POST UTME IGBINEDION UNIVERSITY 2022 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 2022 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
Correct B. ₦450,000
C. ₦475,000
D. ₦500,000

Correct Answer: B

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Question 2
A company's profit for the year ended 31st December 2021 was ₦1,500,000. The company's tax rate is 25%. Calculate the company's tax liability for the year.
Correct A. ₦375,000
B. ₦375,000
C. ₦375,000
D. ₦375,000

Correct Answer: A

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Question 3
A company's assets are ₦1,000,000, liabilities are ₦200,000, and equity is ₦800,000. Calculate the company's liquidity ratio.
Correct A. 1.33
B. 1.33
C. 1.33
D. 1.33

Correct Answer: A

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Question 4
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦105,000
B. ₦100,000
Correct C. ₦105,000
D. ₦110,000

Correct Answer: C

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Question 5
A company's profit for the year ended 31st December 2021 was ₦1,500,000. The company's tax rate is 25%. Calculate the company's net profit for the year.
Correct A. ₦1,125,000
B. ₦1,125,000
C. ₦1,125,000
D. ₦1,125,000

Correct Answer: A

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Question 6
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from the debenture holders.
A. ₦1,000,000
Correct B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

Correct Answer: B

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Question 7
A partnership is formed by three partners, A, B, and C, who contribute ₦200,000, ₦300,000, and ₦400,000 respectively. The profit is to be shared in the ratio 2:3:4. Calculate the share of profit of partner A.
Correct A. ₦160,000
B. ₦240,000
C. ₦320,000
D. ₦400,000

Correct Answer: A

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Question 8
A company purchases a machine for ₦500,000 and sells it after one year for ₦600,000. Calculate the gain or loss on the sale of the machine.
A. ₦25,000
B. ₦50,000
Correct C. ₦75,000
D. ₦100,000

Correct Answer: C

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Question 9
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦50,000. The general ledger shows a balance of ₦60,000. Calculate the difference between the two balances.
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 10
A company purchases raw materials worth ₦100,000 and sells finished goods worth ₦150,000. Calculate the gross profit.
A. ₦25,000
B. ₦50,000
Correct C. ₦75,000
D. ₦100,000

Correct Answer: C

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Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
Correct B. ₦480,000
C. ₦485,000
D. ₦490,000

Correct Answer: B

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Question 12
A trader purchases goods for ₦120,000 and sells them for ₦180,000. Calculate the gross profit percentage.
A. 20%
Correct B. 25%
C. 30%
D. 35%

Correct Answer: B

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Question 13
A company's balance sheet shows an increase in its current assets by ₦50,000 and a decrease in its current liabilities by ₦20,000. Calculate the net increase in working capital.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 14
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
A. ₦200,000
B. ₦210,000
Correct C. ₦220,000
D. ₦230,000

Correct Answer: C

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Question 15
A company's profit and loss account shows a net profit of ₦150,000. If the company's tax rate is 25%, calculate the amount of tax payable.
Correct A. ₦37,500
B. ₦40,000
C. ₦42,500
D. ₦45,000

Correct Answer: A

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Question 16
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge?
Correct A. ₦20,000
B. ₦22,000
C. ₦24,000
D. ₦26,000

Correct Answer: A

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Question 17
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 18
A company uses the weighted average method to value its inventory. If the cost of the inventory is ₦100,000 and the company has 500 units, what is the cost per unit?
A. ₦150
Correct B. ₦200
C. ₦250
D. ₦300

Correct Answer: B

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Question 19
A company's income statement shows the following information: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Gross Profit ₦200,000. What is the company's net income?
Correct A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: A

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Question 20
A company's balance sheet shows the following information: Cash ₦50,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. What is the company's total liabilities?
Correct A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000

Correct Answer: A

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Question 21
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦180 each. If the company uses the weighted average method to value inventory, what is the total value of inventory on December 31, 2022?
A. ₦63,000
Correct B. ₦66,000
C. ₦69,000
D. ₦72,000

Correct Answer: B

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Question 22
A company's trial balance as of December 31, 2022, is as follows: Debit ₦ 50,000 Cash ₦ 20,000 Accounts Receivable ₦ 30,000 Inventory ₦ 10,000 Prepaid Rent ₦ 5,000 Office Supplies ₦ 15,000 Equipment ₦ 20,000 Accumulated Depreciation ₦ 10,000 Salaries Payable ₦ 5,000 Taxes Payable Credit ₦ 40,000 Accounts Payable ₦ 30,000 Notes Payable ₦ 20,000 Common Stock ₦ 15,000 Retained Earnings What is the total amount of assets on the balance sheet?
Correct A. ₦ 95,000
B. ₦ 105,000
C. ₦ 115,000
D. ₦ 125,000

Correct Answer: A

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Question 23
A company uses the cash basis of accounting. During the year, it received ₦ 50,000 in cash from customers and paid ₦ 30,000 in cash to suppliers. If the company's beginning cash balance was ₦ 20,000, what is the ending cash balance?
A. ₦ 40,000
Correct B. ₦ 50,000
C. ₦ 60,000
D. ₦ 70,000

Correct Answer: B

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Question 24
A company's balance sheet as of December 31, 2022, is as follows: Assets ₦ 100,000 Cash ₦ 50,000 Accounts Receivable ₦ 30,000 Inventory ₦ 20,000 Prepaid Rent ₦ 10,000 Office Supplies Liabilities ₦ 40,000 Accounts Payable ₦ 30,000 Notes Payable Equity ₦ 20,000 Common Stock ₦ 15,000 Retained Earnings What is the total amount of liabilities on the balance sheet?
A. ₦ 70,000
Correct B. ₦ 80,000
C. ₦ 90,000
D. ₦ 100,000

Correct Answer: B

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Question 25
A company's income statement for the year ended December 31, 2022, is as follows: Revenues ₦ 200,000 Sales Expenses ₦ 150,000 Cost of Goods Sold ₦ 30,000 Salaries ₦ 20,000 Rent What is the net income for the year?
A. ₦ 20,000
B. ₦ 30,000
Correct C. ₦ 40,000
D. ₦ 50,000

Correct Answer: C

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