POST UTME UNIPORT 2021 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 2021 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, 2022, it had 500 units of a product in stock, valued at ₦100 each. During the year, 300 units were sold, and 200 units were purchased at ₦120 each. The company uses the weighted average method to value inventory. What is the total value of inventory on December 31, 2022?
A. ₦32,000
B. ₦34,000
Correct C. ₦36,000
D. ₦38,000

Correct Answer: C

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Question 2
A company issued 10,000 shares of ₦5 par value at ₦10 per share. What is the amount received from the issue of shares?
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 3
A company purchased a machine for ₦500,000. It has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦95,000
Correct C. ₦100,000
D. ₦105,000

Correct Answer: C

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Question 4
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦120,000; and returned goods worth ₦10,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦20,000
C. ₦10,000
Correct D. ₦0

Correct Answer: D

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Question 5
A company issued 5,000 debentures of ₦100 each at a discount of 5%. What is the amount received from the issue of debentures?
A. ₦475,000
B. ₦480,000
Correct C. ₦485,000
D. ₦490,000

Correct Answer: C

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Question 6
In a partnership account, if the capital of the partners is in the ratio 3:2, and the total capital is ₦120,000, what is the amount of capital contributed by each partner?
Correct A. ₦36,000
B. ₦24,000
C. ₦30,000
D. ₦40,000

Correct Answer: A

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Question 7
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. What is the correct amount of the accounts payable account?
A. ₦50,000
Correct B. ₦55,000
C. ₦45,000
D. ₦40,000

Correct Answer: B

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Question 8
A partnership account shows a profit of ₦20,000. If the partners share the profit in the ratio 2:3, what is the amount of profit shared by each partner?
A. ₦10,000
Correct B. ₦12,000
C. ₦8,000
D. ₦15,000

Correct Answer: B

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Question 9
A company's balance sheet shows an asset of ₦100,000. If the asset is depreciated by 10% each year, what is the amount of depreciation for the first year?
Correct A. ₦10,000
B. ₦8,000
C. ₦12,000
D. ₦15,000

Correct Answer: A

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Question 10
A company's profit and loss account shows a profit of ₦50,000. If the company's capital is ₦200,000, what is the amount of retained earnings?
Correct A. ₦50,000
B. ₦40,000
C. ₦30,000
D. ₦20,000

Correct Answer: A

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Question 11
A company uses the double-entry system to record transactions. The following trial balance was extracted from the company's ledger:
A. ₦1250
Correct B. ₦1500
C. ₦1800
D. ₦2000

Correct Answer: B

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Question 12
A manufacturing company uses a job costing system. The following information is extracted from the company's ledger:
A. ₦5000
B. ₦6000
Correct C. ₦7000
D. ₦8000

Correct Answer: C

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Question 13
A company uses the double-entry system to record transactions. The following ledger account was extracted from the company's ledger:
A. ₦1000
B. ₦1200
Correct C. ₦1500
D. ₦1800

Correct Answer: C

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Question 14
A manufacturing company uses a job costing system. The following information is extracted from the company's ledger:
A. ₦4000
Correct B. ₦5000
C. ₦6000
D. ₦7000

Correct Answer: B

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Question 15
A company uses the double-entry system to record transactions. The following trial balance was extracted from the company's ledger:
A. ₦8000
B. ₦9000
Correct C. ₦10000
D. ₦11000

Correct Answer: C

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Question 16
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5% debentures of ₦ 10,000. Calculate the amount of share capital and debenture capital.
A. ₦ 10,000
Correct B. ₦ 20,000
C. ₦ 30,000
D. ₦ 40,000

Correct Answer: B

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Question 17
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000. Prepare the company's income statement.
A. ₦ 50,000
B. ₦ 30,000
Correct C. ₦ 200,000
D. ₦ 150,000

Correct Answer: C

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Question 18
A manufacturing company uses a job order costing system. The company has the following costs: Direct Materials ₦ 10,000, Direct Labor ₦ 15,000, Factory Overhead ₦ 20,000. Calculate the total cost of production.
A. ₦ 45,000
B. ₦ 50,000
Correct C. ₦ 55,000
D. ₦ 60,000

Correct Answer: C

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Question 19
A company uses the straight-line method of depreciation. The company purchased a machine for ₦ 50,000 and uses it for 5 years. Calculate the annual depreciation.
A. ₦ 10,000
Correct B. ₦ 12,500
C. ₦ 15,000
D. ₦ 17,500

Correct Answer: B

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Question 20
A company's balance sheet showed the following balances: Assets ₦ 100,000, Liabilities ₦ 50,000, Equity ₦ 50,000. Prepare the company's statement of cash flows.
A. ₦ 50,000
Correct B. ₦ 60,000
C. ₦ 70,000
D. ₦ 80,000

Correct Answer: B

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Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦25,000
Correct B. ₦50,000
C. ₦75,000
D. ₦100,000

Correct Answer: B

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Question 22
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦5,000 | | | 5 Jan | Cash | | ₦30,000 | What is the balance in the cash book?
A. ₦10,000
B. ₦15,000
C. ₦20,000
Correct D. ₦30,000

Correct Answer: D

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Question 23
A company's balance sheet as at 31 December 2020 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | Profit & Loss | 25,000 | | Total | 45,000 | Total | 85,000 | What is the value of the company's stock?
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 24
A company's profit and loss account for the year ended 31 December 2020 is as follows: | Particulars | ₦ | | --- | --- | | Sales | 100,000 | | Cost of Goods Sold | 60,000 | | Gross Profit | 40,000 | | Operating Expenses | 20,000 | | Net Profit | 20,000 | What is the company's gross profit margin?
Correct A. 50%
B. 60%
C. 70%
D. 80%

Correct Answer: A

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Question 25
A company's balance sheet as at 31 December 2020 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 20,000 | | Bank | 15,000 | Share Capital | 30,000 | | Stock | 20,000 | Profit & Loss | 25,000 | | Total | 45,000 | Total | 85,000 | What is the value of the company's cash?
Correct A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: A

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