POST UTME UI 2021 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 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company produces two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of product X and 80 units of product Y, calculate the total direct labor cost for the day.
A. ₦12,000
Correct B. ₦15,000
C. ₦18,000
D. ₦20,000

Correct Answer: B

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Question 2
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 2 Jan | Cash paid to suppliers | 0 | 5,000 | | 3 Jan | Cash received from bank | 8,000 | 0 | | 4 Jan | Cash paid to employees | 0 | 6,000 | What is the balance in the cash account at the end of the month?
A. ₦13,000
Correct B. ₦15,000
C. ₦17,000
D. ₦19,000

Correct Answer: B

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Question 3
A company's trial balance shows the following accounts: | Account | Debit | Credit | | --- | --- | --- | | Sales | 100,000 | 0 | | Cost of Goods Sold | 0 | 80,000 | | Gross Profit | 0 | 20,000 | | Operating Expenses | 0 | 10,000 | | Net Income | 0 | 10,000 | What is the net income of the company?
Correct A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: A

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Question 4
A company uses the single-entry system of accounting. The following transactions are recorded: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 2 Jan | Cash paid to suppliers | 0 | 5,000 | | 3 Jan | Cash received from bank | 8,000 | 0 | | 4 Jan | Cash paid to employees | 0 | 6,000 | What is the net income of the company?
A. ₦13,000
Correct B. ₦15,000
C. ₦17,000
D. ₦19,000

Correct Answer: B

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Question 5
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash received from customers | 10,000 | 0 | | 2 Jan | Cash paid to suppliers | 0 | 5,000 | | 3 Jan | Cash received from bank | 8,000 | 0 | | 4 Jan | Cash paid to employees | 0 | 6,000 | What is the balance in the cash account at the end of the month?
A. ₦13,000
Correct B. ₦15,000
C. ₦17,000
D. ₦19,000

Correct Answer: B

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Question 6
A company uses the double-entry system of accounting. The following transactions were recorded during the month of January: Purchased office supplies for ₦10,000 cash. Sold goods for ₦50,000 on credit. Paid salaries of ₦20,000 by cheque. What is the total amount of assets recorded in the ledger?
Correct A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: A

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Question 7
A company has the following ledger balances: Cash: ₦50,000 Accounts Payable: ₦20,000 Common Stock: ₦100,000 What is the total amount of liabilities and equity recorded in the ledger?
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

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Question 8
A company uses the self-balancing ledger system. The following transactions were recorded during the month of January: Purchased office supplies for ₦10,000 cash. Sold goods for ₦50,000 on credit. Paid salaries of ₦20,000 by cheque. What is the total amount of assets recorded in the ledger?
Correct A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: A

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Question 9
A company has the following ledger balances: Cash: ₦50,000 Accounts Payable: ₦20,000 Common Stock: ₦100,000 What is the total amount of liabilities and equity recorded in the ledger?
A. ₦120,000
Correct B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: B

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Question 10
A company uses the double-entry system of accounting. The following transactions were recorded during the month of January: Purchased office supplies for ₦10,000 cash. Sold goods for ₦50,000 on credit. Paid salaries of ₦20,000 by cheque. What is the total amount of assets recorded in the ledger?
Correct A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000

Correct Answer: A

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Question 11
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total premium received.
A. ₦50,000
B. ₦50,000
C. ₦50,000
Correct D. ₦50,000

Correct Answer: D

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Question 12
A company has an incomplete record of its transactions. The following information is available: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 10,000 | | | 2 | Purchases | | 8,000 | | 3 | Sales | | 12,000 | | 4 | Capital | | 2,000 | What is the total value of the company's assets?
A. ₦20,000
B. ₦22,000
C. ₦24,000
Correct D. ₦26,000

Correct Answer: D

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Question 13
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.
Correct A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000

Correct Answer: A

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Question 14
A company has the following manufacturing costs: | Cost | Amount | | --- | --- | | Direct Materials | ₦50,000 | | Direct Labour | ₦30,000 | | Overheads | ₦20,000 | Calculate the total manufacturing cost.
A. ₦100,000
B. ₦100,000
C. ₦100,000
Correct D. ₦100,000

Correct Answer: D

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Question 15
A company has the following departmental costs: | Department | Cost | Amount | | --- | --- | --- | | Sales | Rent | ₦10,000 | | Production | Salaries | ₦20,000 | | Administration | Utilities | ₦15,000 | Calculate the total departmental cost.
A. ₦45,000
B. ₦45,000
C. ₦45,000
Correct D. ₦45,000

Correct Answer: D

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Question 16
A company's trading account for the year ended 31st December 2020 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Wages: ₦300,000 Rent: ₦150,000 Credit: Returns Outwards: ₦50,000 Returns Inwards: ₦20,000 What is the company's gross profit for the year?
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 17
A company's balance sheet as at 31st December 2020 is as follows: Assets: ₦1,500,000 Liabilities: ₦1,200,000 What is the company's net worth?
A. ₦300,000
B. ₦200,000
C. ₦100,000
Correct D. ₦0

Correct Answer: D

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Question 18
A company's control account for the year ended 31st December 2020 is as follows: Debit: ₦1,500,000 Credit: ₦1,200,000 What is the company's net effect on the control account?
A. ₦300,000
B. ₦200,000
C. ₦100,000
Correct D. ₦0

Correct Answer: D

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Question 19
A company's self-balancing ledger for the year ended 31st December 2020 is as follows: Debit: ₦1,500,000 Credit: ₦1,200,000 What is the company's net effect on the self-balancing ledger?
A. ₦300,000
B. ₦200,000
C. ₦100,000
Correct D. ₦0

Correct Answer: D

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Question 20
A company's incomplete records for the year ended 31st December 2020 are as follows: Debit: ₦1,500,000 Credit: ₦1,200,000 What is the company's net effect on the incomplete records?
A. ₦300,000
B. ₦200,000
C. ₦100,000
Correct D. ₦0

Correct Answer: D

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Question 21
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
B. ₦975,000
Correct C. ₦1,000,000
D. ₦1,025,000

Correct Answer: C

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Question 22
A firm has the following transactions: Purchased goods for ₦50,000; sold goods for ₦75,000; and purchased office equipment for ₦20,000. Prepare a simple income statement.
A. ₦125,000
Correct B. ₦150,000
C. ₦175,000
D. ₦200,000

Correct Answer: B

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Question 23
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts receivable, ₦20,000 in inventory, and ₦30,000 in equipment. What is the total assets?
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 24
A partnership has two partners: A and B. A contributes ₦50,000 and B contributes ₦30,000. The profit is shared in the ratio 3:2. What is the share of profit of partner A?
A. ₦45,000
Correct B. ₦50,000
C. ₦55,000
D. ₦60,000

Correct Answer: B

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Question 25
A company has a building worth ₦200,000. The company depreciates the building by 10% each year. What is the value of the building after 3 years?
Correct A. ₦180,000
B. ₦190,000
C. ₦200,000
D. ₦210,000

Correct Answer: A

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