POST UTME RSU 2024 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 2024 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 single-entry system of accounting. The company's assets increased by ₦120,000 and its liabilities increased by ₦80,000. What is the amount of the company's equity?
Correct A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦120,000

Correct Answer: A

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Question 2
A manufacturing company has two departments: Production and Sales. The Production department has a direct labor cost of ₦1,500,000 and an overhead cost of ₦750,000. The Sales department has a direct labor cost of ₦900,000 and an overhead cost of ₦450,000. What is the total cost of goods sold for the company?
A. ₦3,000,000
Correct B. ₦3,150,000
C. ₦3,300,000
D. ₦3,450,000

Correct Answer: B

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Question 3
A company uses the double-entry system of accounting. The company's assets increased by ₦150,000 and its liabilities increased by ₦100,000. What is the amount of the company's equity?
Correct A. ₦50,000
B. ₦70,000
C. ₦90,000
D. ₦110,000

Correct Answer: A

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Question 4
A company has the following ledger accounts: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the company's net income?
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

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Question 5
A company has the following trial balance: Cash ₦150,000, Accounts Payable ₦75,000, Sales Revenue ₦300,000, Cost of Goods Sold ₦225,000. What is the company's net income?
A. ₦75,000
B. ₦100,000
C. ₦125,000
Correct D. ₦150,000

Correct Answer: D

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Question 6
A company's cash book shows a balance of ₦25,000. However, the bank statement shows a balance of ₦30,000. What is the reason for the discrepancy?
A. Bank charges
B. Unrecorded cash sales
C. Unrecorded cash purchases
Correct D. Bank error

Correct Answer: D

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Question 7
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, how much will A receive?
Correct A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 8
A company uses the straight-line method of depreciation. If the asset's cost is ₦50,000 and its useful life is 5 years, what is the annual depreciation charge?
Correct A. ₦10,000
B. ₦8,000
C. ₦6,000
D. ₦4,000

Correct Answer: A

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Question 9
A company's balance sheet shows an asset of ₦100,000 and a liability of ₦80,000. What is the company's net worth?
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

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Question 10
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦60,000. What is the reason for the discrepancy?
A. Bank charges
B. Unrecorded cash sales
C. Unrecorded cash purchases
Correct D. Bank error

Correct Answer: D

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Question 11
A company's financial year ends on 31st December. The following transactions occurred during the year:
A. ₦1,000,000
B. ₦500,000
C. ₦750,000
Correct D. ₦1,500,000

Correct Answer: D

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Question 12
The following is a diagram of a manufacturing process:
A. ₦200,000
B. ₦300,000
Correct C. ₦400,000
D. ₦500,000

Correct Answer: C

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Question 13
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. The following is a diagram of the company's share capital:
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 14
A company's balance sheet as at 31st December is as follows:
A. ₦500,000
B. ₦750,000
Correct C. ₦1,000,000
D. ₦1,500,000

Correct Answer: C

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Question 15
A company's profit and loss account for the year ended 31st December is as follows:
A. ₦200,000
B. ₦300,000
Correct C. ₦400,000
D. ₦500,000

Correct Answer: C

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Question 16
In a partnership account, if the capital of one partner is increased by ₦50,000 and the capital of another partner is decreased by ₦30,000, what is the net effect on the total capital of the partnership?
A. ₦20,000 increase
B. ₦20,000 decrease
Correct C. ₦20,000 no change
D. ₦20,000 unknown

Correct Answer: C

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Question 17
A company has a manufacturing department that produces two products, A and B. Product A has a selling price of ₦100 and a variable cost of ₦60. Product B has a selling price of ₦80 and a variable cost of ₦40. If the company produces 100 units of product A and 50 units of product B, what is the total contribution margin?
A. ₦10,000
Correct B. ₦12,000
C. ₦14,000
D. ₦16,000

Correct Answer: B

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Question 18
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
Correct D. ₦25,000

Correct Answer: D

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Question 19
A company has a departmental account for its manufacturing department. The department has a balance of ₦50,000 in the beginning of the year. During the year, the department incurs a loss of ₦20,000. What is the balance in the departmental account at the end of the year?
Correct A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: A

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Question 20
A company has an incomplete record of its transactions for the year. The company has a cash account with a balance of ₦100,000 at the beginning of the year. During the year, the company has a cash inflow of ₦200,000 and a cash outflow of ₦150,000. What is the balance in the cash account at the end of the year?
A. ₦150,000
Correct B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: B

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Question 21
Determine the amount of depreciation for a machine with a cost of ₦120,000, a useful life of 5 years, and a residual value of ₦20,000, using the straight-line method.
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 22
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. What is the correct amount of the accounts payable account?
A. ₦50,000
Correct B. ₦55,000
C. ₦60,000
D. ₦65,000

Correct Answer: B

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Question 23
A public sector organization has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash received from government | ₦100,000 | | | 2nd Jan | Salaries paid | | ₦50,000 | | 3rd Jan | Rent paid | | ₦20,000 | What is the correct journal entry for the above transactions?
Correct A. Debit Cash ₦100,000, Credit Salaries ₦50,000, Credit Rent ₦20,000
B. Debit Salaries ₦50,000, Credit Cash ₦100,000, Debit Rent ₦20,000
C. Debit Rent ₦20,000, Credit Salaries ₦50,000, Debit Cash ₦100,000
D. Debit Cash ₦100,000, Credit Rent ₦20,000, Debit Salaries ₦50,000

Correct Answer: A

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Question 24
A company's balance sheet shows the following: | Asset | ₦ | Liability | ₦ | | --- | --- | --- | --- | | Cash | 50,000 | Accounts Payable | 30,000 | | Inventory | 70,000 | Long-term Debt | 100,000 | | Equipment | 80,000 | Equity | 120,000 | What is the total amount of the company's assets?
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 25
A company's trial balance shows the following: | Account | Debit | Credit | | --- | --- | --- | | Cash | 50,000 | | | Accounts Payable | | 30,000 | | Inventory | 70,000 | | | Equipment | | 80,000 | What is the correct amount of the company's cash account?
Correct A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: A

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