POST UTME UI 2019 Accounting | Objective

Are you preparing for POST UTME UI 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 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. ₦30,000
D. ₦25,000

Correct Answer: A

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Question 2
A trader purchases goods on credit for ₦150,000. If the trader's credit balance is ₦20,000, what is the amount owed to the trader?
Correct A. ₦130,000
B. ₦140,000
C. ₦160,000
D. ₦170,000

Correct Answer: A

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Question 3
A company's trading account shows a profit of ₦50,000. If the company's capital is ₦100,000 and the drawings are ₦20,000, what is the company's retained earnings?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 4
A company's balance sheet shows an asset of ₦80,000 and a liability of ₦30,000. What is the company's equity?
A. ₦50,000
B. ₦60,000
C. ₦70,000
Correct D. ₦80,000

Correct Answer: D

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Question 5
A company uses the perpetual inventory system. If the company purchases goods for ₦100,000 and sells goods for ₦120,000, what is the company's cost of goods sold?
A. ₦80,000
B. ₦90,000
C. ₦100,000
Correct D. ₦110,000

Correct Answer: D

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Question 6
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the total profit for the year is ₦750,000, calculate the amount of profit that will be shared by A.
Correct A. ₦450,000
B. ₦400,000
C. ₦350,000
D. ₦300,000

Correct Answer: A

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Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, calculate the amount of premium received.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 8
A company purchases a machine for ₦1,500,000 and depreciates it by 10% per annum. If the company uses the straight-line method of depreciation, calculate the amount of depreciation for the first year.
Correct A. ₦150,000
B. ₦120,000
C. ₦100,000
D. ₦80,000

Correct Answer: A

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Question 9
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives a total of ₦600,000, calculate the amount of premium received.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 10
A company purchases a building for ₦3,000,000 and depreciates it by 5% per annum. If the company uses the straight-line method of depreciation, calculate the amount of depreciation for the first year.
Correct A. ₦150,000
B. ₦120,000
C. ₦100,000
D. ₦80,000

Correct Answer: A

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Question 11
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 12
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. ₦5,000
C. ₦5,100
D. ₦5,200

Correct Answer: A

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Question 13
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 ended December 31, 2022, is ₦500,000, calculate the share of profit of partner A.
Correct A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000

Correct Answer: A

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Question 14
A company issued 5,000 9% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Correct A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: A

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Question 15
A company purchased a machine on January 1, 2020, at ₦1,500,000, with a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation for the year ended December 31, 2022.
A. ₦300,000
Correct B. ₦250,000
C. ₦200,000
D. ₦150,000

Correct Answer: B

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Question 16
A company purchased a machine for ₦120,000 on January 1, 2020. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
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 ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 18
A company's cash book showed a balance of ₦50,000. The bank statement showed a balance of ₦60,000. The difference was due to an unrecorded deposit of ₦10,000. Calculate the corrected balance.
A. ₦50,000
B. ₦55,000
Correct C. ₦60,000
D. ₦65,000

Correct Answer: C

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Question 19
A company's trial balance showed a debit balance of ₦20,000. The company's accounting records showed a credit balance of ₦30,000. Calculate the corrected balance.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 20
A company issued 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 21
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Correct A. ₦950,000
B. ₦1,000,000
C. ₦1,050,000
D. ₦1,100,000

Correct Answer: A

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Question 22
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦12,000. Calculate the total cost of Job No. 101.
A. ₦35,000
B. ₦40,000
Correct C. ₦45,000
D. ₦50,000

Correct Answer: C

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Question 23
A company's trial balance as at 31st December, 2022 is as follows: Accounts Payable ₦50,000; Accounts Receivable ₦20,000; Common Stock ₦100,000; Dividends ₦10,000; Equipment ₦80,000; Expenses ₦30,000; Income Taxes Payable ₦15,000; Interest Payable ₦5,000; Notes Payable ₦40,000; Retained Earnings ₦60,000; Salaries Expense ₦25,000; Sales Revenue ₦150,000; Supplies ₦10,000; Utilities Expense ₦8,000. Prepare a classified balance sheet.
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 24
A company issues 10,000, 10% debentures of ₦100 each at a premium of 5%. Calculate the amount received from debenture holders.
A. ₦1,050,000
Correct B. ₦1,100,000
C. ₦1,150,000
D. ₦1,200,000

Correct Answer: B

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Question 25
A company's journal entries for the year ended 31st December, 2022 are as follows: Debit Accounts Payable ₦50,000; Credit Purchases ₦50,000; Debit Accounts Receivable ₦20,000; Credit Sales ₦20,000; Debit Common Stock ₦100,000; Credit Dividends ₦10,000; Debit Equipment ₦80,000; Credit Depreciation Expense ₦80,000; Debit Expenses ₦30,000; Credit Income Taxes Payable ₦15,000; Debit Interest Payable ₦5,000; Credit Notes Payable ₦40,000; Debit Retained Earnings ₦60,000; Credit Salaries Expense ₦25,000; Debit Sales Revenue ₦150,000; Credit Supplies ₦10,000; Debit Utilities Expense ₦8,000; Credit Utilities Expense ₦8,000. Prepare a trial balance.
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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