POST UTME NOUN 2024 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 2024 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 cash book to record all its financial transactions. The cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦110,000. What is the most likely reason for the discrepancy?
Correct A. The company has not recorded a deposit of ₦10,000.
B. The company has not recorded a withdrawal of ₦10,000.
C. The bank has charged a fee of ₦10,000.
D. The company has not recorded a loan of ₦10,000.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company uses the double-entry system to record its financial transactions. The company has the following transactions: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect of this transaction on the company's financial position?
A. The company's assets increase by ₦10,000.
Correct B. The company's liabilities increase by ₦10,000.
C. The company's equity increases by ₦10,000.
D. The company's assets decrease by ₦10,000.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A government agency uses the public sector accounting system to record its financial transactions. The agency has the following transactions: Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000. What is the effect of this transaction on the agency's financial position?
Correct A. The agency's assets increase by ₦20,000.
B. The agency's liabilities increase by ₦20,000.
C. The agency's equity increases by ₦20,000.
D. The agency's assets decrease by ₦20,000.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company uses the self-balancing ledger system to record its financial transactions. The company has the following transactions: Debit Accounts Payable ₦15,000, Credit Cash ₦15,000. What is the effect of this transaction on the company's financial position?
A. The company's assets increase by ₦15,000.
B. The company's liabilities increase by ₦15,000.
Correct C. The company's equity increases by ₦15,000.
D. The company's assets decrease by ₦15,000.

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company uses the control account system to record its financial transactions. The company has the following transactions: Debit Cash ₦25,000, Credit Accounts Payable ₦25,000. What is the effect of this transaction on the company's financial position?
A. The company's assets increase by ₦25,000.
Correct B. The company's liabilities increase by ₦25,000.
C. The company's equity increases by ₦25,000.
D. The company's assets decrease by ₦25,000.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issues 10,000 shares of 1 par value at a premium of 3 per share. If the company receives 35,000 from the sale of shares, what is the total amount of share capital?
A. ₦35,000
B. ₦40,000
C. ₦45,000
Correct D. ₦50,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A company has the following trial balance: Assets 100,000; Liabilities 50,000; Equity 50,000. What is the net profit?
A. 0
B. 5,000
Correct C. 10,000
D. 15,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company uses the straight-line method of depreciation. If the asset cost 10,000 and has a useful life of 5 years, what is the annual depreciation?
A. 1,000
B. 2,000
Correct C. 2,500
D. 3,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership has a net income of 10,000, how much will Partner A receive?
A. 4,000
Correct B. 6,000
C. 8,000
D. 10,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company has the following balance sheet: Assets 100,000; Liabilities 50,000; Equity 50,000. If the company issues 10,000 shares of 1 par value at a premium of 3 per share, what is the new total amount of share capital?
A. ₦150,000
B. ₦160,000
C. ₦170,000
Correct D. ₦180,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company's trading account for the year ended 31st December 2023 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
A. ₦250,000
Correct B. ₦270,000
C. ₦290,000
D. ₦310,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
The following is a partial extract from the balance sheet of XYZ Ltd. as at 31st December 2023: Fixed Assets ₦1,500,000; Current Assets ₦800,000; Current Liabilities ₦500,000. Calculate the net worth of the company.
Correct A. ₦1,800,000
B. ₦2,000,000
C. ₦2,200,000
D. ₦2,500,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company's profit and loss account for the year ended 31st December 2023 is as follows: Sales: ₦1,800,000; Purchases: ₦1,200,000; Returns Outwards: ₦30,000; Returns Inwards: ₦10,000. Calculate the gross profit for the year.
Correct A. ₦300,000
B. ₦320,000
C. ₦340,000
D. ₦360,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
The following is a partial extract from the balance sheet of XYZ Ltd. as at 31st December 2023: Fixed Assets ₦1,800,000; Current Assets ₦900,000; Current Liabilities ₦600,000. Calculate the net worth of the company.
Correct A. ₦2,100,000
B. ₦2,300,000
C. ₦2,500,000
D. ₦2,800,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company's profit and loss account for the year ended 31st December 2023 is as follows: Sales: ₦2,000,000; Purchases: ₦1,500,000; Returns Outwards: ₦40,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
Correct A. ₦400,000
B. ₦420,000
C. ₦440,000
D. ₦460,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
In a partnership account, the capital of a partner is increased by an amount of ₦120,000. If the original capital of the partner was ₦500,000, what is the new capital of the partner?
A. ₦620,000
B. ₦620,000
C. ₦620,000
Correct D. ₦620,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount received from the issue of shares?
Correct A. ₦1,400,000
B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A bank reconciled its cash book with its bank statement and found a difference of ₦50,000. The bank statement showed a balance of ₦200,000, while the cash book showed a balance of ₦150,000. What is the reason for the difference?
A. Cheque returned unpaid
Correct B. Cheque deposited but not yet credited
C. Bank charged commission
D. Bank added interest

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company issued 5,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦250,000, what is the amount received from the issue of shares?
A. ₦225,000
Correct B. ₦250,000
C. ₦275,000
D. ₦300,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount received from the issue of shares?
A. ₦1,400,000
Correct B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000

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. If the shares were sold for 5 each, calculate the total amount received from the sale of shares.
A. ₦30,000,000
Correct B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A manufacturing company uses a job costing system. The company incurred the following costs during the month: direct materials 10,000, direct labor 15,000, and factory overhead 20,000. If the company produced 1,000 units during the month, calculate the cost per unit.
A. ₦35
B. ₦40
Correct C. ₦45
D. ₦50

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's cash book shows the following transactions: cash received from customers ₦100,000, cash paid to suppliers ₦50,000, and cash paid to employees ₦30,000. Calculate the net increase in cash.
A. ₦20,000
B. ₦30,000
C. ₦40,000
Correct D. ₦50,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A government agency received a grant of ₦1,000,000 to implement a project. The agency incurred the following expenses: salaries ₦300,000, travel ₦200,000, and equipment ₦500,000. Calculate the amount of the grant remaining after the expenses.
A. ₦0
B. ₦100,000
C. ₦200,000
Correct D. ₦300,000

Correct Answer: D

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