POST UTME ESUT 2021 Accounting | Objective

Prepare for your exams with POST UTME ESUT questions? Reviewing past/model 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 View Details
A company issued 5,000 shares of ₦ 10 each at a premium of ₦ 2. If the issue expenses were ₦ 10,000, calculate 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 2 View Details
A company's trading account for the year ended 31st December 2020 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
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 partnership has two partners, A and B. The capital accounts of A and B at the beginning of the year were ₦100,000 and ₦150,000 respectively. During the year, A withdrew ₦20,000 and B introduced ₦30,000. The profit for the year was ₦60,000. Prepare the partners' capital accounts.
Correct A. ₦120,000; ₦180,000
B. ₦140,000; ₦160,000
C. ₦160,000; ₦140,000
D. ₦180,000; ₦120,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4 View Details
A company's balance sheet as at 31st December 2020 is as follows: ₦1,500,000; ₦1,200,000; ₦50,000; ₦20,000. Prepare the company's cash flow statement for the year.
A. ₦250,000; ₦300,000; ₦350,000; ₦400,000
B. ₦300,000; ₦350,000; ₦400,000; ₦450,000
Correct C. ₦350,000; ₦400,000; ₦450,000; ₦500,000
D. ₦400,000; ₦450,000; ₦500,000; ₦550,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5 View Details
A company's cash book for the year ended 31st December 2020 is as follows: Cash at Bank: ₦1,500,000; Cash in Hand: ₦200,000; Bank Overdraft: ₦50,000; Bank Loan: ₦20,000. Prepare the company's bank reconciliation statement.
A. ₦1,600,000; ₦1,700,000; ₦1,800,000; ₦1,900,000
Correct B. ₦1,700,000; ₦1,800,000; ₦1,900,000; ₦2,000,000
C. ₦1,800,000; ₦1,900,000; ₦2,000,000; ₦2,100,000
D. ₦1,900,000; ₦2,000,000; ₦2,100,000; ₦2,200,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6 View Details
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The shares were subscribed for by the public for £ 1.25 per share. Calculate the amount received from the public and the amount paid up by the shareholders.
Correct A. ₦12,500
B. ₦15,000
C. ₦17,500
D. ₦20,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7 View Details
A company's trial balance as at 31st December, 2020, showed the following balances: Debtors: ₦50,000; Creditors: ₦30,000; Capital: ₦100,000; Profit and Loss Account: ₦20,000. Prepare the Balance Sheet as at 31st December, 2020.
A. ₦50,000; ₦30,000; ₦120,000; ₦20,000
B. ₦50,000; ₦30,000; ₦120,000; ₦20,000
C. ₦50,000; ₦30,000; ₦120,000; ₦20,000
Correct D. ₦50,000; ₦30,000; ₦120,000; ₦20,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8 View Details
A company's assets and liabilities as at 31st December, 2020, were as follows: Assets: ₦150,000; Liabilities: ₦80,000. Calculate the company's equity as at 31st December, 2020.
A. ₦70,000
B. ₦70,000
C. ₦70,000
Correct D. ₦70,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9 View Details
A company issued 5,000 shares of ₦1 each at a premium of ₦0.50 per share. The shares were subscribed for by the public for ₦1.25 per share. Calculate the amount received from the public and the amount paid up by the shareholders.
Correct A. ₦6,250
B. ₦7,500
C. ₦8,750
D. ₦10,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10 View Details
A company's trial balance as at 31st December, 2020, showed the following balances: Debtors: ₦50,000; Creditors: ₦30,000; Capital: ₦100,000; Profit and Loss Account: ₦20,000. Prepare the Balance Sheet as at 31st December, 2020.
A. ₦50,000; ₦30,000; ₦120,000; ₦20,000
B. ₦50,000; ₦30,000; ₦120,000; ₦20,000
C. ₦50,000; ₦30,000; ₦120,000; ₦20,000
Correct D. ₦50,000; ₦30,000; ₦120,000; ₦20,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11 View Details
A company's financial statements are prepared using the accrual basis of accounting. Which of the following is a characteristic of the accrual basis?
Correct A. Matching of revenues and expenses with the period in which they are earned or incurred
B. Matching of cash inflows and outflows with the period in which they are received or paid
C. Matching of revenues with the period in which they are received
D. Matching of expenses with the period in which they are paid

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12 View Details
A manufacturing company uses a process costing system. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦100,000 and the Assembly department has a production cost of ₦200,000. What is the total production cost of the company?
A. ₦300,000
Correct B. ₦400,000
C. ₦500,000
D. ₦600,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13 View Details
A company has the following transactions: Purchase of goods for ₦100,000, Sale of goods for ₦150,000, and Return of goods for ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
Correct B. ₦50,000
C. ₦70,000
D. ₦90,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14 View Details
A company has the following balance sheet: ₦100,000 in cash, ₦200,000 in accounts receivable, and ₦300,000 in inventory. What is the total value of the company's assets?
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15 View Details
A company has the following transactions: Purchase of goods for ₦100,000, Sale of goods for ₦150,000, and Return of goods for ₦20,000. What is the net effect on the company's profit?
A. ₦30,000
Correct B. ₦50,000
C. ₦70,000
D. ₦90,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16 View Details
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦900,000
B. ₦950,000
Correct C. ₦1,000,000
D. ₦1,050,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17 View Details
A partnership has two partners, A and B. A invests ₦50,000 and B invests ₦30,000. The profit is divided in the ratio 2:1. If the total profit is ₦15,000, how much does A receive?
A. ₦6,000
Correct B. ₦8,000
C. ₦10,000
D. ₦12,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18 View Details
A company purchases a machine for ₦120,000 and sells it for ₦150,000. Calculate the gain or loss on the sale of the machine.
Correct A. ₦30,000
B. ₦20,000
C. ₦10,000
D. ₦5,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19 View Details
A company issues 5,000 8% shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20 View Details
A company purchases a machine for ₦80,000 and sells it for ₦100,000. Calculate the gain or loss on the sale of the machine.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21 View Details
A company uses the single entry system to record its transactions. The following transactions were recorded in the year ended December 31, 2021:
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 22 View Details
The following is a balance sheet for XYZ Limited as at December 31, 2021:
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23 View Details
A company has the following transactions for the year ended December 31, 2021:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24 View Details
The following is a statement of profit or loss for XYZ Limited for the year ended December 31, 2021:
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25 View Details
A company has the following transactions for the year ended December 31, 2021:
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

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