POST UTME DELSU 2020 Accounting | Objective

Are you preparing for POST UTME DELSU 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 purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦200,000 and ₦300,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A and B.
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 3
A company has a cash book with the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦10,000 | | | 1/2 | Sales | | ₦20,000 | | 1/3 | Purchase | ₦15,000 | | | 1/4 | Cash | | ₦30,000 | What is the balance in the cash account?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 4
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
Correct D. ₦300,000

Correct Answer: D

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Question 5
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the reducing-balance method.
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 6
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 direct labor cost for the company?
A. ₦3,500,000
Correct B. ₦4,200,000
C. ₦3,700,000
D. ₦4,500,000

Correct Answer: B

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Question 7
A company's trial balance shows the following accounts: Cash ₦1,500,000, Accounts Payable ₦800,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000. What is the net income for the company?
Correct A. ₦800,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000

Correct Answer: A

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Question 8
A partnership has two partners: A and B. Partner A has a capital account of ₦1,000,000 and a drawing account of ₦200,000. Partner B has a capital account of ₦800,000 and a drawing account of ₦150,000. What is the total capital of the partnership?
A. ₦1,800,000
Correct B. ₦2,000,000
C. ₦1,900,000
D. ₦2,100,000

Correct Answer: B

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Question 9
A company has the following accounts in its ledger: Cash ₦1,500,000, Accounts Payable ₦800,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000. What is the total assets for the company?
Correct A. ₦4,300,000
B. ₦4,500,000
C. ₦4,800,000
D. ₦5,000,000

Correct Answer: A

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Question 10
A company's trial balance shows the following accounts: Cash ₦1,500,000, Accounts Payable ₦800,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000. What is the total liabilities for the company?
Correct A. ₦2,300,000
B. ₦2,500,000
C. ₦2,800,000
D. ₦3,000,000

Correct Answer: A

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Question 11
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The company's accountant has identified the following errors: (i) a debit of ₦2,000 was posted to the wrong account, (ii) a credit of ₦1,500 was omitted from the sales account, and (iii) a debit of ₦500 was posted twice to the purchases account. What is the correct amount of the discrepancy?
A. ₦1,000
Correct B. ₦1,500
C. ₦2,000
D. ₦2,500

Correct Answer: B

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Question 12
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account shows a balance of ₦50,000. If A withdraws ₦10,000 from the business, what is the new balance of the capital account?
A. ₦40,000
Correct B. ₦45,000
C. ₦50,000
D. ₦55,000

Correct Answer: B

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Question 13
A company's cash book shows the following transactions: (i) a deposit of ₦5,000 was made into the bank, (ii) a cheque of ₦2,000 was received from a customer, and (iii) a cash payment of ₦1,500 was made to a supplier. What is the new balance of the cash account?
A. ₦6,500
B. ₦7,000
Correct C. ₦7,500
D. ₦8,000

Correct Answer: C

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Question 14
A company's bank reconciliation statement shows a difference of ₦2,000 between the bank's statement and the company's cash book. The company's accountant has identified the following errors: (i) a deposit of ₦1,000 was not recorded in the cash book, and (ii) a cheque of ₦1,000 was recorded in the cash book but not in the bank's statement. What is the correct amount of the difference?
A. ₦1,000
B. ₦1,500
Correct C. ₦2,000
D. ₦2,500

Correct Answer: C

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Question 15
A company's trial balance shows a discrepancy of ₦3,000 between the debit and credit sides. The company's accountant has identified the following errors: (i) a debit of ₦2,000 was posted to the wrong account, (ii) a credit of ₦1,000 was omitted from the sales account, and (iii) a debit of ₦500 was posted twice to the purchases account. What is the correct amount of the discrepancy?
A. ₦1,000
B. ₦2,000
Correct C. ₦3,000
D. ₦4,000

Correct Answer: C

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Question 16
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The company also issued 2,000, 12% preference shares of ₦50 each at a premium of 10%. Calculate the total amount received from debentures and preference shares.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 17
A firm has two partners, A and B. A has a 60% share in the profits, while B has a 40% share. If the profits for the year are ₦120,000, how much will A receive?
Correct A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 18
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
A. ₦90,000
B. ₦95,000
Correct C. ₦100,000
D. ₦105,000

Correct Answer: C

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Question 19
A firm has a trial balance as follows: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, Common Stock ₦100,000. What is the total amount of assets?
A. ₦270,000
B. ₦280,000
C. ₦290,000
Correct D. ₦300,000

Correct Answer: D

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Question 20
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦200,000, Equity ₦300,000. What is the ratio of debt to equity?
A. 1:1
Correct B. 1:2
C. 2:1
D. 3:1

Correct Answer: B

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Question 21
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 20,000. Calculate the amount of share capital and the amount of share premium.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 22
A partnership has two partners, A and B. The capital accounts of A and B are £ 50,000 and £ 30,000 respectively. The profit for the year is £ 20,000. Prepare the profit and loss account for the partnership.
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 23
A company has the following transactions: Purchased goods for £ 10,000; Sold goods for £ 15,000; Purchased goods for £ 8,000. Prepare the journal entries for the above transactions.
A. ₦23,000
Correct B. ₦25,000
C. ₦27,000
D. ₦29,000

Correct Answer: B

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Question 24
A company has the following transactions: Purchased goods for £ 10,000; Sold goods for £ 15,000; Purchased goods for £ 8,000. Prepare the ledger accounts for the above transactions.
A. ₦23,000
Correct B. ₦25,000
C. ₦27,000
D. ₦29,000

Correct Answer: B

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Question 25
A company has the following transactions: Purchased goods for £ 10,000; Sold goods for £ 15,000; Purchased goods for £ 8,000. Prepare the trial balance for the above transactions.
A. ₦23,000
Correct B. ₦25,000
C. ₦27,000
D. ₦29,000

Correct Answer: B

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