POST UTME NILE UNIVERSITY 2022 Accounting | Objective

Are you preparing for POST UTME NILE 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.

Practice these randomly selected questions to test your readiness.

Question 1
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Correct A. ₦60,000
B. ₦48,000
C. ₦72,000
D. ₦90,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A manufacturing company uses a job costing system. The following data is available for a particular job: Direct Materials: ₦15,000 Direct Labour: ₦8,000 Overheads: ₦12,000 Total Cost: ₦35,000 Calculate the amount of indirect materials used in the production of this job.
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company has the following assets: Building: ₦500,000 Machinery: ₦300,000 Furniture: ₦100,000 The company depreciates its assets using the straight-line method. Calculate the amount of depreciation for the year.
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company has the following trial balance: Debit ₦10,000 ₦20,000 ₦30,000 ₦40,000 ₦50,000 Credit ₦20,000 ₦30,000 ₦40,000 ₦50,000 ₦60,000 Identify the error in the trial balance.
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The proceeds from the issue of shares were credited to a 'Share Capital' account. Prepare the journal entry to record the issue of shares.
Correct A. Debit Share Capital 50,000, Credit Cash 50,000
B. Debit Share Capital 50,000, Credit Cash 25,000
C. Debit Share Capital 50,000, Credit Cash 75,000
D. Debit Share Capital 50,000, Credit Cash 100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | Prepare the bank reconciliation statement as at 31st December.
A. Bank Balance: 1,500, Cash Balance: 1,200
Correct B. Bank Balance: 1,200, Cash Balance: 1,500
C. Bank Balance: 1,800, Cash Balance: 1,000
D. Bank Balance: 1,000, Cash Balance: 1,800

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's trading account for the year ended 31st December shows the following: | Particulars | Debit | Credit | | --- | --- | --- | | Sales | 100,000 | | | Purchases | | 80,000 | | Returns Outwards | | 5,000 | | Returns Inwards | 2,000 | | | Carriage Inwards | | 10,000 | | Carriage Outwards | 15,000 | | Prepare the trading account.
A. Cost of Goods Sold: 93,000, Gross Profit: 7,000
B. Cost of Goods Sold: 87,000, Gross Profit: 13,000
Correct C. Cost of Goods Sold: 90,000, Gross Profit: 10,000
D. Cost of Goods Sold: 95,000, Gross Profit: 5,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company's balance sheet as at 31st December shows the following: | Assets | | | Liabilities | | | | --- | --- | --- | --- | --- | --- | | Cash | 10,000 | | Bank Loan | | 20,000 | | Debtors | | 30,000 | Creditors | | 10,000 | | Stock | | 40,000 | Share Capital | | 50,000 | | | | 80,000 | | | 80,000 | Prepare the balance sheet.
Correct A. Total Assets: 80,000, Total Liabilities: 80,000
B. Total Assets: 90,000, Total Liabilities: 80,000
C. Total Assets: 80,000, Total Liabilities: 90,000
D. Total Assets: 90,000, Total Liabilities: 90,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | Prepare the bank reconciliation statement as at 31st December.
A. Bank Balance: 1,500, Cash Balance: 1,200
Correct B. Bank Balance: 1,200, Cash Balance: 1,500
C. Bank Balance: 1,800, Cash Balance: 1,000
D. Bank Balance: 1,000, Cash Balance: 1,800

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
The following trial balance was extracted from the ledger of a company. Prepare the company's balance sheet as at 31st December 2022.
A. ₦1,000,000
Correct B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
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. ₦100,000
B. ₦150,000
C. ₦200,000
Correct D. ₦250,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company purchased a machine for ₦500,000. Depreciation is provided at 10% per annum on the reducing balance method. Calculate the value of the machine after 2 years.
A. ₦400,000
Correct B. ₦450,000
C. ₦500,000
D. ₦550,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
The following are the financial statements of a company for the year ended 31st December 2022.
A. ₦1,000,000
Correct B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company issued 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦550,000
C. ₦600,000
Correct D. ₦650,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company produces two products, X and Y. Product X has a variable cost of ₦100 per unit and a fixed cost of ₦50,000. Product Y has a variable cost of ₦80 per unit and a fixed cost of ₦30,000. If the selling price of product X is ₦200 per unit and the selling price of product Y is ₦300 per unit, what is the break-even point in units for the company?
A. 100 units
Correct B. 200 units
C. 300 units
D. 400 units

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company has the following cash transactions for the month of January: ₦100,000 received from customers, ₦50,000 paid to suppliers, ₦20,000 paid to employees, and ₦30,000 received from the bank. What is the company's cash balance at the end of January?
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company uses the straight-line method of depreciation to depreciate its assets. If the asset cost ₦500,000 and has a residual value of ₦50,000, what is the annual depreciation charge?
A. ₦40,000
B. ₦45,000
Correct C. ₦50,000
D. ₦55,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A government agency has the following transactions: ₦100,000 received from taxpayers, ₦50,000 paid to suppliers, ₦20,000 paid to employees, and ₦30,000 received from the treasury. What is the agency's cash balance at the end of the period?
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company has the following bank reconciliation statement: ₦100,000 cash in bank, ₦50,000 outstanding checks, ₦20,000 deposits in transit, and ₦30,000 bank charges. What is the company's adjusted cash balance?
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares and the total amount of share capital.
Correct A. ₦150,000,000, ₦30,000,000
B. ₦150,000,000, ₦20,000,000
C. ₦150,000,000, ₦25,000,000
D. ₦150,000,000, ₦35,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
Correct A. ₦250,000, ₦350,000
B. ₦200,000, ₦300,000
C. ₦250,000, ₦400,000
D. ₦200,000, ₦450,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company issued 5,000 debentures of 1,000 each at a premium of 5%. The debentures were sold for 1,050 each. Calculate the total amount received from the sale of debentures and the total amount of debenture capital.
Correct A. ₦5,250,000, ₦5,250,000
B. ₦5,250,000, ₦5,000,000
C. ₦5,000,000, ₦5,250,000
D. ₦5,000,000, ₦5,500,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's journal entries for the month of January are as follows: Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦200,000, Debit Cost of Goods Sold ₦150,000, and Credit Common Stock ₦100,000. Prepare a trial balance for the company.
Correct A. ₦250,000, ₦350,000
B. ₦200,000, ₦300,000
C. ₦250,000, ₦400,000
D. ₦200,000, ₦450,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company's ledger accounts showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
Correct A. ₦250,000, ₦350,000
B. ₦200,000, ₦300,000
C. ₦250,000, ₦400,000
D. ₦200,000, ₦450,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support