POST UTME UNIBEN 2020 Accounting | Objective

Are you preparing for POST UTME UNIBEN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2020 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 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?
Correct A. ₦24,000
B. ₦20,000
C. ₦22,000
D. ₦18,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | 5,000 | | | 15th Jan | Bank | | 5,000 | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the balance in the cash book?
A. ₦3,000
Correct B. ₦5,000
C. ₦7,000
D. ₦9,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | | | Bank | | 10,000 | | Sales | | 50,000 | | Purchases | 30,000 | | | Capital | | 20,000 | What is the correct balance in the sales account?
Correct A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | 5,000 | | | 15th Jan | Bank | | 5,000 | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the correct balance in the bank account?
A. ₦3,000
B. ₦5,000
C. ₦7,000
Correct D. ₦9,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 1st Jan | Bank | | 10,000 | | 15th Jan | Cash | 5,000 | | | 15th Jan | Bank | | 5,000 | | 20th Jan | Cash | | 8,000 | | 20th Jan | Bank | 8,000 | | What is the correct balance in the cash account?
A. ₦3,000
B. ₦5,000
Correct C. ₦7,000
D. ₦9,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
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.
A. ₦30,000,000
B. ₦40,000,000
Correct C. ₦50,000,000
D. ₦60,000,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred the following costs: Direct Materials 10,000, Direct Labor 15,000, and Overhead 20,000. The Assembly department incurred the following costs: Direct Materials 8,000, Direct Labor 12,000, and Overhead 18,000. If the company produced 1,000 units, what is the total cost per unit?
A. ₦48
B. ₦50
Correct C. ₦52
D. ₦54

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's trial balance as of December 31, 2020, is as follows: Accounts Receivable 50,000, Accounts Payable 30,000, Common Stock 100,000, Retained Earnings 50,000, and Dividends 20,000. What is the total amount of net income for the year?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
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.
A. ₦30,000,000
B. ₦40,000,000
Correct C. ₦50,000,000
D. ₦60,000,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred the following costs: Direct Materials 10,000, Direct Labor 15,000, and Overhead 20,000. The Assembly department incurred the following costs: Direct Materials 8,000, Direct Labor 12,000, and Overhead 18,000. If the company produced 1,000 units, what is the total cost per unit?
A. ₦48
B. ₦50
Correct C. ₦52
D. ₦54

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
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

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦100,000; Direct Labour: ₦150,000; Overheads: ₦200,000. Calculate the total cost of production.
Correct A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company's trial balance as at 31st December, 2020 is as follows: Sales: ₦500,000; Purchases: ₦300,000; Returns Outwards: ₦20,000; Returns Inwards: ₦15,000; Wages: ₦100,000; Rent: ₦50,000. Prepare the Trading and Profit & Loss Account for the year.
A. ₦150,000
B. ₦200,000
C. ₦250,000
Correct D. ₦300,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company issued 5% debentures of ₦100 each at a premium of ₦10 per share. Calculate the annual interest on the debentures.
A. ₦2,500
Correct B. ₦5,000
C. ₦7,500
D. ₦10,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company's balance sheet as at 31st December, 2020 is as follows: Share Capital: ₦200,000; Reserves: ₦150,000; Debtors: ₦100,000; Creditors: ₦50,000. Calculate the net worth of the company.
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. What is the correct journal entry to correct this error?
A. Debit Rent Received ₦15,000, Credit Rent Paid ₦15,000
Correct B. Debit Rent Paid ₦15,000, Credit Rent Received ₦15,000
C. Debit Rent Received ₦15,000, Credit Cash ₦15,000
D. Debit Cash ₦15,000, Credit Rent Received ₦15,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. What is the total capital of the partnership?
Correct A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦90,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A manufacturing company produces 100 units of a product. The cost of raw materials is ₦50 per unit, and the labor cost is ₦20 per unit. What is the total cost of production?
A. ₦6,000
B. ₦7,000
Correct C. ₦8,000
D. ₦9,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company uses the double-entry system of accounting. What is the effect of debiting the account 'Rent Received'?
A. Increases the asset account
Correct B. Decreases the asset account
C. Increases the liability account
D. Decreases the liability account

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company's assets are valued at ₦100,000. The depreciation rate is 10% per annum. What is the value of the asset after 2 years?
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦250,000
B. ₦500,000
Correct C. ₦750,000
D. ₦1,000,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company's trading account for the year ended 31st December 2020 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. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company's balance sheet as at 31st December 2020 is as follows: Fixed Assets: ₦1,500,000; Current Assets: ₦1,200,000; Capital: ₦1,000,000; Reserves: ₦500,000. Calculate the ratio of current assets to fixed assets.
A. 1:1
Correct B. 2:1
C. 3:1
D. 4:1

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's profit and loss account for the year ended 31st December 2020 is as follows: Gross Profit: ₦1,500,000; Operating Expenses: ₦800,000; Interest on Debentures: ₦200,000. Calculate the net profit for the year.
A. ₦500,000
B. ₦600,000
C. ₦700,000
Correct D. ₦800,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company's balance sheet as at 31st December 2020 is as follows: Fixed Assets: ₦1,500,000; Current Assets: ₦1,200,000; Capital: ₦1,000,000; Reserves: ₦500,000. Calculate the ratio of capital to reserves.
A. 1:1
Correct B. 2:1
C. 3:1
D. 4:1

Correct Answer: B

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