POST UTME UNIOSUN 2024 Accounting | Objective

Are you preparing for POST UTME UNIOSUN 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.

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. The correct balance is ₦120,000. What is the correct balance of the accounts payable account?
A. ₦125,000
Correct B. ₦120,000
C. ₦115,000
D. ₦110,000

Correct Answer: B

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Question 2
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 3 hours 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 used?
A. 250 hours
Correct B. 300 hours
C. 350 hours
D. 400 hours

Correct Answer: B

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Question 3
A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. The difference is due to a bank overdraft of ₦20,000. What is the correct balance of the cash account?
Correct A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000

Correct Answer: A

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Question 4
A company's balance sheet shows an asset of ₦500,000 and a liability of ₦300,000. What is the company's equity?
A. ₦200,000
Correct B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: B

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Question 5
A company's profit and loss account shows a profit of ₦100,000. The balance sheet shows an increase in equity of ₦150,000. What is the company's net cash inflow from operating activities?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 6
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from debenture holders and the amount of discount on the debentures.
Correct A. ₦95,000
B. ₦100,000
C. ₦105,000
D. ₦110,000

Correct Answer: A

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Question 7
A company's trial balance shows the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, Retained Earnings ₦30,000. Prepare a balance sheet for the company.
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 8
A company uses the straight-line method of depreciation. If the cost of the asset is ₦100,000 and its residual value is ₦20,000, calculate the annual depreciation charge.
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 9
A company's balance sheet shows the following: Current Assets ₦150,000, Current Liabilities ₦100,000, Long-term Debt ₦50,000, Common Stock ₦100,000. Calculate the company's net worth.
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

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Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders and the amount of premium received.
A. ₦10,000
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

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Question 11
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. The total amount received from the issue of shares is ₦250,000. Calculate the amount received from the issue of shares at the premium.
Correct A. ₦62,500
B. ₦62,500
C. ₦62,500
D. ₦62,500

Correct Answer: A

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Question 12
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company's net income is ₦20,000. What is the correct journal entry to record the net income?
Correct A. Debit: Net Income ₦20,000; Credit: None
B. Debit: None; Credit: Net Income ₦20,000
C. Debit: Net Income ₦20,000; Credit: None
D. Debit: None; Credit: Net Income ₦20,000

Correct Answer: A

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Question 13
A partnership has two partners, A and B. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. If the net income for the year is ₦150,000, how much will A receive?
Correct A. ₦90,000
B. ₦90,000
C. ₦90,000
D. ₦90,000

Correct Answer: A

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Question 14
A company issued 10,000 shares of ₦5 each at a premium of ₦2 per share. The total amount received from the issue of shares is ₦200,000. Calculate the amount received from the issue of shares at the premium.
Correct A. ₦14,000
B. ₦14,000
C. ₦14,000
D. ₦14,000

Correct Answer: A

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Question 15
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company's net income is ₦20,000. What is the correct journal entry to record the net income?
Correct A. Debit: Net Income ₦20,000; Credit: None
B. Debit: None; Credit: Net Income ₦20,000
C. Debit: Net Income ₦20,000; Credit: None
D. Debit: None; Credit: Net Income ₦20,000

Correct Answer: A

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Question 16
A company issued 5,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦45,000
B. ₦45,000
C. ₦45,000
Correct D. ₦45,000

Correct Answer: D

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Question 17
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000. Prepare a balance sheet.
A. ₦170,000
B. ₦170,000
C. ₦170,000
Correct D. ₦170,000

Correct Answer: D

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Question 18
A company uses the weighted average method to value its inventory. The following data is available: Cost of Goods Sold ₦100,000, Beginning Inventory ₦20,000, Ending Inventory ₦30,000. Calculate the cost of goods sold.
A. ₦90,000
B. ₦90,000
C. ₦90,000
Correct D. ₦90,000

Correct Answer: D

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Question 19
A company's income statement shows the following data: Sales ₦200,000, Cost of Goods Sold ₦100,000, Gross Profit ₦50,000. Calculate the operating expenses.
A. ₦50,000
B. ₦50,000
C. ₦50,000
Correct D. ₦50,000

Correct Answer: D

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Question 20
A company's balance sheet shows the following data: Assets ₦150,000, Liabilities ₦50,000, Equity ₦100,000. Calculate the return on equity.
A. 0.67
B. 0.67
C. 0.67
Correct D. 0.67

Correct Answer: D

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Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦450,000
Correct B. ₦475,000
C. ₦500,000
D. ₦525,000

Correct Answer: B

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Question 22
A partnership has two partners, A and B. A invested ₦50,000 and B invested ₦30,000. The profit-sharing ratio is 3:2. Calculate the ratio of their capitals.
A. 1:1
Correct B. 3:2
C. 2:1
D. 1:2

Correct Answer: B

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Question 23
A company's trading account shows a profit of ₦150,000. The company also has a non-trading income of ₦20,000. Calculate the total profit.
A. ₦170,000
B. ₦180,000
Correct C. ₦190,000
D. ₦200,000

Correct Answer: C

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Question 24
A company's balance sheet shows a current liability of ₦100,000 and a non-current liability of ₦200,000. Calculate the total liability.
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 25
A company's profit and loss account shows a net profit of ₦120,000. The company also has a non-trading income of ₦15,000. Calculate the total profit.
A. ₦135,000
B. ₦145,000
Correct C. ₦155,000
D. ₦165,000

Correct Answer: C

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