POST UTME UNILORIN 2019 Accounting | Objective

Are you preparing for POST UTME UNILORIN 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 company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦20,000; Returns Inwards: ₦10,000. Calculate the gross profit for the year.
A. ₦250,000
Correct B. ₦270,000
C. ₦290,000
D. ₦310,000

Correct Answer: B

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Question 2
A company's balance sheet as at 31st December 2022 is as follows: Equity Share Capital: ₦500,000; Reserves: ₦200,000; Accumulated Depreciation: ₦50,000; Non-Current Assets: ₦300,000. Calculate the total equity of the company.
Correct A. ₦750,000
B. ₦850,000
C. ₦950,000
D. ₦1,050,000

Correct Answer: A

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Question 3
A company's manufacturing account for the year ended 31st December 2022 is as follows: Opening Work-in-Progress: ₦100,000; Direct Materials: ₦200,000; Direct Labour: ₦150,000; Closing Work-in-Progress: ₦120,000. Calculate the cost of goods manufactured for the year.
A. ₦450,000
B. ₦470,000
Correct C. ₦490,000
D. ₦510,000

Correct Answer: C

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Question 4
A company's control account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦20,000; Returns Inwards: ₦10,000. Calculate the total sales for the year.
A. ₦1,480,000
Correct B. ₦1,500,000
C. ₦1,520,000
D. ₦1,540,000

Correct Answer: B

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Question 5
A company's public sector accounting for the year ended 31st December 2022 is as follows: Government Grants: ₦100,000; Subsidies: ₦50,000; Interest on Loans: ₦20,000. Calculate the total government assistance for the year.
A. ₦170,000
B. ₦180,000
Correct C. ₦190,000
D. ₦200,000

Correct Answer: C

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Question 6
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦750,000, how much will A receive?
Correct A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: A

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Question 7
A company manufactures two products, X and Y. The production costs for X and Y are ₦100 and ₦120 per unit, respectively. If the company produces 500 units of X and 300 units of Y, what is the total production cost?
A. ₦150,000
Correct B. ₦180,000
C. ₦200,000
D. ₦220,000

Correct Answer: B

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Question 8
A company's trading account for the year shows a profit of ₦1,200,000. The company's balance sheet shows a capital of ₦2,500,000 and a profit and loss account of ₦1,200,000. What is the company's net worth?
A. ₦3,700,000
B. ₦4,200,000
C. ₦4,700,000
Correct D. ₦5,200,000

Correct Answer: D

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Question 9
A company's balance sheet shows a current asset of ₦1,500,000 and a current liability of ₦800,000. What is the company's working capital?
A. ₦700,000
B. ₦800,000
C. ₦900,000
Correct D. ₦1,000,000

Correct Answer: D

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Question 10
A company's profit and loss account for the year shows a profit of ₦1,500,000. The company's balance sheet shows a capital of ₦3,000,000 and a profit and loss account of ₦1,500,000. What is the company's net worth?
A. ₦4,500,000
B. ₦5,000,000
C. ₦5,500,000
Correct D. ₦6,000,000

Correct Answer: D

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Question 11
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 24 hours and machine B operates for 18 hours, what is the total number of units of X and Y produced?
A. 60 units of X and 36 units of Y
Correct B. 72 units of X and 24 units of Y
C. 48 units of X and 36 units of Y
D. 36 units of X and 48 units of Y

Correct Answer: B

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Question 12
A partnership is formed between two individuals, A and B, who invest ₦100,000 and ₦150,000 respectively. At the end of the first year, the profit is ₦50,000. If A's share of the profit is ₦25,000, what is B's share of the profit?
A. ₦25,000
Correct B. ₦30,000
C. ₦35,000
D. ₦40,000

Correct Answer: B

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Question 13
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. If the machine is depreciated for 5 years, what is the total depreciation?
A. ₦250,000
B. ₦275,000
C. ₦300,000
Correct D. ₦325,000

Correct Answer: D

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Question 14
A company maintains a self-balancing ledger with the following accounts: Cash, Debtors, Creditors, and Capital. If the ledger shows a debit balance of ₦50,000 in the Cash account and a credit balance of ₦30,000 in the Creditors account, what is the total amount of the ledger?
A. ₦80,000
B. ₦90,000
C. ₦100,000
Correct D. ₦110,000

Correct Answer: D

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Question 15
A company uses the double-entry system of accounting. If the company's assets increase by ₦100,000 and its liabilities decrease by ₦50,000, what is the effect on the company's equity?
Correct A. ₦50,000 increase
B. ₦50,000 decrease
C. ₦100,000 increase
D. ₦100,000 decrease

Correct Answer: A

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Question 16
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 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

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Question 17
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦2,500,000; Purchases: ₦1,800,000; Returns outwards: ₦50,000; Returns inwards: ₦20,000. Calculate the gross profit for the year.
A. ₦600,000
B. ₦650,000
Correct C. ₦700,000
D. ₦750,000

Correct Answer: C

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Question 18
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦2,000,000. Calculate the company's capital.
A. ₦500,000
B. ₦750,000
C. ₦1,000,000
Correct D. ₦1,500,000

Correct Answer: D

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Question 19
A company's cash book for the year ended 31st December 2022 is as follows: Cash at bank: ₦1,000,000; Cash in hand: ₦200,000; Bank overdraft: ₦500,000. Calculate the company's total cash.
A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
Correct D. ₦2,000,000

Correct Answer: D

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Question 20
A company's bank reconciliation statement for the year ended 31st December 2022 is as follows: Cash at bank: ₦1,000,000; Bank overdraft: ₦500,000. Calculate the company's bank balance.
A. ₦1,500,000
B. ₦1,600,000
C. ₦1,700,000
Correct D. ₦1,800,000

Correct Answer: D

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Question 21
A public sector organization uses the accrual basis of accounting. It records the depreciation of a machine as follows: Depreciation expense = (Cost - Residual value) / Useful life. If the cost of the machine is ₦120,000, its residual value is ₦20,000, and its useful life is 5 years, what is the depreciation expense for the first year?
Correct A. ₦16,000
B. ₦20,000
C. ₦24,000
D. ₦28,000

Correct Answer: A

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Question 22
A company uses the following ledger accounts: Cash, Accounts Payable, Sales Revenue, Cost of Goods Sold. Which of the following is a correct journal entry?
A. Debit Cash ₦1,000, Credit Sales Revenue ₦1,000
B. Debit Accounts Payable ₦1,000, Credit Sales Revenue ₦1,000
Correct C. Debit Cost of Goods Sold ₦1,000, Credit Sales Revenue ₦1,000
D. Debit Cash ₦1,000, Credit Accounts Payable ₦1,000

Correct Answer: C

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Question 23
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦100,000. What is the total amount of assets?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 24
A company uses the straight-line method of depreciation. If the cost of a machine is ₦80,000, its residual value is ₦20,000, and its useful life is 4 years, what is the annual depreciation expense?
A. ₦12,000
B. ₦15,000
Correct C. ₦18,000
D. ₦20,000

Correct Answer: C

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Question 25
A company's balance sheet shows the following assets: Cash ₦50,000, Accounts Receivable ₦30,000. What is the total amount of assets?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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