POST UTME EKSU 2024 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 2024 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. It is expected to have a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Correct A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000

Correct Answer: A

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Question 2
A manufacturing company produces 500 units of a product per day. Each unit sells for ₦200. If the company operates for 25 days in a month, calculate the total sales for the month.
Correct A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

Correct Answer: A

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Question 3
A company has the following transactions for the month of January: Jan 1: Cash ₦100,000 Jan 5: Sales ₦50,000 Jan 10: Purchase ₦30,000 Jan 15: Sales ₦70,000 Jan 20: Purchase ₦20,000 Jan 25: Sales ₦40,000 Jan 31: Cash ₦80,000 Prepare a single entry journal for the month.
Correct A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000

Correct Answer: A

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Question 4
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦10,500
Correct B. ₦11,000
C. ₦11,500
D. ₦12,000

Correct Answer: B

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Question 5
A government agency has the following transactions for the month of January: Jan 1: Cash ₦500,000 Jan 5: Revenue ₦200,000 Jan 10: Expenditure ₦150,000 Jan 15: Revenue ₦300,000 Jan 20: Expenditure ₦250,000 Jan 25: Cash ₦400,000 Prepare a public sector journal for the month.
Correct A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

Correct Answer: A

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Question 6
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' while the ledger account shows a credit balance of ₦20,000. What is the correct journal entry to rectify this error?
A. ₦15,000 debit to Rent Received and ₦20,000 credit to Rent Received
Correct B. ₦15,000 credit to Rent Received and ₦20,000 debit to Rent Received
C. ₦15,000 debit to Rent Received and ₦20,000 debit to Rent Received
D. ₦15,000 credit to Rent Received and ₦20,000 credit to Rent Received

Correct Answer: B

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Question 7
A company's cash book shows a balance of ₦50,000 in the cash account. However, the bank statement shows a balance of ₦60,000. What is the correct bank reconciliation statement?
Correct A. ₦10,000 credit to Bank and ₦10,000 debit to Cash
B. ₦10,000 debit to Bank and ₦10,000 credit to Cash
C. ₦10,000 credit to Bank and ₦10,000 credit to Cash
D. ₦10,000 debit to Bank and ₦10,000 debit to Cash

Correct Answer: A

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Question 8
A company's balance sheet shows a total asset value of ₦200,000 and a total liability value of ₦150,000. What is the company's equity value?
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 9
A company's profit and loss account shows a net profit of ₦20,000. However, the balance sheet shows a decrease in equity value of ₦15,000. What is the correct journal entry to rectify this error?
A. ₦20,000 debit to Profit and Loss and ₦15,000 credit to Equity
Correct B. ₦20,000 credit to Profit and Loss and ₦15,000 debit to Equity
C. ₦20,000 debit to Profit and Loss and ₦15,000 debit to Equity
D. ₦20,000 credit to Profit and Loss and ₦15,000 credit to Equity

Correct Answer: B

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Question 10
A company's balance sheet shows a total asset value of ₦250,000 and a total liability value of ₦200,000. What is the company's equity value?
A. ₦25,000
B. ₦50,000
Correct C. ₦100,000
D. ₦150,000

Correct Answer: C

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Question 11
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000. Credit: Purchases ₦ 50,000, Direct Labour ₦ 30,000, and Factory Overheads ₦ 20,000. What is the correct ledger account to be debited?
Correct A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
D. Purchases

Correct Answer: A

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Question 12
A company has the following ledger balances: Debit: Raw Materials ₦ 100,000, Work-in-Progress ₦ 80,000, and Factory Overheads ₦ 60,000. Credit: Purchases ₦ 100,000, Direct Labour ₦ 80,000, and Factory Overheads ₦ 60,000. What is the correct ledger account to be credited?
A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
Correct D. Purchases

Correct Answer: D

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Question 13
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000. Credit: Purchases ₦ 50,000, Direct Labour ₦ 30,000, and Factory Overheads ₦ 20,000. What is the correct ledger account to be credited?
A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
Correct D. Purchases

Correct Answer: D

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Question 14
A company has the following ledger balances: Debit: Raw Materials ₦ 100,000, Work-in-Progress ₦ 80,000, and Factory Overheads ₦ 60,000. Credit: Purchases ₦ 100,000, Direct Labour ₦ 80,000, and Factory Overheads ₦ 60,000. What is the correct ledger account to be debited?
Correct A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
D. Purchases

Correct Answer: A

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Question 15
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000. Credit: Purchases ₦ 50,000, Direct Labour ₦ 30,000, and Factory Overheads ₦ 20,000. What is the correct ledger account to be credited?
A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
Correct D. Purchases

Correct Answer: D

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Question 16
A company has the following ledger balances: Debit: Raw Materials ₦ 100,000, Work-in-Progress ₦ 80,000, and Factory Overheads ₦ 60,000. Credit: Purchases ₦ 100,000, Direct Labour ₦ 80,000, and Factory Overheads ₦ 60,000. What is the correct ledger account to be debited?
Correct A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
D. Purchases

Correct Answer: A

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Question 17
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000. Credit: Purchases ₦ 50,000, Direct Labour ₦ 30,000, and Factory Overheads ₦ 20,000. What is the correct ledger account to be credited?
A. Raw Materials
B. Work-in-Progress
C. Factory Overheads
Correct D. Purchases

Correct Answer: D

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Question 18
SHARED STIMULUS
Job costing system
A company's manufacturing department uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2023:
Correct A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: A

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Question 19
SHARED STIMULUS
Financial statements
A company's financial statements for the year ended December 31, 2023, are as follows:
A. ₦500,000
Correct B. ₦600,000
C. ₦700,000
D. ₦800,000

Correct Answer: B

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Question 20
SHARED STIMULUS
Balance sheet
A company's balance sheet as at December 31, 2023, is as follows:
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 21
SHARED STIMULUS
Profit and loss account
A company's profit and loss account for the year ended December 31, 2023, is as follows:
A. ₦500,000
Correct B. ₦600,000
C. ₦700,000
D. ₦800,000

Correct Answer: B

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Question 22
SHARED STIMULUS
Cash flow statement
A company's cash flow statement for the year ended December 31, 2023, is as follows:
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦2,000,000

Correct Answer: C

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Question 23
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The company's trial balance shows the following balances: Cash = ₦125,000, Accounts Payable = ₦80,000, Sales Revenue = ₦200,000, and Cost of Goods Sold = ₦150,000. What is the total amount of assets and liabilities on the company's balance sheet?
Correct A. ₦225,000
B. ₦275,000
C. ₦325,000
D. ₦425,000

Correct Answer: A

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Question 24
A company's cash book shows the following transactions: Debit: Cash = ₦10,000, Credit: Sales Revenue = ₦10,000. What is the effect of this transaction on the company's cash balance?
Correct A. ₦10,000 increase
B. ₦10,000 decrease
C. No effect on cash balance
D. ₦20,000 increase

Correct Answer: A

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Question 25
A company's bank reconciliation statement shows the following discrepancies: Bank Statement Balance = ₦50,000, Cash Book Balance = ₦60,000. What is the reason for this discrepancy?
A. Bank error
Correct B. Cash book error
C. Both bank and cash book errors
D. Neither bank nor cash book error

Correct Answer: B

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