POST UTME UNN 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% preference shares of ₦10 each at a premium of ₦2 per share. The shares were issued for cash. Calculate the total amount received from the issue of preference shares.
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 2
A company's cash book shows the following transactions: 1. Cash received from customers: ₦50,000, 2. Cash paid to suppliers: ₦30,000, 3. Cash received from bank: ₦20,000. What is the total cash balance?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 3
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, what is the amount of profit that partner A will receive?
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 4
A company's assets are ₦500,000, liabilities are ₦200,000, and equity is ₦300,000. Calculate the current ratio.
A. 2:1
B. 3:1
C. 4:1
D. 5:1
Question 5
A company's manufacturing overheads for the year ended 31st December 2020 were ₦1,200,000. The company's direct labor hours for the year were 10,000 hours. The company's predetermined overhead rate is ₦120 per hour. Calculate the company's under/over recovery of overheads for the year.
A. ₦200,000 under-recovery
B. ₦200,000 over-recovery
C. ₦200,000 under-recovery
D. ₦200,000 over-recovery
Question 6
A trader purchases goods for ₦120,000 and sells them for ₦180,000. Calculate the gross profit.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦60,000
Question 7
A company's trial balance shows the following balances: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Net Profit ₦150,000. Calculate the gross profit.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 8
A company, XYZ Ltd, has the following balance sheet as at 31st December 2020:
A. ₦1,500,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,800,000
Question 9
A company has a capital of ₦1,000,000 and a reserve of ₦500,000. If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, calculate the amount of premium received.
A. ₦20,000
B. ₦50,000
C. ₦100,000
D. ₦200,000
Question 10
A company's financial statements show the following information: Depreciation Expense ₦20,000, Accumulated Depreciation ₦30,000, Cost of Goods Sold ₦120,000. What is the net income of the company?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 11
A company has the following trial balance as at 31st December 2020:
A. ₦1,500,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,800,000
Question 12
A company has a cash book balance of ₦200,000 and a bank statement balance of ₦250,000. The bank reconciliation statement shows a difference of ₦10,000 due to outstanding cheques. What is the amount of the difference due to bank errors?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 13
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that will be distributed to partner A.
A. ₦36,000
B. ₦24,000
C. ₦48,000
D. ₦60,000
Question 14
A company's depreciation policy is to depreciate its assets using the straight-line method. The company's assets have a useful life of 10 years and a residual value of ₦50,000. Calculate the annual depreciation charge for the company's assets.
A. ₦90,000
B. ₦90,000
C. ₦90,000
D. ₦90,000
Question 15
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦750,000, how much will A receive?
A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

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