POST UTME NOUN 2023 Accounting | Objective

Are you preparing for POST UTME NOUN 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
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. If the profit-sharing ratio is 3:2, what is the total profit for the year?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 2
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Accounts Receivable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets?
A. ₦350,000
Correct B. ₦400,000
C. ₦450,000
D. ₦500,000

Correct Answer: B

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Question 3
A bank reconciliation statement shows the following discrepancies: a missing deposit of ₦20,000, an outstanding check of ₦15,000, and a bank error of ₦10,000. What is the corrected balance?
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 4
A company's cash book shows the following transactions: a deposit of ₦30,000, a withdrawal of ₦20,000, and a purchase of equipment for ₦50,000. What is the net change in cash?
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 5
A government agency's financial statements show the following revenues and expenses: Revenues ₦500,000, Expenses ₦300,000, and a surplus of ₦200,000. What is the total amount of assets?
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 6
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
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 7
A company's trial balance showed an error of ₦5,000 due to a mistake in the posting of a transaction. Prepare the necessary journal entry to rectify the error.
A. Debit Cash ₦5,000, Credit Profit and Loss Account ₦5,000
Correct B. Debit Profit and Loss Account ₦5,000, Credit Cash ₦5,000
C. Debit Profit and Loss Account ₦5,000, Credit Capital Account ₦5,000
D. Debit Capital Account ₦5,000, Credit Profit and Loss Account ₦5,000

Correct Answer: B

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Question 8
A company's balance sheet showed a capital of ₦100,000 and a profit and loss account of ₦50,000. Prepare the necessary ledger accounts to show the correct position of the company's capital and profit and loss account.
Correct A. Capital Account: ₦100,000, Profit and Loss Account: ₦50,000
B. Capital Account: ₦150,000, Profit and Loss Account: ₦50,000
C. Capital Account: ₦100,000, Profit and Loss Account: ₦100,000
D. Capital Account: ₦50,000, Profit and Loss Account: ₦150,000

Correct Answer: A

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Question 9
A company's cash book showed a balance of ₦20,000. The bank statement showed a balance of ₦30,000. Prepare the necessary bank reconciliation statement to show the correct position of the company's cash and bank accounts.
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 10
A company issued 10,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦1,000,000
Correct B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000

Correct Answer: B

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Question 11
A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦130,000. The difference is due to a bank overdraft of ₦10,000. What is the correct journal entry to record the bank overdraft?
Correct A. ₦10,000 debit to Bank Overdraft and ₦10,000 credit to Cash
B. ₦10,000 debit to Cash and ₦10,000 credit to Bank Overdraft
C. ₦10,000 debit to Bank Overdraft and ₦10,000 credit to Bank
D. ₦10,000 debit to Bank and ₦10,000 credit to Bank Overdraft

Correct Answer: A

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Question 12
A company uses the double-entry system of accounting. It records the following transactions: Purchased office supplies for ₦5,000 and received cash of ₦10,000 from a customer. What is the correct journal entry for these transactions?
A. ₦5,000 debit to Office Supplies and ₦5,000 credit to Cash
B. ₦5,000 debit to Cash and ₦5,000 credit to Office Supplies
C. ₦10,000 debit to Cash and ₦10,000 credit to Sales
Correct D. ₦5,000 debit to Office Supplies and ₦10,000 credit to Cash

Correct Answer: D

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Question 13
A company's trial balance shows the following balances: ₦50,000 debit to Sales and ₦60,000 credit to Sales. What is the correct journal entry to rectify this error?
A. ₦10,000 debit to Sales and ₦10,000 credit to Sales
Correct B. ₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss
C. ₦10,000 debit to Profit or Loss and ₦10,000 credit to Sales
D. ₦10,000 debit to Sales and ₦10,000 credit to Cash

Correct Answer: B

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Question 14
A company's balance sheet shows the following balances: ₦100,000 debit to Assets and ₦150,000 credit to Assets. What is the correct journal entry to rectify this error?
A. ₦50,000 debit to Assets and ₦50,000 credit to Equity
Correct B. ₦50,000 debit to Equity and ₦50,000 credit to Assets
C. ₦50,000 debit to Assets and ₦50,000 credit to Liabilities
D. ₦50,000 debit to Liabilities and ₦50,000 credit to Assets

Correct Answer: B

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Question 15
A company's profit and loss account shows the following balances: ₦50,000 debit to Sales and ₦60,000 credit to Sales. What is the correct journal entry to rectify this error?
Correct A. ₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss
B. ₦10,000 debit to Profit or Loss and ₦10,000 credit to Sales
C. ₦10,000 debit to Sales and ₦10,000 credit to Cash
D. ₦10,000 debit to Cash and ₦10,000 credit to Sales

Correct Answer: A

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Question 16
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, work-in-progress is ₦180,000, and finished goods is ₦240,000. The company uses a weighted average method with weights of 30%, 40%, and 30% respectively. Calculate the total value of the inventory.
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 17
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the perpetual inventory system. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 18
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the periodic inventory system. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 19
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the FIFO method to value its inventory. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 20
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the LIFO method to value its inventory. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 21
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the weighted average method to value its inventory. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 22
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the perpetual inventory system. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 23
A company has the following transactions: Purchased raw materials for ₦120,000, purchased work-in-progress for ₦180,000, and sold finished goods for ₦240,000. The company uses the periodic inventory system. What is the total value of the inventory?
A. ₦540,000
Correct B. ₦600,000
C. ₦720,000
D. ₦840,000

Correct Answer: B

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Question 24
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Correct A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000

Correct Answer: A

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Question 25
A firm has a cash book balance of ₦120,000 and a bank statement balance of ₦150,000. The bank statement shows a credit balance of ₦10,000 for a dishonored cheque. The cash book shows a debit balance of ₦5,000 for a bank overdraft. What is the correct balance of the firm's cash account?
A. ₦125,000
B. ₦130,000
C. ₦135,000
Correct D. ₦140,000

Correct Answer: D

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