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

Practice these randomly selected questions to test your readiness.

Question 1
A partnership between two individuals, A and B, has a capital of ₦1,500,000. The profit-sharing ratio is 3:2. If the profit for the year is ₦750,000, calculate the amount of profit that will be distributed to A.
Correct A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: A

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Question 2
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
Correct B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: B

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Question 3
A government agency has the following transactions for the year: - Received ₦500,000 from the treasury - Issued ₦200,000 worth of goods to a charity - Paid ₦150,000 for rent - Collected ₦300,000 in fines - Paid ₦100,000 in salaries What is the total amount of revenue for the year?
A. ₦550,000
Correct B. ₦600,000
C. ₦650,000
D. ₦700,000

Correct Answer: B

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Question 4
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦200,000 | | Cost of Goods Sold | ₦150,000 | | | Net Income | | | What is the amount of net income?
A. ₦50,000
B. ₦100,000
C. ₦150,000
Correct D. ₦200,000

Correct Answer: D

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Question 5
A company has the following financial statements: Balance Sheet: | Asset | Amount | | --- | --- | | Cash | ₦100,000 | | Accounts Payable | ₦50,000 | | Sales Revenue | ₦200,000 | | Cost of Goods Sold | ₦150,000 | Income Statement: | Revenue | ₦200,000 | | Cost of Goods Sold | ₦150,000 | | Net Income | ₦50,000 | What is the amount of net income?
Correct A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: A

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Question 6
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 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 7
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 ₦20,000, what is the distribution of the profit?
Correct A. ₦12,000 to A and ₦8,000 to B
B. ₦10,000 to A and ₦10,000 to B
C. ₦14,000 to A and ₦6,000 to B
D. ₦16,000 to A and ₦4,000 to B

Correct Answer: A

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Question 8
A company uses the perpetual inventory system. If the cost of goods sold is ₦150,000 and the beginning inventory is ₦80,000, what is the cost of goods available for sale?
Correct A. ₦230,000
B. ₦220,000
C. ₦240,000
D. ₦250,000

Correct Answer: A

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Question 9
A government agency has a budget of ₦500,000 for the year. If the actual expenditure is ₦420,000, what is the variance?
Correct A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000

Correct Answer: A

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Question 10
A company has a trial balance that shows a discrepancy of ₦10,000. What is the cause of the discrepancy?
A. Error in recording transactions
B. Error in posting transactions
Correct C. Error in trial balance preparation
D. Error in accounting equation

Correct Answer: C

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Question 11
A company uses the double-entry system to record its transactions. The company's trial balance shows the following balances: Accounts Payable ₦5,000, Accounts Receivable ₦10,000, Common Stock ₦10,000, Dividends ₥0,000, Retained Earnings ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
Correct A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000

Correct Answer: A

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Question 12
A company's balance sheet shows the following: Assets ₦1,000,000, Liabilities ₥30,000, and Stockholders' Equity ₦10,000. What is the company's net income?
Correct A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000

Correct Answer: A

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Question 13
A company uses the single-entry system to record its transactions. The company's ledger shows the following: Cash ₦10,000, Accounts Receivable ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
Correct A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000

Correct Answer: A

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Question 14
A company's trial balance shows the following: Accounts Payable ₦5,000, Accounts Receivable ₦10,000, Common Stock ₦10,000, Dividends ₥0,000, Retained Earnings ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
Correct A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000

Correct Answer: A

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Question 15
A company's balance sheet shows the following: Assets ₦1,000,000, Liabilities ₥30,000, and Stockholders' Equity ₦10,000. What is the company's net income?
Correct A. ₥10,000
B. ₥20,000
C. ₥30,000
D. ₥40,000

Correct Answer: A

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Question 16
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 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 17
A trial balance is prepared by a company at the end of the year. The debit balance in the trial balance is ₦150,000 and the credit balance is ₦200,000. What is the correct balance in the general ledger?
A. ₦50,000
B. ₦150,000
Correct C. ₦200,000
D. ₦250,000

Correct Answer: C

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Question 18
A company has two partners, A and B. Partner A has a 60% interest in the company and Partner B has a 40% interest. If the company makes a profit of ₦100,000, how much will Partner A receive?
Correct A. ₦60,000
B. ₦40,000
C. ₦80,000
D. ₦120,000

Correct Answer: A

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Question 19
A company uses the perpetual inventory system. If the company purchases 100 units of goods at ₦100 each, and the cost of goods sold is ₦10,000, what is the cost of goods available for sale?
A. ₦10,000
B. ₦12,000
C. ₦15,000
Correct D. ₦20,000

Correct Answer: D

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Question 20
A company has a control account for its cash account. If the cash account has a debit balance of ₦50,000 and the control account has a credit balance of ₦20,000, what is the correct balance in the cash account?
A. ₦30,000
Correct B. ₦50,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 21
A company uses the single-entry system of accounting. The company's cash account shows a debit balance of ₦1,500,000. The company's bank statement shows a balance of ₦1,800,000. What is the amount of the company's outstanding checks?
A. ₦300,000
Correct B. ₦400,000
C. ₦500,000
D. ₦600,000

Correct Answer: B

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Question 22
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and partner B has a 40% interest. If the partnership's net income is ₦1,200,000, what is partner A's share of the net income?
Correct A. ₦720,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000

Correct Answer: A

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Question 23
A government agency has a budget of ₦5,000,000 for the year. The agency's actual expenditures for the year are ₦4,800,000. What is the agency's budget variance?
Correct A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: A

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Question 24
A company uses the self-balancing ledger system. The company's accounts payable account shows a debit balance of ₦2,000,000. The company's accounts receivable account shows a credit balance of ₦1,500,000. What is the company's net working capital?
A. ₦500,000
B. ₦750,000
Correct C. ₦1,000,000
D. ₦1,250,000

Correct Answer: C

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Question 25
A partnership has three partners, A, B, and C. Partner A has a 40% interest in the partnership, partner B has a 30% interest, and partner C has a 30% interest. If the partnership's net income is ₦1,500,000, what is partner C's share of the net income?
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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