POST UTME EKSU 2017 Accounting | Objective

Are you preparing for POST UTME EKSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company's trading account for the year ended 31st December 2017 is as follows: Debit: Sundry Expenses £ 12,000 Wages £ 20,000 Rent £ 15,000 Credit: Sales £ 150,000 Purchases £ 120,000 What is the net profit for the year?
Correct A. £ 30,000
B. £ 25,000
C. £ 20,000
D. £ 15,000

Correct Answer: A

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Question 2
A company's balance sheet as at 31st December 2017 is as follows: Assets: Current Assets £ 100,000 Non-Current Assets £ 200,000 Total Assets £ 300,000 Liabilities: Current Liabilities £ 50,000 Non-Current Liabilities £ 150,000 Total Liabilities £ 200,000 What is the amount of shareholders' funds?
A. £ 100,000
B. £ 150,000
Correct C. £ 200,000
D. £ 250,000

Correct Answer: C

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Question 3
A company's profit and loss account for the year ended 31st December 2017 is as follows: Trading Profit £ 50,000 Non-Trading Income £ 20,000 Total Profit £ 70,000 What is the amount of tax paid?
A. £ 10,000
B. £ 15,000
Correct C. £ 20,000
D. £ 25,000

Correct Answer: C

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Question 4
A company's balance sheet as at 31st December 2017 is as follows: Assets: Current Assets £ 100,000 Non-Current Assets £ 200,000 Total Assets £ 300,000 Liabilities: Current Liabilities £ 50,000 Non-Current Liabilities £ 150,000 Total Liabilities £ 200,000 What is the amount of shareholders' funds?
A. £ 100,000
B. £ 150,000
Correct C. £ 200,000
D. £ 250,000

Correct Answer: C

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Question 5
A company's profit and loss account for the year ended 31st December 2017 is as follows: Trading Profit £ 50,000 Non-Trading Income £ 20,000 Total Profit £ 70,000 What is the amount of tax paid?
A. £ 10,000
B. £ 15,000
Correct C. £ 20,000
D. £ 25,000

Correct Answer: C

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Question 6
Determine the amount of depreciation for a machine that cost ₦150,000 and has a useful life of 5 years, using the straight-line method. The machine is currently in its 3rd year of use.
A. ₦30,000
Correct B. ₦45,000
C. ₦60,000
D. ₦75,000

Correct Answer: B

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Question 7
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Correct A. ₦5,500
B. ₦5,500,000
C. ₦5,500,000,000
D. ₦5,500,000,000,000

Correct Answer: A

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Question 8
A bank's cash book shows a balance of ₦250,000. The bank reconciliation statement shows a difference of ₦10,000 between the cash book balance and the bank statement balance. Calculate the bank statement balance.
Correct A. ₦260,000
B. ₦260,000,000
C. ₦260,000,000,000
D. ₦260,000,000,000,000

Correct Answer: A

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Question 9
A company's control account shows a balance of ₦500,000. The ledger account shows a balance of ₦600,000. Calculate the difference between the two balances.
Correct A. ₦100,000
B. ₦100,000,000
C. ₦100,000,000,000
D. ₦100,000,000,000,000

Correct Answer: A

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Question 10
A company issued 5% debentures of ₦100 each at a premium of ₦20 per debenture. Calculate the total amount received from the issue of debentures.
Correct A. ₦1,050,000
B. ₦1,050,000,000
C. ₦1,050,000,000,000
D. ₦1,050,000,000,000,000

Correct Answer: A

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Question 11
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product in stock, valued at ₦100 each. On January 15, 2022, 200 units were sold for ₦120 each. On February 1, 2022, 300 units were purchased for ₦110 each. On March 1, 2022, 400 units were sold for ₦130 each. What is the total cost of goods sold for the period January 1, 2022, to March 31, 2022?
A. ₦44,000
Correct B. ₦45,000
C. ₦46,000
D. ₦47,000

Correct Answer: B

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Question 12
A company has the following transactions related to its cash and bank accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | 10,000 | | | Jan 15 | Bank | | 5,000 | | Feb 1 | Cash | | 8,000 | | Mar 1 | Bank | 12,000 | | What is the balance in the bank account on March 31?
A. ₦13,000
B. ₦14,000
Correct C. ₦15,000
D. ₦16,000

Correct Answer: C

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Question 13
A company has the following transactions related to its cash and bank accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | 10,000 | | | Jan 15 | Bank | | 5,000 | | Feb 1 | Cash | | 8,000 | | Mar 1 | Bank | 12,000 | | What is the balance in the cash account on March 31?
A. ₦22,000
B. ₦23,000
Correct C. ₦24,000
D. ₦25,000

Correct Answer: C

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Question 14
A company has the following transactions related to its cash and bank accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | 10,000 | | | Jan 15 | Bank | | 5,000 | | Feb 1 | Cash | | 8,000 | | Mar 1 | Bank | 12,000 | | What is the total amount of cash and bank transactions for the period January 1, 2022, to March 31, 2022?
A. ₦37,000
B. ₦38,000
Correct C. ₦39,000
D. ₦40,000

Correct Answer: C

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Question 15
A company has the following transactions related to its cash and bank accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | 10,000 | | | Jan 15 | Bank | | 5,000 | | Feb 1 | Cash | | 8,000 | | Mar 1 | Bank | 12,000 | | What is the total amount of cash transactions for the period January 1, 2022, to March 31, 2022?
A. ₦18,000
B. ₦19,000
Correct C. ₦20,000
D. ₦21,000

Correct Answer: C

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Question 16
A company has the following transactions related to its cash and bank accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | 10,000 | | | Jan 15 | Bank | | 5,000 | | Feb 1 | Cash | | 8,000 | | Mar 1 | Bank | 12,000 | | What is the total amount of bank transactions for the period January 1, 2022, to March 31, 2022?
A. ₦19,000
B. ₦20,000
Correct C. ₦21,000
D. ₦22,000

Correct Answer: C

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Question 17
A company has the following transactions related to its cash and bank accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Cash | 10,000 | | | Jan 15 | Bank | | 5,000 | | Feb 1 | Cash | | 8,000 | | Mar 1 | Bank | 12,000 | | What is the balance in the bank account on March 31?
A. ₦13,000
B. ₦14,000
C. ₦15,000
D. ₦16,000

Correct Answer: VIEW ANSWER

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Question 18
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
Correct B. ₦45,000
C. ₦50,000
D. ₦55,000

Correct Answer: B

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Question 19
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. If the profit for the year is ₦120,000, what is the amount of the partner's gain if the profit is divided in the ratio 3:2?
A. ₦60,000
Correct B. ₦72,000
C. ₦90,000
D. ₦120,000

Correct Answer: B

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Question 20
A company uses the perpetual inventory system. If the beginning inventory is ₦50,000, the purchases during the year are ₦120,000, and the cost of goods sold is ₦180,000, what is the ending inventory?
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 21
A government agency has a budget of ₦1,000,000 for the year. If the agency has already spent ₦800,000, what is the percentage of the budget that has been spent?
Correct A. 80%
B. 85%
C. 90%
D. 95%

Correct Answer: A

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Question 22
A company has a cash balance of ₦500,000. If the company receives a cash inflow of ₦200,000 and a cash outflow of ₦150,000, what is the new cash balance?
A. ₦550,000
B. ₦600,000
Correct C. ₦650,000
D. ₦700,000

Correct Answer: C

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Question 23
In a manufacturing company, the following transactions were recorded in the journal: Dr. Work-in-Progress ¡ 10,000, Cr. Raw Materials ¡ 8,000, Cr. Labour ¡ 2,000. Prepare the ledger accounts for Work-in-Progress and Raw Materials.
Correct A. Work-in-Progress ¡ 10,000, Raw Materials ¡ 8,000
B. Work-in-Progress ¡ 10,000, Raw Materials ¡ 2,000
C. Work-in-Progress ¡ 8,000, Raw Materials ¡ 10,000
D. Work-in-Progress ¡ 2,000, Raw Materials ¡ 10,000

Correct Answer: A

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Question 24
A company has the following balances in its ledger: Cash ¡ 50,000, Bank ¡ 30,000. Prepare the Cash Book and Bank Reconciliation Statement.
Correct A. Cash ¡ 50,000, Bank ¡ 30,000
B. Cash ¡ 30,000, Bank ¡ 50,000
C. Cash ¡ 40,000, Bank ¡ 60,000
D. Cash ¡ 60,000, Bank ¡ 40,000

Correct Answer: A

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Question 25
A company has the following balances in its ledger: Cash ¡ 50,000, Bank ¡ 30,000. Prepare the Cash Book and Bank Reconciliation Statement.
Correct A. Cash ¡ 50,000, Bank ¡ 30,000
B. Cash ¡ 30,000, Bank ¡ 50,000
C. Cash ¡ 40,000, Bank ¡ 60,000
D. Cash ¡ 60,000, Bank ¡ 40,000

Correct Answer: A

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