POST UTME UNIPORT 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows a capital of ₦1,00,000, reserves of ₦0,50,000 and accumulated profits of ₦1,00,000. Calculate the total amount of shareholders' funds.
A. ₡2,50,000
B. ₡3,00,000
C. ₡3,50,000
D. ₡4,00,000
Question 2
A company manufactures two products, A and B, using a common machine. The production process for product A requires 2 hours and for product B requires 3 hours. The machine is available for 24 hours a day. If the company operates 7 days a week, what is the maximum number of units of product A and product B that can be produced in a week?
A. 120 units of product A and 90 units of product B
B. 100 units of product A and 120 units of product B
C. 90 units of product A and 100 units of product B
D. 80 units of product A and 110 units of product B
Question 3
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 4
A company has the following profit and loss account as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 5
A company has the following trial balance as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 6
A company has the following financial statements: Balance Sheet and Income Statement. What is the net income?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company has the following balance sheet as at 31st December 2022.
A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000
Question 8
A company has two partners, A and B, who share profits in the ratio 3:2. The capital contributed by A and B are ₦120,000 and ₦80,000 respectively. Calculate the profit sharing ratio of A and B.
A. 3:2
B. 2:3
C. 4:3
D. 1:1
Question 9
A company's profit and loss account for the year ended 31st December 2022 is as follows: Trading Profit: ₦ 400,000, Non-Trading Income: ₦ 100,000, Total Profit: ₦ 500,000 What is the company's net profit?
A. ₦ 400,000
B. ₦ 500,000
C. ₦ 600,000
D. ₦ 700,000
Question 10
A company uses the straight-line method of depreciation. The cost of an asset is ₦120,000 and its residual value is ₦20,000. Calculate the annual depreciation charge.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦ 1,000,000, Cost of Goods Sold: ₦ 600,000, Gross Profit: ₦ 400,000 What is the company's gross profit percentage?
A. 20%
B. 25%
C. 30%
D. 35%
Question 12
A company has two departments: Manufacturing and Sales. The Manufacturing department has a direct labor cost of ₦1,500,000 and an indirect labor cost of ₦800,000. The Sales department has a direct labor cost of ₦2,000,000 and an indirect labor cost of ₦1,200,000. What is the total labor cost for the company?
A. ₦4,500,000
B. ₦5,200,000
C. ₦6,300,000
D. ₦7,400,000
Question 13
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦ 1,500,000, Liabilities: ₦ 800,000, Equity: ₦ 700,000 What is the company's current ratio?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 14
A company has the following public sector accounting records: Cash ₦1,500,000, Accounts Payable ₦800,000, and Common Stock ₦2,000,000. What is the total assets of the company?
A. ₦4,300,000
B. ₦5,200,000
C. ₦6,300,000
D. ₦7,400,000
Question 15
A company issued 5,000 debentures of ₦100 each at a premium of ₦0.50 per debenture. Calculate the total amount received from the issue of debentures.
A. ₥0,000
B. ₥0,050
C. ₥0,100
D. ₥0,150

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