POST UTME UNILORIN 2022 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 2022 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the most likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has charged a service fee for the month.
C. The company has not yet received the cash from a customer.
Correct D. The company has made an error in recording the cash transactions.

Correct Answer: D

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Question 2
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product A and product B should be produced to maximize profit?
A. 10 units of product A and 15 units of product B
Correct B. 15 units of product A and 10 units of product B
C. 20 units of product A and 5 units of product B
D. 5 units of product A and 20 units of product B

Correct Answer: B

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Question 3
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets and liabilities?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 4
A company uses the straight-line method of depreciation to depreciate its assets. If the asset cost ₦100,000 and has a useful life of 5 years, what is the annual depreciation?
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 5
A company's balance sheet shows the following assets: Cash ₦50,000, Accounts Receivable ₦30,000, and Inventory ₦100,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 6
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance should be ₦12,000. What is the correct balance in the accounts receivable account?
A. ₦10,500
B. ₦11,500
Correct C. ₦12,500
D. ₦13,500

Correct Answer: C

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Question 7
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred expenses of ₦120,000 and the Assembly department incurred expenses of ₦150,000. What is the total cost of production for the company?
A. ₦270,000
B. ₦280,000
Correct C. ₦290,000
D. ₦300,000

Correct Answer: C

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Question 8
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦200,000. What is the company's net worth?
Correct A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000

Correct Answer: A

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Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 10
A company's trial balance shows an error of ₦1,000 in the accounts payable account. The correct balance should be ₦10,000. What is the correct balance in the accounts receivable account?
A. ₦9,000
Correct B. ₦10,000
C. ₦11,000
D. ₦12,000

Correct Answer: B

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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 12 hours and machine B operates for 15 hours, what is the total production time for product X?
Correct A. 6 hours
B. 8 hours
C. 10 hours
D. 12 hours

Correct Answer: A

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Question 12
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 2 Jan | Cash paid to suppliers | 0 | 5,000 | | 3 Jan | Cash received from customers | 8,000 | 0 | | 4 Jan | Cash paid to employees | 0 | 3,000 | What is the net cash inflow for the month of January?
Correct A. ₦13,000
B. ₦15,000
C. ₦17,000
D. ₦19,000

Correct Answer: A

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Question 13
A public sector organization has the following assets: | Asset | Cost | Accumulated Depreciation | | --- | --- | --- | | Building | 1,000,000 | 200,000 | | Machinery | 500,000 | 100,000 | | Vehicles | 200,000 | 50,000 | What is the total carrying value of the assets?
Correct A. 1,400,000
B. 1,500,000
C. 1,600,000
D. 1,700,000

Correct Answer: A

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Question 14
A company uses the straight-line method of depreciation for its assets. If an asset has a cost of ₦500,000 and an estimated useful life of 5 years, what is the annual depreciation charge?
Correct A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 15
A company's balance sheet shows the following: | Asset | Liability | Equity | | --- | --- | --- | | 1,000,000 | 500,000 | 500,000 | What is the company's liquidity ratio?
Correct A. 1:1
B. 2:1
C. 3:1
D. 4:1

Correct Answer: A

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Question 16
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2021 showed a capital of ₦2,000,000. The company's profit-sharing ratio is 3:2:1. If the company has 10 shareholders, calculate the amount each shareholder will receive as dividend.
A. ₦450,000
Correct B. ₦600,000
C. ₦750,000
D. ₦900,000

Correct Answer: B

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Question 17
A government agency is required to prepare a cash flow statement for the year ended 31st December 2022. The statement should include the following information: (i) cash received from customers, (ii) cash paid to suppliers, (iii) cash received from loans, and (iv) cash paid to employees. The cash flow statement should be presented in the format of a diagram.
A. ₦1,200,000
Correct B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000

Correct Answer: B

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Question 18
A company's balance sheet as at 31st December 2022 shows a current liability of ₦1,000,000. The company's profit and loss account for the year ended 31st December 2022 shows a net profit of ₦500,000. If the company's capital is ₦2,000,000, calculate the company's equity.
A. ₦2,500,000
B. ₦3,000,000
Correct C. ₦3,500,000
D. ₦4,000,000

Correct Answer: C

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Question 19
A company's cash book for the year ended 31st December 2022 shows a cash balance of ₦500,000. The company's bank reconciliation statement for the year ended 31st December 2022 shows a discrepancy of ₦200,000. If the company's cash book balance is ₦700,000, calculate the company's bank balance.
A. ₦600,000
B. ₦700,000
Correct C. ₦800,000
D. ₦900,000

Correct Answer: C

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Question 20
A company's single entry system for the year ended 31st December 2022 shows a total debit of ₦1,500,000 and a total credit of ₦1,200,000. If the company's capital is ₦2,000,000, calculate the company's net profit.
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 21
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦0,500
B. ₦1,000
Correct C. ₦1,500
D. ₦2,000

Correct Answer: C

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Question 22
A company purchases a machine for ₦0,000. The machine has a useful life of 5 years and a residual value of ₣0,000. Calculate the annual depreciation using the straight-line method.
A. ₡0,000
B. ₡2,000
Correct C. ₡5,000
D. ₡8,000

Correct Answer: C

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Question 23
A company issues 5,000 debentures of ₡0,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₤5,000,000
Correct B. ₥0,000,000
C. ₥5,000,000
D. ₦0,000,000

Correct Answer: B

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Question 24
A company purchases a machine for ₦0,000. The machine has a useful life of 5 years and a residual value of ₣0,000. Calculate the annual depreciation using the reducing balance method.
A. ₡0,000
B. ₡2,000
Correct C. ₡5,000
D. ₡8,000

Correct Answer: C

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Question 25
A company issues 10,000 shares of ₦.50 each at a premium of ₠.25 per share. Calculate the total amount received from the issue of shares.
A. ₦,500
B. ₧,000
Correct C. ₧,500
D. ₨,000

Correct Answer: C

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