POST UTME UNN 2019 Accounting | Objective

Are you preparing for POST UTME UNN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 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 a debit balance of ₦50,000 in the 'Office Equipment' account. However, the company's accountant has informed you that the correct balance should be a credit of ₦20,000. What is the correct journal entry to rectify this error?
A. ₦50,000 debit to 'Office Equipment' and ₦20,000 credit to 'Office Equipment'
Correct B. ₦20,000 debit to 'Office Equipment' and ₦50,000 credit to 'Office Equipment'
C. ₦30,000 debit to 'Office Equipment' and ₦70,000 credit to 'Office Equipment'
D. ₦40,000 debit to 'Office Equipment' and ₦60,000 credit to 'Office Equipment'

Correct Answer: B

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Question 2
A company's bank statement shows a balance of ₦120,000, but the company's cash book shows a balance of ₦150,000. The bank statement also shows a debit of ₦30,000 for a cheque that has been returned unpaid. What is the correct bank reconciliation statement?
Correct A. ₦120,000 (Bank Statement) - ₦30,000 (Returned Cheque) = ₦90,000
B. ₦150,000 (Cash Book) - ₦30,000 (Returned Cheque) = ₦120,000
C. ₦120,000 (Bank Statement) + ₦30,000 (Returned Cheque) = ₦150,000
D. ₦150,000 (Cash Book) + ₦30,000 (Returned Cheque) = ₦180,000

Correct Answer: A

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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 ₦150,000, what is the share of profit for partner A?
Correct A. ₦90,000
B. ₦60,000
C. ₦120,000
D. ₦180,000

Correct Answer: A

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Question 4
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
Correct D. ₦25,000

Correct Answer: D

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Question 5
A company has a manufacturing department that produces a product at a cost of ₦50 per unit. The company sells the product at a price of ₦80 per unit. If the company produces 1,000 units, what is the gross profit?
A. ₦15,000
B. ₦20,000
C. ₦25,000
Correct D. ₦30,000

Correct Answer: D

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Question 6
A company issued 10,000 shares of 1 par value at a premium of 3 per share. How much was the total amount received from the issue of shares?
A. ₦30,000,000
Correct B. ₦40,000,000
C. ₦50,000,000
D. ₦60,000,000

Correct Answer: B

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Question 7
A company's trading account for the year ended 31st December 20X8 showed a profit of ₦1,500,000. The company's profit and loss account for the year ended 31st December 20X8 showed a profit of ₦2,000,000. What is the amount of the company's dividend paid to its shareholders?
A. ₦500,000
B. ₦750,000
Correct C. ₦1,000,000
D. ₦1,250,000

Correct Answer: C

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Question 8
A company's balance sheet as at 31st December 20X8 showed a total assets of ₦10,000,000 and a total liabilities of ₦6,000,000. What is the company's net worth?
A. ₦4,000,000
Correct B. ₦5,000,000
C. ₦6,000,000
D. ₦7,000,000

Correct Answer: B

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Question 9
A company issued 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. What is the total amount received from the issue of debentures?
A. ₦500,000
B. ₦550,000
Correct C. ₦600,000
D. ₦650,000

Correct Answer: C

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Question 10
A company's trial balance as at 31st December 20X8 showed a total debit balance of ₦10,000,000 and a total credit balance of ₦8,000,000. What is the company's net worth?
A. ₦2,000,000
B. ₦3,000,000
Correct C. ₦4,000,000
D. ₦5,000,000

Correct Answer: C

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Question 11
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦200 each. Calculate the cost of goods sold for the year.
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 12
A partnership is formed between two individuals, John and Mary, who contribute ₦100,000 and ₦200,000, respectively. During the year, the partnership earns a profit of ₦50,000. Calculate the share of profit for John.
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 13
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000, and its residual value is ₦50,000. Calculate the annual depreciation for the first year.
A. ₦25,000
B. ₦30,000
Correct C. ₦35,000
D. ₦40,000

Correct Answer: C

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Question 14
A company uses the FIFO method of inventory valuation. On January 1, 2022, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦200 each. Calculate the cost of goods sold for the year.
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 15
A company uses the weighted average method of inventory valuation. On January 1, 2022, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦200 each. Calculate the cost of goods sold for the year.
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 16
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
A. ₦300,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 17
A company's trial balance shows the following accounts: Sales Revenue ₦1,200,000, Cost of Goods Sold ₦800,000, and Net Profit ₦200,000. What is the company's gross profit?
Correct A. ₦400,000
B. ₦200,000
C. ₦300,000
D. ₦100,000

Correct Answer: A

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Question 18
A company uses the weighted average method to value its inventory. If the total cost of goods available for sale is ₦1,500,000 and the total cost of goods sold is ₦1,200,000, what is the company's inventory turnover ratio?
A. 2.5
Correct B. 3.0
C. 2.0
D. 1.5

Correct Answer: B

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Question 19
A company's balance sheet shows the following accounts: Cash ₦500,000, Accounts Payable ₦200,000, and Common Stock ₦1,000,000. What is the company's total liabilities?
Correct A. ₦700,000
B. ₦600,000
C. ₦800,000
D. ₦900,000

Correct Answer: A

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Question 20
A company uses the FIFO method to value its inventory. If the cost of the first 100 units of inventory is ₦10 each and the cost of the next 200 units is ₦12 each, what is the total cost of the first 100 units of inventory?
Correct A. ₦1,000
B. ₦1,200
C. ₦1,500
D. ₦2,000

Correct Answer: A

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Question 21
A company's trial balance shows a debit balance of ₦50,000 in the 'Rent Expense' account. However, the company's financial statements show a credit balance of ₦20,000 in the same account. What is the most likely reason for this discrepancy?
A. The company has not yet recorded the rent expense for the current period.
Correct B. The company has recorded the rent expense twice in the current period.
C. The company has not yet paid the rent for the current period.
D. The company has recorded the rent expense incorrectly.

Correct Answer: B

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Question 22
A partnership has two partners, A and B. The partnership agreement states that profits will be divided 60% to A and 40% to B. If the partnership has a profit of ₦120,000, how much will A receive?
Correct A. ₦72,000
B. ₦48,000
C. ₦60,000
D. ₦80,000

Correct Answer: A

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Question 23
A company uses a self-balancing ledger system. The ledger shows a debit balance of ₦30,000 in the 'Accounts Payable' account. However, the company's financial statements show a credit balance of ₦20,000 in the same account. What is the most likely reason for this discrepancy?
A. The company has not yet recorded the accounts payable for the current period.
Correct B. The company has recorded the accounts payable twice in the current period.
C. The company has not yet paid the accounts payable for the current period.
D. The company has recorded the accounts payable incorrectly.

Correct Answer: B

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Question 24
A manufacturing company has the following costs: direct materials ₦50,000, direct labor ₦30,000, and overhead ₦20,000. What is the total cost of production?
Correct A. ₦100,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 25
A company has the following trial balance: Debit ₦100,000, Credit ₦80,000. What is the balance of the account?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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