POST UTME ESUT 2017 Accounting | Objective

Are you preparing for POST UTME ESUT 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 has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Correct A. ₦54,000
B. ₦36,000
C. ₦72,000
D. ₦90,000

Correct Answer: A

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Question 2
A manufacturing company uses a job costing system. The following costs were incurred during the production of a particular job: direct materials ₦15,000, direct labor ₦20,000, and overheads ₦10,000. Calculate the total cost of the job.
A. ₦45,000
B. ₦50,000
C. ₦55,000
Correct D. ₦60,000

Correct Answer: D

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Question 3
A company issues 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on each debenture.
Correct A. ₦5
B. ₦10
C. ₦15
D. ₦20

Correct Answer: A

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Question 4
A company's assets at the beginning of the year were ₦100,000. During the year, it purchased additional assets of ₦50,000 and sold assets of ₦20,000. Calculate the company's total assets at the end of the year.
A. ₦130,000
B. ₦140,000
Correct C. ₦150,000
D. ₦160,000

Correct Answer: C

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Question 5
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the asset's original cost is ₦100,000, calculate the asset's value after 5 years.
A. ₦50,000
B. ₦60,000
C. ₦70,000
Correct D. ₦80,000

Correct Answer: D

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Question 6
A company's trial balance shows an error of ₦5,000 in the debit side of the purchases account. The correct amount is ₦150,000. What is the correct amount of the purchases account?
A. ₦155,000
B. ₦145,000
Correct C. ₦150,000
D. ₦145,000

Correct Answer: C

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Question 7
A manufacturing company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Cost of goods sold: ₦1,200,000. What is the value of the closing inventory?
A. ₦300,000
B. ₦200,000
Correct C. ₦300,000
D. ₦200,000

Correct Answer: C

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Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit for the year ended December 31, 2022 is ₦50,000. What is the amount of the drawing of A?
A. ₦20,000
B. ₦30,000
Correct C. ₦20,000
D. ₦30,000

Correct Answer: C

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Question 9
A company's trading account for the year ended December 31, 2022 shows a profit of ₦150,000. The company's balance sheet at the beginning of the year shows a capital of ₦500,000. The company's balance sheet at the end of the year shows a capital of ₦550,000. What is the amount of the drawings of the proprietor?
A. ₦20,000
B. ₦30,000
Correct C. ₦20,000
D. ₦30,000

Correct Answer: C

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Question 10
A company's balance sheet at the beginning of the year shows a capital of ₦500,000. The company's balance sheet at the end of the year shows a capital of ₦550,000. The company's profit for the year ended December 31, 2022 is ₦150,000. What is the amount of the drawings of the proprietor?
A. ₦20,000
B. ₦30,000
Correct C. ₦20,000
D. ₦30,000

Correct Answer: C

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Question 11
A company uses the double-entry system of accounting. The following transactions were recorded during the year: Debit: Cash ¡ 10,000, Office Equipment ¡ 5,000, Salaries ¡ 20,000 Credit: Capital ¡ 30,000, Sales ¡ 40,000 What is the correct journal entry for the transaction?
A. Debit: Cash ¡ 10,000, Office Equipment ¡ 5,000, Salaries ¡ 20,000 Credit: Capital ¡ 30,000, Sales ¡ 40,000
B. Debit: Cash ¡ 10,000, Office Equipment ¡ 5,000, Salaries ¡ 20,000 Credit: Capital ¡ 40,000, Sales ¡ 30,000
Correct C. Debit: Cash ¡ 10,000, Office Equipment ¡ 5,000, Salaries ¡ 20,000 Credit: Capital ¡ 30,000, Sales ¡ 40,000
D. Debit: Cash ¡ 10,000, Office Equipment ¡ 5,000, Salaries ¡ 20,000 Credit: Capital ¡ 40,000, Sales ¡ 30,000

Correct Answer: C

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Question 12
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. ₦ 10,000
B. ₦ 50,000
Correct C. ₦ 55,000
D. ₦ 60,000

Correct Answer: C

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Question 13
A company's cash book showed a balance of ₦ 10,000. However, the bank statement showed a balance of ₦ 12,000. The bank statement included a credit of ₦ 2,000 for a dishonored cheque. What is the correct balance of the company's cash book?
A. ₦ 8,000
B. ₦ 10,000
Correct C. ₦ 12,000
D. ₦ 14,000

Correct Answer: C

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Question 14
A company's ledger showed a debit balance of ₦ 5,000. However, the trial balance showed a credit balance of ₦ 3,000. What is the correct balance of the company's ledger?
A. ₦ 2,000
Correct B. ₦ 3,000
C. ₦ 5,000
D. ₦ 7,000

Correct Answer: B

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Question 15
A company issued 5,000 shares of ₦ 1 each at a premium of ₦ 0.50 per share. The company also issued 1,000 debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 55,000
B. ₦ 60,000
Correct C. ₦ 65,000
D. ₦ 70,000

Correct Answer: C

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Question 16
A company's cash book showed a balance of ₦ 10,000. However, the bank statement showed a balance of ₦ 12,000. The bank statement included a credit of ₦ 2,000 for a dishonored cheque. What is the correct balance of the company's cash book?
A. ₦ 8,000
B. ₦ 10,000
Correct C. ₦ 12,000
D. ₦ 14,000

Correct Answer: C

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Question 17
A company's cash book shows a credit balance of ₦15,000. However, the bank statement shows a debit balance of ₦10,000. What is the correct balance of the company's bank account?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 18
A company's trial balance shows the following accounts: Debitors ₦50,000, Creditors ₦30,000. What is the correct balance of the company's current assets?
A. ₦20,000
B. ₦30,000
C. ₦40,000
Correct D. ₦50,000

Correct Answer: D

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Question 19
A company's final accounts show a trading profit of ₦100,000 and a net profit of ₦150,000. What is the correct amount of the company's retained earnings?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 20
A company's assets are valued at ₦500,000. The company's depreciation policy is to depreciate assets by 10% per annum. What is the correct value of the company's assets after 2 years?
A. ₦450,000
B. ₦490,000
C. ₦490,000
Correct D. ₦540,000

Correct Answer: D

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Question 21
A government agency's cash book shows a credit balance of ₦200,000. However, the bank statement shows a debit balance of ₦150,000. What is the correct balance of the agency's bank account?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 22
A company issued 5,000 shares of ₠ 10 each at a premium of ₠ 5 per share. Calculate the total amount received from the issue of shares.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 23
A company's trial balance showed the following balances: Accounts Payable ₠ 50,000, Accounts Receivable ₠ 30,000, and Common Stock ₠ 100,000. Prepare a balance sheet for the company.
Correct A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

Correct Answer: A

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Question 24
A company purchased a piece of equipment for ₦150,000. The equipment has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation.
A. ₦25,000
B. ₦28,000
Correct C. ₦30,000
D. ₦32,000

Correct Answer: C

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Question 25
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦600,000
B. ₦650,000
C. ₦700,000
Correct D. ₦750,000

Correct Answer: D

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