POST UTME SKYLINE UNIVERSITY 2019 Accounting | Objective

Are you preparing for POST UTME SKYLINE UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. After 6 months, A withdraws ₦20,000 and B invests an additional ₦30,000. Calculate the new capital of the partnership.
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

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Question 2
A company uses the double-entry system of accounting. The following transactions occur during the month of January:
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 3
A company's trading account for the year ended 31st December 2022 is as follows:
A. ₦500,000
B. ₦600,000
Correct C. ₦700,000
D. ₦800,000

Correct Answer: C

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Question 4
A company's balance sheet as at 31st December 2022 is as follows:
A. ₦1,000,000
Correct B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

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Question 5
A company's control account for the year ended 31st December 2022 is as follows:
A. ₦500,000
B. ₦600,000
Correct C. ₦700,000
D. ₦800,000

Correct Answer: C

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Question 6
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦2,000,000 and a profit and loss account balance of ₦800,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦3,500,000
Correct B. ₦3,600,000
C. ₦3,700,000
D. ₦3,800,000

Correct Answer: B

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Question 7
A company's balance sheet as at 31st December 2022, showed a current asset of ₦1,500,000 and a non-current asset of ₦2,000,000. The company's current liability was ₦800,000 and the non-current liability was ₦1,200,000. Calculate the company's net worth.
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 8
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦2,000,000 and a profit and loss account balance of ₦800,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦3,500,000
Correct B. ₦3,600,000
C. ₦3,700,000
D. ₦3,800,000

Correct Answer: B

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Question 9
A company's balance sheet as at 31st December 2022, showed a current asset of ₦1,500,000 and a non-current asset of ₦2,000,000. The company's current liability was ₦800,000 and the non-current liability was ₦1,200,000. Calculate the company's net worth.
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 10
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance sheet as at 31st December 2021, showed a capital of ₦2,000,000 and a profit and loss account balance of ₦800,000. The company's profit for the year ended 31st December 2022, was ₦1,500,000. Calculate the company's capital as at 31st December 2022.
A. ₦3,500,000
Correct B. ₦3,600,000
C. ₦3,700,000
D. ₦3,800,000

Correct Answer: B

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Question 11
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
Correct B. ₦20,000
C. ₦30,000
D. ₦25,000

Correct Answer: B

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Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total assets of the company?
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 13
A government agency uses the accrual basis of accounting. If the agency receives ₦100,000 in cash from customers and pays ₦80,000 in cash to suppliers, what is the net cash flow from operating activities?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 14
A company uses the perpetual inventory system. If the company purchases 100 units of inventory at ₦50 each, what is the total cost of goods available for sale?
A. ₦5,000
B. ₦6,000
Correct C. ₦7,000
D. ₦8,000

Correct Answer: C

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Question 15
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total liabilities of the company?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 16
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the accumulated depreciation after 3 years?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 17
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total equity of the company?
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 18
A company uses the accrual basis of accounting. If the company receives ₦100,000 in cash from customers and pays ₦80,000 in cash to suppliers, what is the net income?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 19
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total assets of the company?
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 20
A government agency is required to prepare a statement of cash flows for the year ended December 31, 2022. The agency's cash inflows from operating activities include ₦120,000 from the sale of goods, ₦80,000 from the sale of services, and ₦30,000 from the sale of assets. The cash outflows from operating activities include ₦150,000 for the purchase of goods, ₦100,000 for the purchase of services, and ₦20,000 for the purchase of assets. What is the net cash inflow from operating activities for the year ended December 31, 2022?
Correct A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: A

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Question 21
A company's trial balance shows the following account balances: Accounts Receivable ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets and liabilities for the company?
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 22
A company's income statement for the year ended December 31, 2022, shows the following: Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Gross Profit ₦200,000. What is the company's net income for the year?
A. ₦100,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 23
A company's balance sheet for the year ended December 31, 2022, shows the following: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the company's total assets for the year?
Correct A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000

Correct Answer: A

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Question 24
A company's cash flow statement for the year ended December 31, 2022, shows the following: Cash Flows from Operating Activities ₦200,000, Cash Flows from Investing Activities ₦100,000, and Cash Flows from Financing Activities ₦50,000. What is the company's net cash outflow for the year?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 25
A company's trial balance shows the following account balances: Accounts Receivable ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets and liabilities for the company?
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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