POST UTME UNN 2022 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 2022 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for a year?
A. Capital is calculated based on the partner's share of profits.
B. Capital is calculated based on the partner's share of losses.
Correct C. Capital is calculated based on the partner's average capital over the year.
D. Capital is calculated based on the partner's capital at the beginning of the year.

Correct Answer: C

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Question 2
What is the correct journal entry for the following transaction: 'Draw cash from bank for office expenses'?
Correct A. Debit Cash, Credit Office Expenses
B. Debit Office Expenses, Credit Cash
C. Debit Office Expenses, Debit Cash
D. Credit Office Expenses, Debit Cash

Correct Answer: A

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Question 3
A company issues 1,000 shares of 10 par value at 15 per share. What is the amount of cash received from the issue of shares?
Correct A. ₦15,000
B. ₦10,000
C. ₦15,000,000
D. ₦1,000,000

Correct Answer: A

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Question 4
A company's trial balance shows a discrepancy of ₦1,000. What is the next step in the correction of errors?
A. Prepare a revised trial balance
Correct B. Investigate the cause of the discrepancy
C. Make a journal entry to correct the discrepancy
D. Prepare a balance sheet

Correct Answer: B

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Question 5
A bank reconciliation statement shows a difference of ₦2,000 between the cash book balance and the bank statement balance. What is the possible cause of the difference?
A. Bank charges not recorded in the cash book
Correct B. Cheques deposited into the bank but not yet credited
C. Cheques issued by the company but not yet presented for payment
D. Cash withdrawn from the bank but not yet recorded in the cash book

Correct Answer: B

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Question 6
A company uses the cash book to record all its financial transactions. The cash book is a _______ of the general ledger.
Correct A. A summary
B. A supplement
C. A substitute
D. A duplicate

Correct Answer: A

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Question 7
The following transactions were recorded in the cash book of XYZ Ltd. on 31st December 2022: Debit: Bank ₦ 10,000; Credit: Cash ₦ 10,000. What is the effect of this transaction on the cash balance?
Correct A. No effect
B. Increase by ₦ 10,000
C. Decrease by ₦ 10,000
D. Increase by ₦ 5,000

Correct Answer: A

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Question 8
A company has the following transactions recorded in its cash book: Debit: Bank ₦ 50,000; Credit: Cash ₦ 50,000. What is the effect of this transaction on the cash balance?
Correct A. No effect
B. Increase by ₦ 50,000
C. Decrease by ₦ 50,000
D. Increase by ₦ 25,000

Correct Answer: A

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Question 9
A company uses the double-entry system of accounting. The following transactions were recorded in the ledger: Debit: Purchases ₦ 100,000; Credit: Bank ₦ 100,000. What is the effect of this transaction on the cash balance?
Correct A. No effect
B. Increase by ₦ 100,000
C. Decrease by ₦ 100,000
D. Increase by ₦ 50,000

Correct Answer: A

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Question 10
A company has the following transactions recorded in its ledger: Debit: Sales ₦ 200,000; Credit: Bank ₦ 200,000. What is the effect of this transaction on the cash balance?
Correct A. No effect
B. Increase by ₦ 200,000
C. Decrease by ₦ 200,000
D. Increase by ₦ 100,000

Correct Answer: A

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Question 11
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦45,000. What is the likely reason for the discrepancy?
Correct A. The company has an outstanding cheque.
B. The bank has charged a fee for an overdraft.
C. The company has deposited cash but not yet recorded it in the cash book.
D. The company has an error in its cash book.

Correct Answer: A

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Question 12
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦150,000. What is the likely reason for the discrepancy?
A. The company has an error in its trading account.
Correct B. The company has an error in its profit and loss account.
C. The company has an outstanding debt that has not been recorded.
D. The company has an asset that has not been recorded.

Correct Answer: B

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Question 13
A company's balance sheet shows a total asset value of ₦500,000. However, the total liability value is ₦300,000. What is the likely reason for the discrepancy?
A. The company has an error in its balance sheet.
B. The company has an asset that has not been recorded.
C. The company has a liability that has not been recorded.
Correct D. The company has an equity that has not been recorded.

Correct Answer: D

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Question 14
A company's cash book shows a balance of ₦20,000. However, the bank statement shows a balance of ₦25,000. What is the likely reason for the discrepancy?
A. The company has an outstanding cheque.
B. The bank has charged a fee for an overdraft.
Correct C. The company has deposited cash but not yet recorded it in the cash book.
D. The company has an error in its cash book.

Correct Answer: C

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Question 15
A company's trading account shows a profit of ₦100,000. However, the profit and loss account shows a loss of ₦50,000. What is the likely reason for the discrepancy?
Correct A. The company has an error in its trading account.
B. The company has an error in its profit and loss account.
C. The company has an outstanding debt that has not been recorded.
D. The company has an asset that has not been recorded.

Correct Answer: A

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Question 16
The following trial balance of a company is given. Prepare the ledger accounts from the trial balance.
A. Assets: 100,000, Liabilities: 50,000, Equity: 50,000
B. Assets: 50,000, Liabilities: 100,000, Equity: 50,000
C. Assets: 50,000, Liabilities: 50,000, Equity: 100,000
Correct D. Assets: 100,000, Liabilities: 50,000, Equity: 50,000

Correct Answer: D

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Question 17
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. Prepare the journal entries for the transactions.
A. Debit Purchases ₦50,000, Credit Cash ₦50,000
B. Debit Sales ₦70,000, Credit Cash ₦70,000
Correct C. Debit Equipment ₦30,000, Credit Cash ₦30,000
D. Debit Purchases ₦50,000, Credit Sales ₦70,000

Correct Answer: C

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Question 18
A company has the following balance sheet: Assets ₦100,000, Liabilities ₦50,000, and Equity ₦50,000. What is the company's net worth?
Correct A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: A

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Question 19
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. What is the company's net income?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 20
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦70,000, and Purchased equipment for ₦30,000. What is the company's total assets?
A. ₦130,000
B. ₦150,000
Correct C. ₦170,000
D. ₦190,000

Correct Answer: C

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Question 21
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000. The beginning inventory is ₦200,000, and the cost of the current period's purchases is ₦1,300,000. If the company uses a 10% increase in the cost of goods sold as a weight, what is the value of the ending inventory?
Correct A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

Correct Answer: A

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Question 22
A company's cash book shows a balance of ₦500,000. The bank statement shows a balance of ₦600,000. The company's cash book shows a debit balance of ₦50,000 for a bank overdraft. The bank statement shows a credit balance of ₦20,000 for a bank loan. What is the correct balance of the company's cash account?
A. ₦550,000
Correct B. ₦560,000
C. ₦570,000
D. ₦580,000

Correct Answer: B

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Question 23
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦1,000,000 and a useful life of 5 years. If the asset is sold for ₦200,000 after 3 years, what is the amount of depreciation for the 3rd year?
Correct A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: A

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Question 24
A company's financial statements show a net income of ₦500,000. The company's cash flow statement shows a net cash inflow of ₦200,000. What is the correct amount of the company's cash balance?
A. ₦700,000
Correct B. ₦800,000
C. ₦900,000
D. ₦1,000,000

Correct Answer: B

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Question 25
A company uses the accrual method of accounting. The company's financial statements show a net income of ₦500,000. The company's cash flow statement shows a net cash inflow of ₦200,000. What is the correct amount of the company's cash balance?
A. ₦700,000
Correct B. ₦800,000
C. ₦900,000
D. ₦1,000,000

Correct Answer: B

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