POST UTME UNN 2020 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 2020 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

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

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A firm has a cash book balance of ₦120,000. The bank statement shows a balance of ₦150,000. The firm's cash book shows a debit of ₦10,000 for a bank charge. The bank statement shows a credit of ₦5,000 for a bank interest. What is the correct balance in the firm's cash book?
A. ₦115,000
B. ₦120,000
Correct C. ₦125,000
D. ₦130,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company has a capital of ₦500,000 divided into 5,000 shares of ₦100 each. The company issued 2,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
A. ₦200,000
B. ₦220,000
Correct C. ₦240,000
D. ₦260,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A firm has a cash book balance of ₦80,000. The bank statement shows a balance of ₦90,000. The firm's cash book shows a debit of ₦5,000 for a bank charge. The bank statement shows a credit of ₦3,000 for a bank interest. What is the correct balance in the firm's cash book?
A. ₦75,000
B. ₦80,000
Correct C. ₦85,000
D. ₦90,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company has a capital of ₦300,000 divided into 3,000 shares of ₦100 each. The company issued 1,500, 10% debentures of ₦100 each at a premium of 5%. Calculate the amount received from debenture holders.
A. ₦150,000
B. ₦165,000
Correct C. ₦180,000
D. ₦195,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
Correct B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A company has the following ledger balances at the end of the year:
A. Debit 10,000 and Credit 10,000
B. Debit 5,000 and Credit 5,000
Correct C. Debit 15,000 and Credit 15,000
D. Debit 20,000 and Credit 20,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company uses the straight-line method of depreciation. The asset cost 10,000 and has a useful life of 5 years.
Correct A. 2,000 per year
B. 4,000 per year
C. 6,000 per year
D. 8,000 per year

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company has the following trial balance at the end of the year:
A. 100,000
Correct B. 120,000
C. 150,000
D. 180,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company has the following incomplete records:
A. 10,000
B. 20,000
Correct C. 30,000
D. 40,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company uses the perpetual inventory system. On January 1, 2020, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. The company uses the weighted average method to value its inventory. Calculate the cost of goods sold for the year.
A. ₦36,000
Correct B. ₦42,000
C. ₦48,000
D. ₦54,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | ₦8,000 | | | 4 Jan | Bank | | ₦12,000 | What is the balance in the cash book on 4 January?
A. ₦2,000
B. ₦8,000
Correct C. ₦12,000
D. ₦18,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company's balance sheet as at 31 December 2020 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Inventory | 30,000 | Share Capital | 50,000 | | Property, Plant and Equipment | 40,000 | Retained Earnings | 10,000 | What is the total amount of shareholders' funds?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦5,000, what is the annual depreciation charge if the asset cost ₦100,000?
A. ₦18,000
B. ₦20,000
Correct C. ₦22,000
D. ₦24,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | ₦8,000 | | | 4 Jan | Bank | | ₦12,000 | What is the balance in the bank account on 4 January?
A. ₦7,000
Correct B. ₦12,000
C. ₦17,000
D. ₦22,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company's balance sheet as at 31 December 2020 is as follows: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Inventory | 30,000 | Share Capital | 50,000 | | Property, Plant and Equipment | 40,000 | Retained Earnings | 10,000 | What is the total amount of liabilities?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦5,000, what is the total depreciation charge for the 5-year period if the asset cost ₦100,000?
A. ₦45,000
B. ₦50,000
Correct C. ₦55,000
D. ₦60,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | ₦8,000 | | | 4 Jan | Bank | | ₦12,000 | What is the balance in the cash account on 4 January?
A. ₦18,000
B. ₦22,000
C. ₦26,000
D. ₦30,000

Correct Answer: VIEW ANSWER

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company issued 10,000 9% debentures of ₦100 each on January 1, 2020. Calculate the annual interest payable on the debentures.
Correct A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A firm has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦5,000 for a dishonored cheque. The firm's cash book shows a debit balance of ₦3,000 for a bank overdraft. What is the correct balance of the firm's cash book?
A. ₦48,000
B. ₦52,000
C. ₦55,000
Correct D. ₦58,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company has two partners, A and B, who share profits in the ratio 3:2. The company's profit for the year is ₦120,000. Calculate the amount of profit to be distributed to partner A.
Correct A. ₦60,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A firm has a cash book balance of ₦30,000 and a bank statement balance of ₦40,000. The bank statement shows a credit balance of ₦2,000 for a dishonored cheque. The firm's cash book shows a debit balance of ₦1,000 for a bank overdraft. What is the correct balance of the firm's bank account?
A. ₦38,000
B. ₦42,000
C. ₦45,000
Correct D. ₦48,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company issued 5,000 8% debentures of ₦50 each on January 1, 2019. Calculate the annual interest payable on the debentures.
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the company uses a 20% discount for damaged goods. If the cost of the damaged goods is ₦150,000, what is the value of the inventory using the weighted average method?
Correct A. ₦1,350,000
B. ₦1,400,000
C. ₦1,450,000
D. ₦1,500,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and partner B has a 40% interest. If the partnership has a profit of ₦240,000, what is the share of the profit for partner A?
Correct A. ₦144,000
B. ₦160,000
C. ₦176,000
D. ₦192,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support