POST UTME ESUT 2021 Accounting | Objective

Are you preparing for POST UTME ESUT 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 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

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Question 2
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

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Question 3
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

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Question 4
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

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Question 5
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

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Question 6
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

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Question 7
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

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Question 8
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

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Question 9
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

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Question 10
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

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Question 11
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

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Question 12
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

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Question 13
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

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Question 14
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

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Question 15
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

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Question 16
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

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Question 17
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

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Question 18
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

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Question 19
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

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Question 20
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

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Question 21
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

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Question 22
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

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Question 23
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

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Question 24
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

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Question 25
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

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