POST UTME IMS U 2019 Accounting | Objective

Are you preparing for POST UTME IMS U 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.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Correct A. ₦24,000
B. ₦20,000
C. ₦22,000
D. ₦25,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
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 ₦150,000, how much will A receive?
Correct A. ₦90,000
B. ₦120,000
C. ₦100,000
D. ₦110,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
Correct A. ₦300,000
B. ₦250,000
C. ₦350,000
D. ₦400,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company uses the following accounts in its ledger: Cash, Accounts Payable, Sales Revenue, Cost of Goods Sold, and Common Stock. What type of account is Sales Revenue?
A. Asset
B. Liability
C. Equity
Correct D. Revenue

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of liabilities?
Correct A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Prepare the journal entry to record the issue of debentures.
Correct A. Debit Cash ₦495,000, Credit Debentures ₦500,000
B. Debit Debentures ₦495,000, Credit Cash ₦500,000
C. Debit Cash ₦495,000, Credit Discount on Debentures ₦5,000
D. Debit Discount on Debentures ₦5,000, Credit Cash ₦495,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
SHARED STIMULUS
Assets ₦150,000, Liabilities ₦50,000, Capital ₦100,000
A company's trial balance as at 31st December, 2022, showed the following balances:
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
SHARED STIMULUS
₦150,000, ₦50,000, ₦100,000
A company's balance sheet as at 31st December, 2022, showed the following balances: ₦150,000, ₦50,000, ₦100,000. What is the company's capital?
Correct A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
SHARED STIMULUS
₦150,000, ₦50,000, ₦100,000
A company's profit and loss account as at 31st December, 2022, showed the following balances: ₦150,000, ₦50,000, ₦100,000. What is the company's profit?
Correct A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
SHARED STIMULUS
₦150,000, ₦50,000, ₦100,000
A company's balance sheet as at 31st December, 2022, showed the following balances: ₦150,000, ₦50,000, ₦100,000. What is the company's capital?
Correct A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurred costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total overhead cost for the period is ₦200,000. What is the total cost of production for Job No. 123?
A. ₦550,000
Correct B. ₦600,000
C. ₦650,000
D. ₦700,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A partnership is formed between two individuals, John and Mary, who contribute ₦100,000 and ₦150,000 respectively. The partnership agreement states that John and Mary will share profits and losses in the ratio 3:2. During the year, the partnership incurs a loss of ₦20,000. What is John's share of the loss?
Correct A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company uses a self-balancing ledger system. The ledger has the following accounts: Cash, Accounts Receivable, Accounts Payable, and Common Stock. The company's trial balance at the end of the year shows the following balances: Cash ₦50,000, Accounts Receivable ₦20,000, Accounts Payable ₦10,000, and Common Stock ₦100,000. What is the total amount of assets on the balance sheet?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A government agency uses a fund accounting system. The agency has two funds: General Fund and Special Revenue Fund. The General Fund has the following accounts: Cash, Accounts Receivable, and Accounts Payable. The Special Revenue Fund has the following accounts: Cash, Accounts Receivable, and Capital Outlay. The agency's trial balance at the end of the year shows the following balances: General Fund Cash ₦50,000, General Fund Accounts Receivable ₦20,000, General Fund Accounts Payable ₦10,000, Special Revenue Fund Cash ₦30,000, Special Revenue Fund Accounts Receivable ₦15,000, and Special Revenue Fund Capital Outlay ₦25,000. What is the total amount of assets on the balance sheet?
A. ₦150,000
B. ₦170,000
Correct C. ₦190,000
D. ₦210,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company uses a control account system. The company has the following accounts: Cash, Accounts Receivable, and Accounts Payable. The company's trial balance at the end of the year shows the following balances: Cash ₦50,000, Accounts Receivable ₦20,000, and Accounts Payable ₦10,000. What is the total amount of assets on the balance sheet?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation expense if the asset's cost is ₦500,000?
A. ₦100,000
Correct B. ₦80,000
C. ₦120,000
D. ₦150,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A government agency is required to prepare a cash flow statement. Which of the following items is NOT a cash inflow?
A. Receipts from customers
B. Proceeds from the sale of assets
Correct C. Increase in accounts payable
D. Decrease in cash

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company uses the perpetual inventory system. If the company purchases 100 units of inventory at ₦50 each and sells 50 units at ₦75 each, what is the cost of goods sold?
A. ₦2,500
Correct B. ₦3,750
C. ₦4,000
D. ₦4,500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company prepares a bank reconciliation statement. If the bank statement balance is ₦10,000 and the company's cash book balance is ₦12,000, what is the reason for the difference?
A. NSF charges
B. Deposits in transit
Correct C. Checks outstanding
D. Bank errors

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company uses the single-entry system. If the company's assets increase by ₦50,000 and its liabilities decrease by ₦20,000, what is the net change in equity?
Correct A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦450,000
Correct B. ₦475,000
C. ₦500,000
D. ₦525,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | | 4th Jan | Bank | | 300 | What is the balance of the cash book?
Correct A. ₦1,200
B. ₦1,300
C. ₦1,400
D. ₦1,500

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company's assets are valued as follows: | Asset | Cost | Accumulated Depreciation | Net Book Value | | --- | --- | --- | --- | | Plant | 10,000 | 2,000 | 8,000 | | Furniture | 5,000 | 1,000 | 4,000 | | Motor Vehicle | 8,000 | 1,500 | 6,500 | What is the total value of the company's assets?
A. ₦18,500
B. ₦19,500
Correct C. ₦20,500
D. ₦21,500

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company issued 10,000 shares of ₦10 each at a premium of ₦5. Calculate the amount received from the shareholders.
A. ₦150,000
B. ₦155,000
Correct C. ₦160,000
D. ₦165,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company's bank statement shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank | 1,000 | | | 2nd Jan | Cash | | 500 | | 3rd Jan | Bank | | 800 | | 4th Jan | Cash | | 300 | What is the balance of the bank statement?
Correct A. ₦1,200
B. ₦1,300
C. ₦1,400
D. ₦1,500

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support