POST UTME RSU 2020 Accounting | Objective

Are you preparing for POST UTME RSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2020 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 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
Correct B. ₦10,500
C. ₦11,000
D. ₦11,500

Correct Answer: B

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Question 2
A firm has the following transactions in its incomplete records: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Goods | | 500 | | 3rd Jan | Cash | | 800 | Complete the missing entries in the ledger accounts.
Correct A. Cash A/c: Dr. 1,000, Goods A/c: Cr. 500, Cash A/c: Cr. 800
B. Cash A/c: Dr. 1,000, Goods A/c: Dr. 500, Cash A/c: Cr. 800
C. Cash A/c: Dr. 1,000, Goods A/c: Cr. 500, Cash A/c: Dr. 800
D. Cash A/c: Cr. 1,000, Goods A/c: Dr. 500, Cash A/c: Cr. 800

Correct Answer: A

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Question 3
A partnership firm has two partners, A and B, who share profits and losses in the ratio 3:2. If the firm's profit for the year is ₦10,000, calculate the amount of profit to be distributed to each partner.
Correct A. A: ₦0,000, B: ₤0,000
B. A: ₦0,000, B: ₥0,000
C. A: ₦0,000, B: ₤5,000
D. A: ₦5,000, B: ₤0,000

Correct Answer: A

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Question 4
A company issues 5,000 10% debentures of ₦100 each at a premium of ₦0.50 per debenture. Calculate the total amount received from the issue of debentures.
A. ₣10,000
Correct B. ₣10,500
C. ₣11,000
D. ₣11,500

Correct Answer: B

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Question 5
A manufacturing company has the following costs: | Cost Head | Amount | | --- | --- | | Raw Materials | 10,000 | | Labour | 8,000 | | Overheads | 6,000 | Calculate the total cost of production.
A. 24,000
B. 24,500
Correct C. 25,000
D. 25,500

Correct Answer: C

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Question 6
A company issues 5,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Correct A. ₦22,500
B. ₦25,000
C. ₦27,500
D. ₦30,000

Correct Answer: A

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Question 7
A firm has a cash book balance of ₦50,000 and a bank balance of ₦30,000. The firm's cash book shows a debit balance of ₦10,000. Prepare a bank reconciliation statement.
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 8
A partnership is formed between two partners, A and B, with a capital of ₦100,000 and ₦80,000 respectively. The partnership agreement states that A will receive 60% of the profits and B will receive 40%. If the profit for the year is ₦120,000, how much will A receive?
Correct A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 9
A company issues 10,000, 8% preference shares of ₦10 each. The company also issues 5,000 ordinary shares of ₦5 each. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦175,000
Correct C. ₦200,000
D. ₦225,000

Correct Answer: C

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Question 10
A company has a cash book balance of ₦50,000 and a bank balance of ₦30,000. The company's cash book shows a debit balance of ₦10,000. Prepare a bank reconciliation statement.
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 11
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
Correct B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000

Correct Answer: B

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Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A and B.
A. ₦18,000
Correct B. ₦20,000
C. ₦22,000
D. ₦24,000

Correct Answer: B

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Question 13
A company has a manufacturing department that produces two products, X and Y. The selling price of X is ₦100 per unit and the selling price of Y is ₦120 per unit. The total cost of production is ₦50,000. If the company sells 200 units of X and 150 units of Y, calculate the gross profit.
A. ₦20,000
B. ₦22,000
Correct C. ₦24,000
D. ₦26,000

Correct Answer: C

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Question 14
A government agency has a budget of ₦1,000,000 for a project. The project has two components, A and B. Component A requires ₦500,000 and component B requires ₦300,000. If the agency spends ₦200,000 on component A, calculate the amount available for component B.
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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Question 15
A company has a trading account balance of ₦50,000 and a profit and loss account balance of ₦20,000. Calculate the net profit.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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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 ₦120,000?
Correct A. ₦24,000
B. ₦20,000
C. ₦30,000
D. ₦18,000

Correct Answer: A

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Question 17
A company's cash book shows the following transactions: Debit: ₦10,000, Credit: ₦12,000. What is the correct journal entry for this transaction?
A. Debit: ₦10,000, Credit: ₦12,000
Correct B. Debit: ₦12,000, Credit: ₦10,000
C. Debit: ₦20,000, Credit: ₦20,000
D. Debit: ₦0, Credit: ₦0

Correct Answer: B

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Question 18
A company's balance sheet shows the following: Assets: ₦100,000, Liabilities: ₦50,000, Equity: ₦50,000. What is the company's current ratio?
Correct A. 2:1
B. 1:1
C. 1:2
D. 3:1

Correct Answer: A

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Question 19
A company uses the weighted average method to value its inventory. If the inventory consists of 100 units of item A and 50 units of item B, and the cost of item A is ₦10,000 and item B is ₦20,000, what is the weighted average cost per unit?
A. ₦12,000
Correct B. ₦15,000
C. ₦18,000
D. ₦20,000

Correct Answer: B

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Question 20
A company's cash book shows the following transactions: Debit: ₦5,000, Credit: ₦8,000. What is the correct journal entry for this transaction?
A. Debit: ₦5,000, Credit: ₦8,000
Correct B. Debit: ₦8,000, Credit: ₦5,000
C. Debit: ₦10,000, Credit: ₦10,000
D. Debit: ₦0, Credit: ₦0

Correct Answer: B

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Question 21
A company's balance sheet shows the following: Assets: ₦150,000, Liabilities: ₦75,000, Equity: ₦75,000. What is the company's debt-to-equity ratio?
A. 1:1
Correct B. 2:1
C. 1:2
D. 3:1

Correct Answer: B

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Question 22
A company uses the FIFO method to value its inventory. If the inventory consists of 100 units of item A and 50 units of item B, and the cost of item A is ₦10,000 and item B is ₦20,000, what is the cost of goods sold?
A. ₦1,000,000
Correct B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000

Correct Answer: B

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Question 23
A company's cash book shows the following transactions: Debit: ₦15,000, Credit: ₦20,000. What is the correct journal entry for this transaction?
A. Debit: ₦15,000, Credit: ₦20,000
Correct B. Debit: ₦20,000, Credit: ₦15,000
C. Debit: ₦25,000, Credit: ₦25,000
D. Debit: ₦0, Credit: ₦0

Correct Answer: B

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Question 24
A company's balance sheet shows the following: Assets: ₦200,000, Liabilities: ₦100,000, Equity: ₦100,000. What is the company's return on equity?
A. 20%
B. 25%
C. 30%
D. 35%

Correct Answer: VIEW ANSWER

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Question 25
A company issued 5,000 shares of 10 par value at a premium of 5 per share. Prepare the journal entry for the issue of these shares.
A. Debit Cash 25,000, Credit Common Stock 50,000
Correct B. Debit Common Stock 50,000, Credit Paid-in Capital in Excess of Par Value 25,000
C. Debit Common Stock 50,000, Credit Cash 25,000
D. Debit Paid-in Capital in Excess of Par Value 25,000, Credit Common Stock 50,000

Correct Answer: B

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