30,000

Correct Answer: D

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Question 4
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that the actual rent paid for the year was ₦20,000. What is the correct journal entry to correct this error?
Correct A. ₦5,000 debit to 'Rent and Rates' and ₦5,000 credit to 'Profit and Loss Account'
B. ₦5,000 credit to 'Rent and Rates' and ₦5,000 debit to 'Profit and Loss Account'
C. ₦20,000 debit to 'Rent and Rates'
D. ₦20,000 credit to 'Rent and Rates'

Correct Answer: A

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Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of share capital and debentures issued?
A. ₦15,000
B. ₦20,000
C. ₦25,000
Correct D. ₦30,000

Correct Answer: D

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Question 6
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and the company has a debit balance of ₦30,000. What is the correct balance in the company's cash book?
A. ₦105,000
Correct B. ₦110,000
C. ₦115,000
D. ₦120,000

Correct Answer: B

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Question 7
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The capital contributed by A is ₦120,000 and by B is ₦80,000. What is the ratio of A's and B's drawings?
Correct A. 3:2
B. 2:3
C. 4:3
D. 5:4

Correct Answer: A

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Question 8
A company's trial balance shows the following balances: Debitors ₦150,000, Creditors ₦80,000, and Capital ₦120,000. What is the correct balance in the company's balance sheet?
A. ₦170,000
Correct B. ₦180,000
C. ₦190,000
D. ₦200,000

Correct Answer: B

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Question 9
A company's profit and loss account shows a profit of ₦50,000. The company's balance sheet shows a capital of ₦120,000 and a drawing of ₦20,000. What is the correct balance in the company's balance sheet?
A. ₦140,000
B. ₦150,000
Correct C. ₦160,000
D. ₦170,000

Correct Answer: C

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Question 10
A company's balance sheet shows a capital of ₦120,000 and a drawing of ₦20,000. The company's profit and loss account shows a profit of ₦50,000. What is the correct balance in the company's balance sheet?
A. ₦140,000
B. ₦150,000
Correct C. ₦160,000
D. ₦170,000

Correct Answer: C

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Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦4,500,000
Correct B. ₦4,750,000
C. ₦5,000,000
D. ₦5,250,000

Correct Answer: B

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Question 12
A company's trial balance showed an error of ₦10,000 due to an incorrect posting of a transaction. The error was discovered after preparing the balance sheet. What is the correct journal entry to rectify the error?
A. Debit Cash ₦10,000, Credit Profit and Loss Account ₦10,000
Correct B. Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000
C. Debit Profit and Loss Account ₦10,000, Credit Capital Account ₦10,000
D. Debit Capital Account ₦10,000, Credit Profit and Loss Account ₦10,000

Correct Answer: B

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Question 13
A company issued 10,000, 5% preference shares of ₦10 each at a premium of 20%. Calculate the amount received from share applicants.
A. ₦1,100,000
Correct B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000

Correct Answer: B

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Question 14
A government agency prepared a budget with estimated revenues of ₦1,500,000 and expenditures of ₦1,800,000. What is the budget deficit?
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 15
A company's balance sheet showed assets of ₦2,500,000 and liabilities of ₦1,500,000. What is the company's equity?
A. ₦1,000,000
Correct B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

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Question 16
In a manufacturing company, the following transactions occurred during the year: Purchased raw materials worth ₦150,000 on credit. Sold goods worth ₦300,000 for cash. Purchased machinery worth ₦100,000 on credit. Sold goods worth ₦200,000 on credit. Paid cash to suppliers ₦50,000. What is the total amount of cash received from customers?
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 17
A company has the following ledger balances: Debtors: ₦100,000 Creditors: ₦50,000 Capital: ₦200,000 What is the total amount of assets?
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 18
A partnership has the following capital accounts: John: ₦100,000 Mary: ₦150,000 David: ₦200,000 What is the total amount of capital?
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 19
A company has the following transactions: Purchased raw materials worth ₦100,000 on credit. Sold goods worth ₦200,000 for cash. Purchased machinery worth ₦50,000 on credit. Sold goods worth ₦150,000 on credit. Paid cash to suppliers ₦25,000. What is the total amount of cash paid to suppliers?
Correct A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000

Correct Answer: A

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Question 20
A company has the following ledger balances: Debtors: ₦150,000 Creditors: ₦100,000 Capital: ₦250,000 What is the total amount of assets?
A. ₦400,000
B. ₦450,000
Correct C. ₦500,000
D. ₦550,000

Correct Answer: C

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Question 21
A partnership has the following capital accounts: John: ₦150,000 Mary: ₦200,000 David: ₦250,000 What is the total amount of capital?
A. ₦600,000
B. ₦650,000
Correct C. ₦700,000
D. ₦750,000

Correct Answer: C

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Question 22
A company has the following transactions: Purchased raw materials worth ₦200,000 on credit. Sold goods worth ₦300,000 for cash. Purchased machinery worth ₦100,000 on credit. Sold goods worth ₦250,000 on credit. Paid cash to suppliers ₦50,000. What is the total amount of cash received from customers?
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 23
A company has the following ledger balances: Debtors: ₦250,000 Creditors: ₦150,000 Capital: ₦300,000 What is the total amount of assets?
A. ₦600,000
B. ₦650,000
Correct C. ₦700,000
D. ₦750,000

Correct Answer: C

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Question 24
A partnership has the following capital accounts: John: ₦200,000 Mary: ₦250,000 David: ₦300,000 What is the total amount of capital?
A. ₦750,000
B. ₦800,000
Correct C. ₦850,000
D. ₦900,000

Correct Answer: C

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Question 25
SHARED STIMULUS
Job Order Costing System
A company uses a job order costing system. The following transactions occurred during the period:
Correct A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: A

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