POST UTME EKSU 2021 Accounting | Objective

Are you preparing for POST UTME EKSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦130 each. Calculate the cost of goods sold for the year.
A. ₦36,000
Correct B. ₦38,000
C. ₦40,000
D. ₦42,000

Correct Answer: B

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Question 2
A manufacturing company has the following information for the year ended December 31, 2022: Cost of goods manufactured ₦1,500,000; Beginning work-in-progress ₦200,000; Ending work-in-progress ₦250,000. Calculate the cost of goods sold.
A. ₦1,450,000
Correct B. ₦1,500,000
C. ₦1,550,000
D. ₦1,600,000

Correct Answer: B

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Question 3
A company uses the straight-line method of depreciation. A machine was purchased on January 1, 2022, for ₦500,000. Its useful life is 5 years, and it has no residual value. Calculate the annual depreciation for the year ended December 31, 2022.
Correct A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 4
A government agency has the following information for the year ended December 31, 2022: Expenditure on salaries ₦1,200,000; Expenditure on materials ₦800,000; Expenditure on travel ₦400,000. Calculate the total expenditure for the year.
Correct A. ₦2,400,000
B. ₦2,000,000
C. ₦1,800,000
D. ₦1,600,000

Correct Answer: A

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Question 5
A company has the following information for the year ended December 31, 2022: Sales ₦5,000,000; Returns ₦200,000; Cost of goods sold ₦3,500,000. Calculate the gross profit for the year.
Correct A. ₦1,300,000
B. ₦1,200,000
C. ₦1,100,000
D. ₦1,000,000

Correct Answer: A

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Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 210,000
B. ₦ 220,000
C. ₦ 230,000
Correct D. ₦ 240,000

Correct Answer: D

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Question 7
A manufacturing company uses a job costing system. The following data is available for the month of January: Direct Materials: ₦ 10,000 Direct Labour: ₦ 15,000 Overheads: ₦ 20,000 Total Cost: ₦ 45,000 What is the total cost of production for the month of January?
Correct A. ₦ 45,000
B. ₦ 50,000
C. ₦ 55,000
D. ₦ 60,000

Correct Answer: A

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Question 8
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares.
A. ₦30,000,000
Correct B. ₦50,000,000
C. ₦60,000,000
D. ₦70,000,000

Correct Answer: B

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Question 9
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Sales | | 2,000 | | 3 | Purchases | 1,500 | | | 4 | Cash | | 500 | What is the balance in the cash account?
Correct A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000

Correct Answer: A

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Question 10
A government agency has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Salaries | 10,000 | | | 2 | Rent | | 5,000 | | 3 | Utilities | 2,000 | | | 4 | Miscellaneous | | 1,000 | What is the total amount of expenses?
A. ₦12,000
B. ₦15,000
Correct C. ₦17,000
D. ₦20,000

Correct Answer: C

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Question 11
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Accounts Payable | | 5,000 | | Sales | | 20,000 | | Purchases | 15,000 | | What is the balance in the sales account?
Correct A. ₦20,000
B. ₦15,000
C. ₦10,000
D. ₦5,000

Correct Answer: A

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Question 12
A company's bank statement shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Deposit | 10,000 | | | 2 | Withdrawal | | 5,000 | | 3 | Bank Charge | | 1,000 | What is the balance in the bank account?
A. ₦4,000
B. ₦5,000
Correct C. ₦6,000
D. ₦7,000

Correct Answer: C

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Question 13
A company produces two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor to produce, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 200 units of product X and 150 units of product Y, what is the total labor cost for the day?
A. ₦12,000
B. ₦15,000
Correct C. ₦18,000
D. ₦20,000

Correct Answer: C

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Question 14
A company has the following transactions for the month of January: Jan 1: Cash 10,000 Jan 5: Purchase of office equipment 5,000 Jan 10: Sale of goods 20,000 Jan 15: Purchase of inventory 15,000 Jan 20: Sale of goods 30,000 Jan 25: Purchase of office equipment 8,000 Jan 31: Sale of goods 25,000 What is the total cash balance at the end of January?
A. ₦63,000
Correct B. ₦65,000
C. ₦67,000
D. ₦69,000

Correct Answer: B

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Question 15
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦20,000
Correct B. ₦24,000
C. ₦28,000
D. ₦32,000

Correct Answer: B

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Question 16
A company has the following transactions for the month of January: Jan 1: Cash 10,000 Jan 5: Purchase of office equipment 5,000 Jan 10: Sale of goods 20,000 Jan 15: Purchase of inventory 15,000 Jan 20: Sale of goods 30,000 Jan 25: Purchase of office equipment 8,000 Jan 31: Sale of goods 25,000 What is the total cash balance at the end of January?
A. ₦63,000
Correct B. ₦65,000
C. ₦67,000
D. ₦69,000

Correct Answer: B

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Question 17
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦20,000
Correct B. ₦24,000
C. ₦28,000
D. ₦32,000

Correct Answer: B

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Question 18
A company has the following transactions for the month of January: Jan 1: Cash 10,000 Jan 5: Purchase of office equipment 5,000 Jan 10: Sale of goods 20,000 Jan 15: Purchase of inventory 15,000 Jan 20: Sale of goods 30,000 Jan 25: Purchase of office equipment 8,000 Jan 31: Sale of goods 25,000 What is the total cash balance at the end of January?
A. ₦63,000
Correct B. ₦65,000
C. ₦67,000
D. ₦69,000

Correct Answer: B

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Question 19
A company's trial balance shows an error of ₦5,000 in the accounts payable account. The correct balance should be ₦20,000. What is the correct balance in the accounts receivable account?
A. ₦15,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 20
A government agency has the following transactions:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 21
A manufacturing company produces two products, A and B. The cost of production for product A is ₦5,000 and for product B is ₦3,000. If the company produces 100 units of product A and 200 units of product B, what is the total cost of production?
A. ₦1,500,000
B. ₦2,000,000
Correct C. ₦2,500,000
D. ₦3,000,000

Correct Answer: C

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Question 22
A company's trial balance shows an error of ₦5,000 in the accounts payable account. The correct balance should be ₦20,000. What is the correct balance in the accounts receivable account?
A. ₦15,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 23
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership has a profit of ₦100,000, how much will partner A receive?
Correct A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 24
A company's trial balance shows an error of ₦5,000 in the accounts payable account. The correct balance should be ₦20,000. What is the correct balance in the accounts receivable account?
A. ₦15,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 25
A government agency has the following transactions:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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