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

Practice these randomly selected questions to test your readiness.

Question 1
A company has two departments, A and B. Department A has a budget of ₦1,500,000 and Department B has a budget of ₦800,000. If the company's total budget is ₦2,500,000, what is the percentage of Department A's budget to the total budget?
Correct A. 30%
B. 40%
C. 50%
D. 60%

Correct Answer: A

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Question 2
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦12,00,000, what is the amount received from the issue of shares?
A. ₦10,00,000
Correct B. ₦12,00,000
C. ₦14,00,000
D. ₦16,00,000

Correct Answer: B

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Question 3
A company has a capital of ₦5,00,000 divided into 5,000 shares of ₦100 each. If the company issues 2,000 shares at a premium of ₦20 per share, what is the amount received from the issue of shares?
A. ₦40,00,000
Correct B. ₦50,00,000
C. ₦60,00,000
D. ₦70,00,000

Correct Answer: B

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Question 4
A company has a capital of ₦10,00,000 divided into 10,000 shares of ₦100 each. If the company issues 2,000 shares at a premium of ₦20 per share, what is the amount received from the issue of shares?
A. ₦40,00,000
Correct B. ₦50,00,000
C. ₦60,00,000
D. ₦70,00,000

Correct Answer: B

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Question 5
A company has a capital of ₦15,00,000 divided into 15,000 shares of ₦100 each. If the company issues 3,000 shares at a premium of ₦20 per share, what is the amount received from the issue of shares?
A. ₦60,00,000
Correct B. ₦70,00,000
C. ₦80,00,000
D. ₦90,00,000

Correct Answer: B

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Question 6
A company's trial balance shows an error of ₦0.50 in the debit side of the cash account. The correct balance is ₦1,500. The correct balance of the cash account in the balance sheet should be:
A. ₦1,500.50
Correct B. ₦1,500.00
C. ₦1,499.50
D. ₦1,501.00

Correct Answer: B

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Question 7
A partnership has two partners, A and B. The profit-sharing ratio is 3:2. The total profit for the year is ₦1,50,000. The share of profit of partner A is:
Correct A. ₦1,05,000
B. ₦1,10,000
C. ₦1,15,000
D. ₦1,20,000

Correct Answer: A

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Question 8
A company's bank reconciliation statement shows a difference of ₦0.50 between the cash book balance and the bank statement balance. The correct balance of the cash account in the bank statement is ₦1,500. The correct balance of the cash account in the cash book should be:
A. ₦1,500.50
Correct B. ₦1,500.00
C. ₦1,499.50
D. ₦1,501.00

Correct Answer: B

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Question 9
A company's trial balance shows an error of ₦0.50 in the debit side of the cash account. The correct balance is ₦1,500. The correct balance of the cash account in the balance sheet should be:
A. ₦1,500.50
Correct B. ₦1,500.00
C. ₦1,499.50
D. ₦1,501.00

Correct Answer: B

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Question 10
A partnership has two partners, A and B. The profit-sharing ratio is 3:2. The total profit for the year is ₦1,50,000. The share of profit of partner B is:
A. ₦1,05,000
B. ₦1,10,000
Correct C. ₦1,15,000
D. ₦1,20,000

Correct Answer: C

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Question 11
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Correct A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000

Correct Answer: A

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Question 12
A partnership has two partners, A and B. Partner A's capital is ₦150,000 and Partner B's capital is ₦200,000. If the profit is ₦50,000, what is Partner A's share of the profit?
A. ₦20,000
B. ₦22,500
C. ₦25,000
Correct D. ₦18,750

Correct Answer: D

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Question 13
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦500,000; Purchases: ₦350,000; Returns Outwards: ₦10,000; Returns Inwards: ₦5,000. What is the gross profit?
A. ₦120,000
B. ₦125,000
Correct C. ₦130,000
D. ₦135,000

Correct Answer: C

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Question 14
A government agency has the following transactions: Cash received from taxes: ₦100,000; Cash paid for salaries: ₦50,000; Cash paid for rent: ₦20,000. What is the net cash inflow?
A. ₦30,000
B. ₦35,000
Correct C. ₦40,000
D. ₦45,000

Correct Answer: C

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Question 15
A company's cash book shows the following transactions: Cash received from customers: ₦200,000; Cash paid to suppliers: ₦150,000; Cash paid for rent: ₦20,000. What is the net cash inflow?
A. ₦30,000
B. ₦35,000
Correct C. ₦40,000
D. ₦45,000

Correct Answer: C

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Question 16
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.
A. ₦0,500
B. ₦1,000
Correct C. ₦1,050
D. ₦1,500

Correct Answer: C

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Question 17
A company has the following transactions: Purchased goods for ₦1,500 on credit; Sold goods for ₦2,000 for cash; and Purchased a machine for ₦3,000 on credit. Prepare a single entry for the above transactions.
Correct A. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦3,000
B. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦1,500
C. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦2,000
D. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦1,000

Correct Answer: A

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Question 18
A company's trading account for the year ended 31st December 2022 is as follows: Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000. Prepare the trading account.
A. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,49,000
B. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,50,000
C. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,49,000
Correct D. Sales ₦2,00,000, Returns ₦1,000, Purchases ₦1,50,000, Returns ₦0,000, Cost of Goods Sold ₦1,49,000

Correct Answer: D

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Question 19
A company has the following balance sheet as at 31st December 2022: Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,50,000. Prepare the balance sheet.
A. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,50,000
B. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,00,000
Correct C. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,50,000
D. Equity ₦1,00,000, Liabilities ₦1,50,000, Assets ₦2,00,000

Correct Answer: C

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Question 20
A company has the following transactions: Purchased goods for ₦1,500 on credit; Sold goods for ₦2,000 for cash; and Purchased a machine for ₦3,000 on credit. Prepare a manufacturing account.
Correct A. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦3,000
B. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦1,500
C. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦2,000
D. Debit Purchases ₦1,500, Credit Cash ₦2,000, Debit Machine ₦3,000, Credit Purchases ₦1,000

Correct Answer: A

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Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
Correct B. ₦480,000
C. ₦485,000
D. ₦490,000

Correct Answer: B

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Question 22
A trader's cash book showed a balance of ₦15,000. The bank statement showed a balance of ₦18,000. The difference was due to a dishonored cheque of ₦2,000 and an unrecorded credit of ₦1,000. Calculate the corrected balance in the cash book.
A. ₦14,000
B. ₦15,000
Correct C. ₦16,000
D. ₦17,000

Correct Answer: C

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Question 23
A company's trading account for the year ended 31st December 2022 showed a profit of ₦120,000. The company's profit and loss account showed a net profit of ₦150,000. The difference was due to a non-trading income of ₦30,000. Calculate the company's net profit.
A. ₦180,000
B. ₦190,000
Correct C. ₦200,000
D. ₦210,000

Correct Answer: C

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Question 24
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2.50 per share. Calculate the amount received from shareholders.
A. ₦250,000
B. ₦255,000
Correct C. ₦260,000
D. ₦265,000

Correct Answer: C

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Question 25
A company's balance sheet showed a total assets of ₦500,000 and total liabilities of ₦300,000. Calculate the company's net worth.
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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