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

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Question 1
In a partnership account, if the capital of A and B is ₦120,000 and ₦150,000 respectively, and the profit-sharing ratio is 3:2, what is the total profit-sharing ratio?
Correct A. 5:3
B. 3:2
C. 5:2
D. 3:5

Correct Answer: A

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Question 2
A company uses the straight-line method of depreciation. If the cost of the asset is ₦200,000 and its residual value is ₦50,000, what is the annual depreciation?
A. ₦25,000
Correct B. ₦30,000
C. ₦20,000
D. ₦15,000

Correct Answer: B

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Question 3
A company has the following transactions: Purchase of equipment for ₦100,000, sale of goods for ₦150,000, and purchase of goods for ₦80,000. What is the total value of assets?
A. ₦230,000
Correct B. ₦250,000
C. ₦220,000
D. ₦200,000

Correct Answer: B

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Question 4
A company has the following transactions: Purchase of goods for ₦100,000, sale of goods for ₦150,000, and purchase of goods for ₦80,000. What is the total value of liabilities?
A. ₦230,000
Correct B. ₦250,000
C. ₦220,000
D. ₦200,000

Correct Answer: B

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Question 5
A company has the following transactions: Purchase of goods for ₦100,000, sale of goods for ₦150,000, and purchase of goods for ₦80,000. What is the total value of equity?
A. ₦230,000
Correct B. ₦250,000
C. ₦220,000
D. ₦200,000

Correct Answer: B

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Question 6
Determine the amount of depreciation for a machine that cost ₦250,000 and has a useful life of 5 years, with a residual value of ₦50,000. The machine is depreciated using the straight-line method.
Correct A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: A

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Question 7
A company has the following transactions in its manufacturing account for the year: Opening inventory: ₦100,000 Purchases: ₦500,000 Direct labor: ₦200,000 Overheads: ₦150,000 Closing inventory: ₦250,000 Calculate the cost of goods manufactured.
Correct A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

Correct Answer: A

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Question 8
A company's trial balance as at 31st December, 2022 is as follows: Debit ₦100,000 ₦50,000 ₦20,000 ₦10,000 ₦5,000 Credit ₦80,000 ₦40,000 ₦15,000 ₦8,000 ₦4,000 Identify the error in the trial balance.
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 9
A company uses the perpetual inventory system. The following transactions occurred during the month of January: January 1: Purchased 100 units of goods at ₦100 each. January 5: Sold 50 units of goods at ₦150 each. January 10: Purchased 50 units of goods at ₦120 each. January 15: Sold 25 units of goods at ₦160 each. January 20: Purchased 75 units of goods at ₦130 each. January 25: Sold 50 units of goods at ₦170 each. January 31: Purchased 25 units of goods at ₦140 each. Calculate the cost of goods sold for the month of January.
A. ₦15,000
B. ₦16,000
Correct C. ₦17,000
D. ₦18,000

Correct Answer: C

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Question 10
A company has the following transactions in its control account for the year: Opening balance: ₦100,000 Purchases: ₦500,000 Sales: ₦700,000 Closing balance: ₦200,000 Calculate the value of the control account.
A. ₦1,200,000
B. ₦1,300,000
Correct C. ₦1,400,000
D. ₦1,500,000

Correct Answer: C

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Question 11
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book during the year:
A. ₦1,500
B. ₦2,000
Correct C. ₦1,800
D. ₦2,500

Correct Answer: C

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Question 12
The following is a statement of cash flows for a company:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 13
A company's assets are valued at ₦1,000,000. The company's liabilities are ₦500,000. What is the company's equity?
A. ₦500,000
B. ₦1,000,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 14
A company's depreciation policy is to depreciate its assets by 10% per annum. If the company's asset is valued at ₦10,000, what will be its value after 2 years?
Correct A. ₦8,100
B. ₦9,000
C. ₦9,900
D. ₦10,000

Correct Answer: A

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Question 15
A company's cash book shows the following transactions:
A. ₦1,500
B. ₦2,000
Correct C. ₦1,800
D. ₦2,500

Correct Answer: C

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Question 16
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 17
A company's trial balance as at 31st December 2022 is shown below:
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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Question 18
A company's cash book as at 31st December 2022 is shown below:
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 19
A company's bank reconciliation statement as at 31st December 2022 is shown below:
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 20
A company's final accounts as at 31st December 2022 are shown below:
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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Question 21
A company's trial balance as at 31st December 2022 is shown below:
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 22
A company's cash book as at 31st December 2022 is shown below:
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 23
A company's bank reconciliation statement as at 31st December 2022 is shown below:
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 24
A company's final accounts as at 31st December 2022 are shown below:
A. ₦80,000
B. ₦100,000
Correct C. ₦120,000
D. ₦140,000

Correct Answer: C

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Question 25
A company's trial balance as at 31st December 2022 is shown below:
A. ₦60,000
B. ₦80,000
Correct C. ₦100,000
D. ₦120,000

Correct Answer: C

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