POST UTME FUTO 2019 Accounting | Objective

Are you preparing for POST UTME FUTO exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
Determine the amount of depreciation for the year ended December 31, 2022, for a machine purchased on January 1, 2020, at ₦1,500,000, with a useful life of 5 years and a residual value of ₦150,000.
A. ₦300,000
Correct B. ₦250,000
C. ₦200,000
D. ₦150,000

Correct Answer: B

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Question 2
A company has the following transactions related to its accounts payable: | Date | Description | Amount | | --- | --- | --- | | Jan 1 | Purchase of goods | ₦100,000 | | Jan 15 | Payment to supplier | ₦80,000 | | Feb 1 | Purchase of goods | ₦120,000 | | Feb 15 | Payment to supplier | ₦90,000 | Determine the amount of accounts payable at the end of February.
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 3
A partnership has the following capital accounts: | Partner | Capital | Drawing | Balance | | --- | --- | --- | --- | | A | ₦100,000 | ₦20,000 | ₦80,000 | | B | ₦120,000 | ₦30,000 | ₦90,000 | | C | ₦150,000 | ₦40,000 | ₦110,000 | Determine the total capital of the partnership.
A. ₦350,000
B. ₦360,000
C. ₦370,000
Correct D. ₦380,000

Correct Answer: D

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Question 4
A company has the following transactions related to its manufacturing accounts: | Date | Description | Quantity | Unit Cost | Total Cost | | --- | --- | --- | --- | --- | | Jan 1 | Purchase of raw materials | 100 units | ₦10 | ₦1,000 | | Jan 15 | Conversion of raw materials | | | ₦500 | | Feb 1 | Purchase of raw materials | 150 units | ₦12 | ₦1,800 | | Feb 15 | Conversion of raw materials | | | ₦900 | Determine the total cost of production.
A. ₦3,300
B. ₦3,400
C. ₦3,500
Correct D. ₦3,600

Correct Answer: D

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Question 5
A company has the following transactions related to its control accounts: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | Jan 1 | Purchase of goods | ₦100,000 | | | Jan 15 | Payment to supplier | | ₦80,000 | | Feb 1 | Purchase of goods | ₦120,000 | | | Feb 15 | Payment to supplier | | ₦90,000 | Determine the balance of the control account.
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 6
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the company at the end of the year?
A. ₦280,000
Correct B. ₦300,000
C. ₦320,000
D. ₦340,000

Correct Answer: B

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Question 7
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the Cutting department at the end of the year?
A. ₦250,000
Correct B. ₦270,000
C. ₦290,000
D. ₦310,000

Correct Answer: B

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Question 8
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the Assembly department at the end of the year?
A. ₦200,000
Correct B. ₦220,000
C. ₦240,000
D. ₦260,000

Correct Answer: B

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Question 9
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the company at the beginning of the year?
Correct A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000

Correct Answer: A

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Question 10
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the company at the end of the year?
A. ₦300,000
Correct B. ₦320,000
C. ₦340,000
D. ₦360,000

Correct Answer: B

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Question 11
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦500,000 and the Sales department has a budget of ₦300,000. If the company's total budget is ₦1,200,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
A. 1:1
Correct B. 1:2
C. 2:3
D. 3:4

Correct Answer: B

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Question 12
A partnership is formed between three individuals: John, Mary, and David. John invests ₦200,000, Mary invests ₦150,000, and David invests ₦100,000. If the partnership earns a profit of ₦50,000, how much will each partner receive?
A. John: ₦20,000, Mary: ₦15,000, David: ₦15,000
Correct B. John: ₦25,000, Mary: ₦18,750, David: ₦6,250
C. John: ₦30,000, Mary: ₦22,500, David: ₦7,500
D. John: ₦35,000, Mary: ₦26,250, David: ₦8,750

Correct Answer: B

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Question 13
A company uses a cash book to record its transactions. The cash book shows a balance of ₦50,000. However, the company's bank statement shows a balance of ₦60,000. What is the reason for the difference?
A. The company has not recorded a deposit of ₦10,000
Correct B. The company has not recorded a withdrawal of ₦10,000
C. The company has not recorded a bank charge of ₦10,000
D. The company has not recorded a bank interest of ₦10,000

Correct Answer: B

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Question 14
A company prepares a trial balance and discovers that the total debit balance is ₦100,000 and the total credit balance is ₦80,000. What is the reason for the difference?
A. The company has not recorded a transaction of ₦20,000
B. The company has not recorded a journal entry of ₦20,000
C. The company has not recorded a bank reconciliation of ₦20,000
Correct D. The company has not recorded a correction of errors of ₦20,000

Correct Answer: D

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Question 15
A company uses a control account to record its sales. The control account shows a balance of ₦200,000. However, the company's sales ledger shows a balance of ₦250,000. What is the reason for the difference?
A. The company has not recorded a sale of ₦50,000
B. The company has not recorded a return of ₦50,000
C. The company has not recorded a discount of ₦50,000
Correct D. The company has not recorded a bad debt of ₦50,000

Correct Answer: D

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Question 16
Determine the amount of depreciation for a machine that cost ₦120,000 and has a residual value of ₦20,000, using the straight-line method over a period of 5 years.
A. ₦20,000
Correct B. ₦24,000
C. ₦28,000
D. ₦32,000

Correct Answer: B

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Question 17
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. ₦5,5000
C. ₦5,500
D. ₦5,5000

Correct Answer: A

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Question 18
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit of partner A.
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

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Question 19
A company has a manufacturing department that produces two products, X and Y. The selling price of product X is ₦100 per unit, and the selling price of product Y is ₦120 per unit. If the company sells 500 units of product X and 300 units of product Y, calculate the total revenue from the sale of these products.
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 20
A company has a department that produces a product that requires 2 hours of direct labor and 3 hours of indirect labor per unit. If the company produces 1,000 units, calculate the total labor cost.
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 21
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The bank reconciliation statement reveals that the company has an outstanding cheque of ₦20,000 and a deposit in transit of ₦10,000. What is the correct balance in the company's cash book?
Correct A. ₦140,000
B. ₦150,000
C. ₦160,000
D. ₦170,000

Correct Answer: A

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Question 22
A company's trading account for the year ended 31st December 2022 shows a profit of ₦500,000. The company's profit and loss account for the same period shows a net profit of ₦700,000. However, the company's balance sheet as at 31st December 2022 shows a net worth of ₦1,200,000. What is the correct amount of dividends paid by the company?
A. ₦200,000
B. ₦300,000
Correct C. ₦400,000
D. ₦500,000

Correct Answer: C

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Question 23
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 5,000 debentures of ₦100 each. What is the total amount received by the company?
A. ₦1,500,000
Correct B. ₦1,600,000
C. ₦1,700,000
D. ₦1,800,000

Correct Answer: B

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Question 24
A company's cash book shows a balance of ₦500,000. However, the bank statement shows a balance of ₦400,000. The bank reconciliation statement reveals that the company has an outstanding cheque of ₦20,000 and a deposit in transit of ₦10,000. What is the correct balance in the company's cash book?
Correct A. ₦420,000
B. ₦430,000
C. ₦440,000
D. ₦450,000

Correct Answer: A

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Question 25
A company's trading account for the year ended 31st December 2022 shows a profit of ₦300,000. The company's profit and loss account for the same period shows a net profit of ₦500,000. However, the company's balance sheet as at 31st December 2022 shows a net worth of ₦1,000,000. What is the correct amount of dividends paid by the company?
A. ₦100,000
B. ₦200,000
Correct C. ₦300,000
D. ₦400,000

Correct Answer: C

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