POST UTME UNILORIN 2024 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 2024 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, costing ₦100 each. During the year, 300 units were sold, and 200 units were purchased at ₦120 each. Calculate the cost of goods sold for the year.
A. ₦30,000
Correct B. ₦32,000
C. ₦35,000
D. ₦38,000

Correct Answer: B

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Question 2
A public sector organization has the following transactions for the year ended December 31, 2024: - Received ₦1,000,000 from the government for a grant. - Paid ₦500,000 for salaries. - Collected ₦200,000 from customers. - Paid ₦300,000 for rent. What is the total revenue for the year?
Correct A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

Correct Answer: A

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Question 3
A company uses the straight-line method of depreciation. It purchased a machine on January 1, 2024, for ₦500,000. The machine has an estimated useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation for the year ended December 31, 2024.
Correct A. ₦90,000
B. ₦92,000
C. ₦95,000
D. ₦98,000

Correct Answer: A

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Question 4
A company has the following trial balance as at December 31, 2024: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦500,000 | | Cost of Goods Sold | ₦200,000 | | | Net Income | | ₦100,000 | What is the correct balance for the Cash account?
Correct A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: A

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Question 5
A company has the following bank reconciliation statement as at December 31, 2024: | Date | Bank Balance | Cash Balance | Adjustments | | --- | --- | --- | --- | | January 1, 2024 | ₦100,000 | ₦150,000 | | | February 28, 2024 | ₦120,000 | ₦180,000 | | | March 31, 2024 | ₦140,000 | ₦200,000 | | | April 30, 2024 | ₦160,000 | ₦220,000 | | | May 31, 2024 | ₦180,000 | ₦240,000 | | | June 30, 2024 | ₦200,000 | ₦260,000 | | | July 31, 2024 | ₦220,000 | ₦280,000 | | | August 31, 2024 | ₦240,000 | ₦300,000 | | | September 30, 2024 | ₦260,000 | ₦320,000 | | | October 31, 2024 | ₦280,000 | ₦340,000 | | | November 30, 2024 | ₦300,000 | ₦360,000 | | | December 31, 2024 | ₦320,000 | ₦380,000 | | What is the correct bank balance as at December 31, 2024?
Correct A. ₦320,000
B. ₦330,000
C. ₦340,000
D. ₦350,000

Correct Answer: A

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Question 6
A company has a cash book account with a balance of ₦15,000. The bank statement shows a balance of ₦18,000. The company's cash book shows a debit of ₦2,000 for a bank charge. The bank statement shows a credit of ₦1,500 for a bank interest. What is the correct explanation for the difference in the cash book and bank statement balances?
A. The bank charge is not recorded in the cash book.
B. The bank interest is not recorded in the cash book.
Correct C. The cash book balance includes a debit for a bank charge that is not recorded in the bank statement.
D. The bank statement balance includes a credit for a bank interest that is not recorded in the cash book.

Correct Answer: C

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Question 7
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while product B requires 1 hour of direct labor and 2 hours of indirect labor. If the company produces 100 units of product A and 50 units of product B, what is the total direct labor hours and indirect labor hours?
Correct A. Direct labor hours: 250, Indirect labor hours: 150
B. Direct labor hours: 150, Indirect labor hours: 250
C. Direct labor hours: 200, Indirect labor hours: 200
D. Direct labor hours: 300, Indirect labor hours: 100

Correct Answer: A

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Question 8
A company has the following transactions: Purchased goods for ₦10,000, sold goods for ₦15,000, and paid a bank charge of ₦1,000. What is the correct journal entry for these transactions?
A. Debit: Purchases ₦10,000, Credit: Sales ₦15,000, Debit: Bank Charges ₦1,000
B. Debit: Purchases ₦10,000, Credit: Sales ₦15,000, Credit: Bank Charges ₦1,000
Correct C. Debit: Purchases ₦10,000, Credit: Sales ₦15,000, Debit: Bank Charges ₦1,000
D. Debit: Purchases ₦10,000, Credit: Sales ₦15,000, Credit: Bank Charges ₦1,000

Correct Answer: C

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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 ₦50,000, what is the correct allocation of the net income to each partner?
Correct A. Partner A: ₦30,000, Partner B: ₦20,000
B. Partner A: ₦20,000, Partner B: ₦30,000
C. Partner A: ₦40,000, Partner B: ₦10,000
D. Partner A: ₦10,000, Partner B: ₦40,000

Correct Answer: A

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Question 10
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?
Correct A. ₦15,000
B. ₦10,000
C. ₦12,000
D. ₦18,000

Correct Answer: A

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Question 11
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. They share profits and losses in the ratio 3:2. If the profit for the year is ₦750,000, how much will A receive as his share of the profit?
Correct A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: A

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Question 12
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, how much of the amount will be credited to the share capital account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
Correct D. ₦400,000

Correct Answer: D

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Question 13
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦1,500,000 and its current liabilities are ₦750,000, what is the amount of its non-current liabilities?
A. ₦1,000,000
B. ₦1,250,000
Correct C. ₦1,500,000
D. ₦1,750,000

Correct Answer: C

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Question 14
A company's profit and loss account shows a net profit of ₦200,000. If the company's trading account shows a profit of ₦150,000 and its non-trading income is ₦50,000, what is the amount of its non-trading expenses?
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 15
A company issues 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. If the company receives a total of ₦1,000,000, how much of the amount will be credited to the debenture account?
A. ₦500,000
B. ₦600,000
C. ₦700,000
Correct D. ₦800,000

Correct Answer: D

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Question 16
A company's balance sheet shows a total assets of ₦5,000,000 and a total liabilities of ₦3,000,000. What is the amount of its equity?
A. ₦1,000,000
B. ₦2,000,000
Correct C. ₦3,000,000
D. ₦4,000,000

Correct Answer: C

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Question 17
A company's profit and loss account shows a net loss of ₦100,000. If the company's trading account shows a loss of ₦150,000 and its non-trading income is ₦50,000, what is the amount of its non-trading expenses?
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 18
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, how much of the amount will be credited to the share premium account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
Correct D. ₦400,000

Correct Answer: D

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Question 19
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦1,500,000 and its current liabilities are ₦750,000, what is the amount of its non-current assets?
A. ₦1,000,000
B. ₦1,250,000
C. ₦1,500,000
D. ₦1,750,000

Correct Answer: VIEW ANSWER

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Question 20
A company's cash book shows a debit balance of ₦15,000. However, the bank statement shows a credit balance of ₦10,000. What is the reason for the discrepancy?
A. The company has made a mistake in recording cash transactions.
B. The bank has made an error in its statement.
Correct C. The company has a suspense account that needs to be cleared.
D. The company has a loan from the bank that needs to be repaid.

Correct Answer: C

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Question 21
A manufacturing company has the following departmental accounts: Direct Materials (₦50,000), Direct Labour (₦30,000), and Overheads (₦20,000). What is the total cost of production?
A. ₦100,000
B. ₦120,000
Correct C. ₦150,000
D. ₦180,000

Correct Answer: C

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Question 22
A company's balance sheet shows a total asset value of ₦500,000 and a total liability value of ₦300,000. What is the company's equity?
Correct A. ₦200,000
B. ₦150,000
C. ₦100,000
D. ₦50,000

Correct Answer: A

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Question 23
A company's cash book shows a debit balance of ₦20,000. However, the bank statement shows a credit balance of ₦15,000. What is the reason for the discrepancy?
A. The company has made a mistake in recording cash transactions.
B. The bank has made an error in its statement.
Correct C. The company has a suspense account that needs to be cleared.
D. The company has a loan from the bank that needs to be repaid.

Correct Answer: C

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Question 24
A manufacturing company has the following departmental accounts: Direct Materials (₦60,000), Direct Labour (₦40,000), and Overheads (₦30,000). What is the total cost of production?
A. ₦130,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 25
A company's balance sheet shows a total asset value of ₦600,000 and a total liability value of ₦400,000. What is the company's equity?
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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