POST UTME FUTA 2022 Accounting | Objective

Are you preparing for POST UTME FUTA exams? Reviewing past 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
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦10,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 2
A bank's cash book shows a balance of ₦500,000. The bank statement shows a balance of ₦550,000. The bank reconciliation statement shows a difference of ₦20,000 due to outstanding checks. What is the correct balance in the bank's cash book?
Correct A. ₦480,000
B. ₦500,000
C. ₦520,000
D. ₦540,000

Correct Answer: A

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Question 3
A company's trial balance shows the following accounts: Sales ₦1,000,000, Cost of Goods Sold ₦800,000, and Net Income ₦200,000. What is the correct amount of Gross Profit?
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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Question 4
A company uses the perpetual inventory system. The company's beginning inventory is ₦100,000, and the cost of goods available for sale is ₦500,000. The company sells ₦300,000 worth of goods. What is the company's ending inventory?
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 5
A company's balance sheet shows the following accounts: Cash ₦500,000, Accounts Receivable ₦200,000, and Inventory ₦300,000. What is the company's total current assets?
A. ₦1,000,000
Correct B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000

Correct Answer: B

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Question 6
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
Correct D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

Correct Answer: D

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Question 7
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
Correct D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

Correct Answer: D

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Question 8
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
Correct D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

Correct Answer: D

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Question 9
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
Correct D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

Correct Answer: D

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Question 10
A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.
A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
Correct D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

Correct Answer: D

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Question 11
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Correct A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000

Correct Answer: A

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Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit for the year is ₦20,000, and the drawings of A and B are ₦5,000 and ₦3,000 respectively, what is the balance in A's capital account?
Correct A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000

Correct Answer: A

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Question 13
A company has a manufacturing department that produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. If the total cost of production is ₦150,000, what is the gross profit?
A. ₦45,000
Correct B. ₦50,000
C. ₦55,000
D. ₦60,000

Correct Answer: B

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Question 14
A company has a departmental account for the year ended 31st December 2022. The departmental account shows a balance of ₦20,000 in the beginning of the year and a balance of ₦15,000 at the end of the year. If the departmental account has a credit balance of ₦5,000, what is the amount of the departmental account that has been transferred to the general ledger?
A. ₦10,000
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

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Question 15
A company has a control account for the year ended 31st December 2022. The control account shows a balance of ₦50,000 in the beginning of the year and a balance of ₦60,000 at the end of the year. If the control account has a credit balance of ₦10,000, what is the amount of the control account that has been transferred to the general ledger?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 16
A company uses the single-entry system of accounting. The following transactions occurred during the year: 1. Purchased office supplies for ₦10,000. 2. Collected cash from customers for ₦50,000. 3. Paid salaries to employees for ₦30,000. 4. Purchased a new vehicle for ₦200,000. What is the total amount of assets on the balance sheet?
Correct A. ₦240,000
B. ₦250,000
C. ₦260,000
D. ₦270,000

Correct Answer: A

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Question 17
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 18
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 19
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 20
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 21
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 22
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 23
A company has the following ledger balances: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the transaction?
Correct A. Debit: ₦20,000; Credit: ₦0
B. Debit: ₦0; Credit: ₦20,000
C. Debit: ₦20,000; Credit: ₦20,000
D. Debit: ₦0; Credit: ₦0

Correct Answer: A

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Question 24
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦300,000. The difference is due to a discrepancy of ₦50,000. What is the reason for this discrepancy?
A. The company has not yet deposited the cash into the bank.
Correct B. The bank has not yet credited the company's account for the cash deposited.
C. The company has not yet paid a cheque that has been presented to the bank.
D. The bank has charged a fee for the cash deposited.

Correct Answer: B

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Question 25
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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