POST UTME IGBINEDION UNIVERSITY 2021 Accounting | Objective

Are you preparing for POST UTME IGBINEDION UNIVERSITY 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 straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦300,000?
Correct A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: A

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Question 2
A partnership has two partners, A and B. The capital contributions of A and B are ₦200,000 and ₦150,000 respectively. If the profit-sharing ratio is 3:2, what is the share of profit of partner A?
Correct A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: A

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Question 3
A company 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. If the company sells 500 units of X and 300 units of Y, what is the total revenue?
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 4
A company has the following transactions in its manufacturing account: Opening inventory: ₦100,000 Purchases: ₦200,000 Direct labor: ₦150,000 Overheads: ₦120,000 Closing inventory: ₦180,000 What is the cost of goods manufactured?
A. ₦650,000
B. ₦700,000
Correct C. ₦750,000
D. ₦800,000

Correct Answer: C

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Question 5
A government agency has the following transactions in its cash book: ₦100,000 received from a customer ₦50,000 paid to a supplier ₦20,000 received from a grant ₦30,000 paid to a contractor What is the net cash inflow?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 6
A company has the following trial balance: Debit: ₦100,000, Credit: ₦120,000. What is the correct journal entry to rectify the discrepancy?
Correct A. ₦20,000 Debit, ₦20,000 Credit
B. ₦20,000 Credit, ₦20,000 Debit
C. ₦20,000 Debit, ₦20,000 Debit
D. ₦20,000 Credit, ₦20,000 Credit

Correct Answer: A

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Question 7
A company has the following transactions: 1. Purchased office equipment for ₦50,000. 2. Sold office equipment for ₦30,000. What is the correct journal entry for the above transactions?
Correct A. ₦50,000 Debit, ₦30,000 Credit
B. ₦30,000 Debit, ₦50,000 Credit
C. ₦20,000 Debit, ₦20,000 Credit
D. ₦20,000 Credit, ₦20,000 Debit

Correct Answer: A

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Question 8
A company has the following trial balance: Debit: ₦100,000, Credit: ₦120,000. What is the correct journal entry to rectify the discrepancy?
Correct A. ₦20,000 Debit, ₦20,000 Credit
B. ₦20,000 Credit, ₦20,000 Debit
C. ₦20,000 Debit, ₦20,000 Debit
D. ₦20,000 Credit, ₦20,000 Credit

Correct Answer: A

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Question 9
A company has the following transactions: 1. Purchased office equipment for ₦50,000. 2. Sold office equipment for ₦30,000. What is the correct journal entry for the above transactions?
Correct A. ₦50,000 Debit, ₦30,000 Credit
B. ₦30,000 Debit, ₦50,000 Credit
C. ₦20,000 Debit, ₦20,000 Credit
D. ₦20,000 Credit, ₦20,000 Debit

Correct Answer: A

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Question 10
A company has the following trial balance: Debit: ₦100,000, Credit: ₦120,000. What is the correct journal entry to rectify the discrepancy?
Correct A. ₦20,000 Debit, ₦20,000 Credit
B. ₦20,000 Credit, ₦20,000 Debit
C. ₦20,000 Debit, ₦20,000 Debit
D. ₦20,000 Credit, ₦20,000 Credit

Correct Answer: A

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Question 11
A company issued 5,000 shares of 10 par value. If the market value of each share is 25, what is the total market value of the shares?
Correct A. ₦125,000
B. ₦125,000,000
C. ₦62,500,000
D. ₦125,000,000

Correct Answer: A

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Question 12
A trader purchased goods worth ₦150,000 on credit. He sold the goods for ₦200,000 and paid ₦50,000 in cash. What is the amount due to the creditor?
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 13
A company issued 10,000 shares of 5 par value. If the market value of each share is 15, what is the total market value of the shares?
Correct A. ₦150,000
B. ₦150,000,000
C. ₦75,000,000
D. ₦150,000,000

Correct Answer: A

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Question 14
A company issued 5,000 shares of 20 par value. If the market value of each share is 30, what is the total market value of the shares?
Correct A. ₦150,000
B. ₦150,000,000
C. ₦75,000,000
D. ₦150,000,000

Correct Answer: A

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Question 15
A trader purchased goods worth ₦200,000 on credit. He sold the goods for ₦250,000 and paid ₦50,000 in cash. What is the amount due to the creditor?
A. ₦50,000
Correct B. ₦100,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 16
A company issued 10,000 shares of ₦5 each at a premium of ₦3. Calculate the total amount received from the issue of shares.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 17
A company's trial balance showed an error of ₦5,000 in the debit side of the purchases account. The correct amount of purchases is ₦150,000. Calculate the correct amount of purchases.
Correct A. ₦155,000
B. ₦150,000
C. ₦145,000
D. ₦160,000

Correct Answer: A

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Question 18
A company's bank statement showed a balance of ₦20,000. The company's cash book showed a balance of ₦25,000. The bank statement also showed a debit of ₦5,000 for a cheque returned unpaid. Calculate the correct balance of the company's cash book.
Correct A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000

Correct Answer: A

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Question 19
A company issued 5,000 debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of debentures.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 20
A company's ledger showed an error of ₦3,000 in the credit side of the sales account. The correct amount of sales is ₦120,000. Calculate the correct amount of sales.
Correct A. ₦123,000
B. ₦120,000
C. ₦117,000
D. ₦125,000

Correct Answer: A

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Question 21
A company's bank statement showed a balance of ₦30,000. The company's cash book showed a balance of ₦25,000. The bank statement also showed a credit of ₦5,000 for a deposit made. Calculate the correct balance of the company's cash book.
A. ₦30,000
Correct B. ₦25,000
C. ₦20,000
D. ₦35,000

Correct Answer: B

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Question 22
A company issued 10,000 shares of ₦5 each at a premium of ₦3. Calculate the total amount received from the issue of shares.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 23
A company's trial balance showed an error of ₦4,000 in the debit side of the purchases account. The correct amount of purchases is ₦140,000. Calculate the correct amount of purchases.
Correct A. ₦144,000
B. ₦140,000
C. ₦136,000
D. ₦148,000

Correct Answer: A

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Question 24
A company's bank statement showed a balance of ₦20,000. The company's cash book showed a balance of ₦25,000. The bank statement also showed a debit of ₦5,000 for a cheque returned unpaid. Calculate the correct balance of the company's cash book.
Correct A. ₦25,000
B. ₦20,000
C. ₦15,000
D. ₦30,000

Correct Answer: A

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Question 25
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received 25,000 from the sale of these shares, what is the amount of the premium received?
Correct A. ₦12,500
B. ₦25,000
C. ₦37,500
D. ₦50,000

Correct Answer: A

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