POST UTME UNIPORT 2020 Accounting | Objective

Are you preparing for POST UTME UNIPORT exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2020 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
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 2
A firm's trial balance as at 31st December, 2020, showed a debit balance of ₦15,000 in the account 'Rent Received'. The correct balance should be a credit balance of ₦15,000. Pass the necessary journal entry to correct the error.
A. Debit Rent Received ₦15,000, Credit Rent Received ₦15,000
B. Debit Rent Received ₦15,000, Credit Profit and Loss Account ₦15,000
Correct C. Debit Profit and Loss Account ₦15,000, Credit Rent Received ₦15,000
D. Debit Rent Received ₦15,000, Credit Bank ₦15,000

Correct Answer: C

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Question 3
A company's cash book showed the following transactions: Date | Particulars | Debit | Credit 1st January | Cash | ₦1,000 | Bank 31st December | Bank | ₦2,000 | Cash The cash book balance as at 31st December is ₦1,000. The bank statement shows a balance of ₦3,000. Prepare the bank reconciliation statement.
A. ₦1,000
B. ₦2,000
Correct C. ₦3,000
D. ₦4,000

Correct Answer: C

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Question 4
A, B and C are partners sharing profits and losses in the ratio 3:2:1. Their capitals are ₦60,000, ₦40,000 and ₦20,000 respectively. The firm's profit for the year is ₦20,000. Prepare the partners' capital accounts.
Correct A. A: ₦63,000, B: ₦41,000, C: ₦19,000
B. A: ₦61,000, B: ₦39,000, C: ₦21,000
C. A: ₦59,000, B: ₦37,000, C: ₦23,000
D. A: ₦57,000, B: ₦35,000, C: ₦25,000

Correct Answer: A

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Question 5
A company purchased a machine for ₦100,000 on 1st January, 2020. The machine has a useful life of 5 years and a residual value of ₦10,000. Calculate the annual depreciation for the year 2020.
A. ₦18,000
Correct B. ₦20,000
C. ₦22,000
D. ₦24,000

Correct Answer: B

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Question 6
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: (1) Purchased office supplies for ₦10,000 cash. (2) Sold goods for ₦50,000 on credit. (3) Purchased a machine for ₦80,000 on credit. (4) Paid salaries of ₦20,000. What is the total amount of assets on the balance sheet at the end of January?
A. ₦10,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 7
A company's accounting policy requires that depreciation be calculated using the straight-line method. The company purchased a machine for ₦120,000 and expects it to last for 5 years. What is the annual depreciation charge?
A. ₦20,000
Correct B. ₦24,000
C. ₦30,000
D. ₦36,000

Correct Answer: B

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Question 8
A company has the following transactions: (1) Purchased goods for ₦100,000 on credit. (2) Sold goods for ₦150,000 on credit. (3) Paid salaries of ₦20,000. (4) Purchased a machine for ₦80,000 on credit. What is the total amount of assets on the balance sheet?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 9
A company has the following transactions: (1) Purchased goods for ₦100,000 on credit. (2) Sold goods for ₦150,000 on credit. (3) Paid salaries of ₦20,000. (4) Purchased a machine for ₦80,000 on credit. What is the total amount of liabilities on the balance sheet?
A. ₦120,000
B. ₦140,000
Correct C. ₦160,000
D. ₦180,000

Correct Answer: C

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Question 10
A company has the following transactions: (1) Purchased goods for ₦100,000 on credit. (2) Sold goods for ₦150,000 on credit. (3) Paid salaries of ₦20,000. (4) Purchased a machine for ₦80,000 on credit. What is the total amount of equity on the balance sheet?
A. ₦120,000
B. ₦140,000
Correct C. ₦160,000
D. ₦180,000

Correct Answer: C

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Question 11
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Correct A. ₦24,000
B. ₦20,000
C. ₦22,000
D. ₦18,000

Correct Answer: A

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Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦80,000 and ₦60,000 respectively. If the profit for the year is ₦20,000, what is the distribution of the profit?
Correct A. ₦12,000 to A and ₦8,000 to B
B. ₦10,000 to A and ₦10,000 to B
C. ₦14,000 to A and ₦6,000 to B
D. ₦16,000 to A and ₦4,000 to B

Correct Answer: A

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Question 13
A company uses the double-entry system of accounting. If the company purchases an asset for ₦100,000, what is the journal entry to record the transaction?
Correct A. Debit Asset A/c ₦100,000, Credit Cash A/c ₦100,000
B. Debit Cash A/c ₦100,000, Credit Asset A/c ₦100,000
C. Debit Asset A/c ₦100,000, Credit Bank A/c ₦100,000
D. Debit Bank A/c ₦100,000, Credit Asset A/c ₦100,000

Correct Answer: A

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Question 14
A company has a control account for its cash. If the cash account balance is ₦50,000 and the cash account is debited by ₦20,000, what is the journal entry to record the transaction?
Correct A. Debit Cash A/c ₦20,000, Credit Control A/c ₦20,000
B. Debit Control A/c ₦20,000, Credit Cash A/c ₦20,000
C. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
D. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000

Correct Answer: A

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Question 15
A company has a self-balancing ledger. If the ledger balance is ₦100,000 and the ledger is debited by ₦30,000, what is the journal entry to record the transaction?
Correct A. Debit Ledger A/c ₦30,000, Credit Control A/c ₦30,000
B. Debit Control A/c ₦30,000, Credit Ledger A/c ₦30,000
C. Debit Ledger A/c ₦30,000, Credit Bank A/c ₦30,000
D. Debit Bank A/c ₦30,000, Credit Ledger A/c ₦30,000

Correct Answer: A

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Question 16
A partnership is formed between two individuals, A and B, with an initial capital of ₦500,000. After one year, the profit is shared in the ratio 3:2. If A's share of the profit is ₦180,000, what is the value of B's share?
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 17
A company uses the straight-line method of depreciation. If the asset's cost is ₦1,000,000 and its residual value is ₦200,000, what is the annual depreciation charge if the asset is used for 5 years?
A. ₦100,000
B. ₦120,000
Correct C. ₦150,000
D. ₦180,000

Correct Answer: C

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Question 18
A company's trial balance shows the following balances: Accounts Payable ₦500,000, Sales Revenue ₦1,000,000, Cost of Goods Sold ₦800,000, and Net Income ₦200,000. What is the correct journal entry to record the closing of the accounts?
Correct A. Debit Accounts Payable ₦500,000, Credit Sales Revenue ₦1,000,000
B. Debit Cost of Goods Sold ₦800,000, Credit Net Income ₦200,000
C. Debit Accounts Payable ₦500,000, Credit Net Income ₦200,000
D. Debit Sales Revenue ₦1,000,000, Credit Cost of Goods Sold ₦800,000

Correct Answer: A

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Question 19
A company uses the perpetual inventory system. If the company purchases 1,000 units of inventory at ₦50 per unit, and the cost of goods sold is ₦80,000, what is the total cost of the inventory?
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 20
A company's balance sheet shows the following balances: Cash ₦500,000, Accounts Receivable ₦200,000, Inventory ₦300,000, and Total Assets ₦1,500,000. What is the correct calculation of the company's Total Liabilities?
A. ₦1,000,000
Correct B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000

Correct Answer: B

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Question 21
A company's trial balance shows an error of ₦0.50 in the debit side of the Sales Returns account. The correct balance of the Sales Returns account is ₦1,500. What is the correct balance of the Sales Returns account after correcting the error?
Correct A. ₦1,499.50
B. ₦1,500.50
C. ₦1,501.50
D. ₦1,502.50

Correct Answer: A

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Question 22
A partnership has two partners, A and B. The capital accounts of A and B are ₦1,00,000 and ₦1,50,000 respectively. The profit-sharing ratio is 3:2. What is the ratio of the capitals of A and B?
Correct A. 3:2
B. 2:3
C. 1:1
D. 4:3

Correct Answer: A

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Question 23
A company's ledger accounts are as follows: Sales ₦1,00,000, Purchases ₦0,50,000, Returns Outwards ₦0,20,000, Returns Inwards ₠0,30,000. What is the value of the closing stock?
A. ₦0,30,000
B. ₦0,40,000
Correct C. ₦0,50,000
D. ₦0,60,000

Correct Answer: C

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Question 24
A company's trial balance shows an error of ₦0.50 in the debit side of the Sales Returns account. The correct balance of the Sales Returns account is ₦1,500. What is the correct balance of the Sales Returns account after correcting the error?
Correct A. ₦1,499.50
B. ₦1,500.50
C. ₦1,501.50
D. ₦1,502.50

Correct Answer: A

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Question 25
A partnership has two partners, A and B. The capital accounts of A and B are ₦1,00,000 and ₦1,50,000 respectively. The profit-sharing ratio is 3:2. What is the ratio of the capitals of A and B?
Correct A. 3:2
B. 2:3
C. 1:1
D. 4:3

Correct Answer: A

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