Practice Post UTME UNIOSUN accounting 2023 Past Questions

Question 1

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, how many units of product X and Y should the company produce?

A. 10 units of X and 15 units of Y

Correct B. 15 units of X and 10 units of Y

C. 20 units of X and 5 units of Y

D. 5 units of X and 20 units of Y

Correct Answer: B

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Question 2

A company has the following transactions during the year: Purchased goods for ₦100,000 cash, sold goods for ₦150,000 on credit, and purchased equipment for ₦50,000 on credit. What is the total amount of assets at the end of the year?

A. ₦200,000

B. ₦250,000

Correct C. ₦300,000

D. ₦350,000

Correct Answer: C

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Question 3

A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?

Correct A. ₦60,000

B. ₦80,000

C. ₦100,000

D. ₦120,000

Correct Answer: A

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Question 4

A company uses the single entry system of accounting. The following transactions are recorded: Purchased goods for ₦50,000, sold goods for ₦70,000, and purchased equipment for ₦30,000. What is the total amount of assets at the end of the year?

A. ₦130,000

B. ₦140,000

Correct C. ₦150,000

D. ₦160,000

Correct Answer: C

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Question 5

A company has the following transactions during the year: Purchased goods for ₦80,000 cash, sold goods for ₦120,000 on credit, and purchased equipment for ₦40,000 on credit. What is the total amount of liabilities at the end of the year?

A. ₦120,000

B. ₦140,000

Correct C. ₦160,000

D. ₦180,000

Correct Answer: C

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Question 6

A company has a cash book account with the following transactions: Debit: 1. Cash 2. Sales 3. Purchase 4. Bank Credit: 1. Cash 2. Sales 3. Purchase 4. Bank What is the correct classification of the cash book account?

A. Personal Account

Correct B. Real Account

C. Nominal Account

D. Impersonal Account

Correct Answer: B

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Question 7

A partnership has the following capital accounts: Partner A: 1. Initial Capital 2. Additional Capital 3. Withdrawal 4. Share of Profit Partner B: 1. Initial Capital 2. Additional Capital 3. Withdrawal 4. Share of Profit What is the correct method of calculating the capital accounts?

A. Simple Interest

B. Compound Interest

C. Partnership Capital Account Method

Correct D. Joint Capital Account Method

Correct Answer: D

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Question 8

A company has the following ledger accounts: Debit: 1. Cash 2. Sales 3. Purchase 4. Bank Credit: 1. Cash 2. Sales 3. Purchase 4. Bank What is the correct classification of the ledger accounts?

A. Personal Account

Correct B. Real Account

C. Nominal Account

D. Impersonal Account

Correct Answer: B

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Question 9

A company has the following financial statements: Balance Sheet: 1. Assets 2. Liabilities 3. Equity Income Statement: 1. Revenue 2. Expenses 3. Net Income What is the correct classification of the financial statements?

Correct A. Balance Sheet

B. Income Statement

C. Cash Flow Statement

D. Statement of Changes in Equity

Correct Answer: A

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Question 10

A company has the following accounting equation: Assets = Liabilities + Equity What is the correct classification of the accounting equation?

Correct A. Balance Sheet

B. Income Statement

C. Cash Flow Statement

D. Statement of Changes in Equity

Correct Answer: A

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Question 11

A company uses the double-entry system to record transactions. The following journal entry is made: Debit: Cash 500, Credit: Accounts Payable 500. What is the effect of this transaction on the accounting equation?

A. Increases assets and decreases liabilities

Correct B. Increases liabilities and decreases assets

C. Increases equity and decreases liabilities

D. Increases assets and decreases equity

Correct Answer: B

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Question 12

A company has the following trial balance: Accounts Payable 10,000, Sales Revenue 20,000, Cost of Goods Sold 15,000. What is the net income of the company?

Correct A. 5,000

B. 10,000

C. 15,000

D. 20,000

Correct Answer: A

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Question 13

A company has the following ledger accounts: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000. What is the total amount of assets and liabilities of the company?

A. 15,000

B. 20,000

Correct C. 25,000

D. 30,000

Correct Answer: C

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Question 14

A company has the following journal entry: Debit: Accounts Payable 5,000, Credit: Sales Revenue 5,000. What is the effect of this transaction on the accounting equation?

A. Increases assets and decreases liabilities

Correct B. Increases liabilities and decreases assets

C. Increases equity and decreases liabilities

D. Increases assets and decreases equity

Correct Answer: B

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Question 15

A company has the following trial balance: Accounts Payable 10,000, Sales Revenue 20,000, Cost of Goods Sold 15,000. What is the net income of the company?

Correct A. 5,000

B. 10,000

C. 15,000

D. 20,000

Correct Answer: A

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Question 16

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000 debentures of 100 each. Calculate the total amount received from the issue of shares and debentures.

A. ₦150,000

B. ₦175,000

Correct C. ₦200,000

D. ₦225,000

Correct Answer: C

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Question 17

A company's trial balance as at 31st December 2022 is as follows: Assets: Cash: ₦50,000 Accounts Receivable: ₦30,000 Inventory: ₦40,000 Equipment: ₦100,000 Total Assets: ₦220,000 Liabilities: Accounts Payable: ₦20,000 Long-term Debt: ₦80,000 Total Liabilities: ₦100,000 Equity: Common Stock: ₦50,000 Retained Earnings: ₦70,000 Total Equity: ₦120,000 Total Liabilities and Equity: ₦220,000 Prepare the company's balance sheet as at 31st December 2022.

Correct A. ₦220,000

B. ₦240,000

C. ₦260,000

D. ₦280,000

Correct Answer: A

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Question 18

A company uses the straight-line method of depreciation. The company purchased a machine on 1st January 2022 for ₦100,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation for the year 2023.

A. ₦16,000

B. ₦18,000

Correct C. ₦20,000

D. ₦22,000

Correct Answer: C

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Question 19

A company's single entry system shows the following transactions for the year ended 31st December 2022: Debit: ₦50,000 Credit: ₦60,000 Prepare the company's ledger accounts and calculate the net profit for the year.

A. ₦10,000

B. ₦20,000

Correct C. ₦30,000

D. ₦40,000

Correct Answer: C

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Question 20

A company's trial balance as at 31st December 2022 is as follows: Assets: Cash: ₦50,000 Accounts Receivable: ₦30,000 Inventory: ₦40,000 Equipment: ₦100,000 Total Assets: ₦220,000 Liabilities: Accounts Payable: ₦20,000 Long-term Debt: ₦80,000 Total Liabilities: ₦100,000 Equity: Common Stock: ₦50,000 Retained Earnings: ₦70,000 Total Equity: ₦120,000 Total Liabilities and Equity: ₦220,000 Prepare the company's balance sheet as at 31st December 2022.

Correct A. ₦220,000

B. ₦240,000

C. ₦260,000

D. ₦280,000

Correct Answer: A

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Question 21

A company uses the straight-line method of depreciation. The company purchased a machine on 1st January 2022 for ₦100,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation for the year 2023.

A. ₦16,000

B. ₦18,000

Correct C. ₦20,000

D. ₦22,000

Correct Answer: C

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Question 22

A company's single entry system shows the following transactions for the year ended 31st December 2022: Debit: ₦50,000 Credit: ₦60,000 Prepare the company's ledger accounts and calculate the net profit for the year.

A. ₦10,000

B. ₦20,000

Correct C. ₦30,000

D. ₦40,000

Correct Answer: C

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Question 23

A company's trial balance shows a debit balance in the 'Rent Expense' account of ₦120,000. However, the company's accounting records show that it has paid ₦150,000 in rent for the year. What is the correct journal entry to correct the error?

A. Debit Rent Expense ₦30,000, Credit Cash ₦30,000

Correct B. Debit Rent Expense ₦30,000, Credit Prepaid Rent ₦30,000

C. Debit Rent Expense ₦120,000, Credit Cash ₦120,000

D. Debit Rent Expense ₦150,000, Credit Cash ₦150,000

Correct Answer: B

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Question 24

A bank statement shows a balance of ₦500,000, but the company's cash book shows a balance of ₦450,000. The bank statement also shows a debit of ₦20,000 for a NSF cheque. What is the correct bank reconciliation?

Correct A. Add NSF cheque debit of ₦20,000 to cash book balance

B. Add NSF cheque debit of ₦20,000 to bank statement balance

C. Debit NSF cheque of ₦20,000 to bank statement balance

D. Credit NSF cheque of ₦20,000 to bank statement balance

Correct Answer: A

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Question 25

A public sector organization has the following transactions: Purchase of goods for ₦100,000, Payment of salaries ₦150,000, Receipt of taxes ₦200,000. What is the correct journal entry?

A. Debit Purchases ₦100,000, Credit Cash ₦100,000

B. Debit Salaries ₦150,000, Credit Cash ₦150,000

C. Debit Taxes ₦200,000, Credit Cash ₦200,000

Correct D. Debit Purchases ₦100,000, Debit Salaries ₦150,000, Debit Taxes ₦200,000, Credit Cash ₦450,000

Correct Answer: D

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