POST UTME UNIBEN 2017 Accounting | Objective

Are you preparing for POST UTME UNIBEN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company uses the double entry system to record the following transactions: Purchased office equipment for ₦120,000 cash. Record the transaction in the ledger, assuming the office equipment is an asset.
A. Debit Office Equipment ₦120,000, Credit Cash ₦120,000
Correct B. Debit Cash ₦120,000, Credit Office Equipment ₦120,000
C. Debit Office Equipment ₦120,000, Credit Bank ₦120,000
D. Debit Bank ₦120,000, Credit Office Equipment ₦120,000

Correct Answer: B

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Question 2
A government agency is required to prepare a budget for the upcoming fiscal year. The budget must include the following components: Revenues: ₦10 billion Expenditures: ₦12 billion Surplus/Deficit: ₦2 billion
A. Surplus ₦2 billion
Correct B. Deficit ₦2 billion
C. Surplus ₦12 billion
D. Deficit ₦10 billion

Correct Answer: B

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Question 3
A company's financial statements for the year ended December 31, 2022, are as follows: Trading Account: Sales ₦100 million Cost of Goods Sold ₦80 million Gross Profit ₦20 million Profit Before Tax ₦15 million Tax ₦5 million Profit After Tax ₦10 million Balance Sheet: Assets ₦150 million Liabilities ₦100 million Equity ₦50 million
A. ₦150 million
B. ₦100 million
Correct C. ₦50 million
D. ₦20 million

Correct Answer: C

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Question 4
A company uses the straight-line method to depreciate its assets. The asset has a useful life of 10 years and a residual value of ₦10,000. Calculate the annual depreciation charge.
Correct A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: A

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Question 5
A company's financial statements for the year ended December 31, 2022, are as follows: Trading Account: Sales ₦100 million Cost of Goods Sold ₦80 million Gross Profit ₦20 million Profit Before Tax ₦15 million Tax ₦5 million Profit After Tax ₦10 million Balance Sheet: Assets ₦150 million Liabilities ₦100 million Equity ₦50 million
A. ₦150 million
B. ₦100 million
Correct C. ₦50 million
D. ₦20 million

Correct Answer: C

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Question 6
A company has two departments: Manufacturing and Sales. The trial balance of the company shows the following balances: Manufacturing Department: ₦1,500,000; Sales Department: ₦2,000,000. The company's total assets are ₦4,500,000. What is the amount of the company's total liabilities?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
Correct D. ₦3,000,000

Correct Answer: D

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Question 7
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and Partner B has a 40% interest. If the partnership's net income is ₦120,000, how much will Partner A receive as their share of the net income?
Correct A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 8
A company uses the perpetual inventory system. On January 1, the company had 100 units of inventory on hand, valued at ₦100 each. During the month, the company purchased 200 units of inventory at ₦120 each. If the company sells 150 units of inventory at ₦150 each, what is the cost of goods sold?
A. ₦18,000
B. ₦20,000
Correct C. ₦22,000
D. ₦24,000

Correct Answer: C

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Question 9
A company has the following transactions: (1) Purchased office supplies for ₦5,000; (2) Sold office supplies for ₦3,000; (3) Purchased office equipment for ₦10,000. What is the net effect of these transactions on the company's office supplies account?
Correct A. ₦2,000 credit
B. ₦2,000 debit
C. ₦5,000 credit
D. ₦5,000 debit

Correct Answer: A

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Question 10
A company has the following trial balance: Cash: ₦10,000; Accounts Receivable: ₦20,000; Inventory: ₦30,000; Office Supplies: ₦5,000. What is the total amount of the company's assets?
A. ₦65,000
B. ₦70,000
C. ₦75,000
Correct D. ₦80,000

Correct Answer: D

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Question 11
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference of ₦30,000 is due to a dishonored cheque of ₦20,000 and an outstanding deposit of ₦10,000. What is the correct balance in the cash book?
A. ₦120,000
B. ₦130,000
C. ₦140,000
Correct D. ₦150,000

Correct Answer: D

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Question 12
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦20,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
A. ₦20,000
B. ₦25,000
Correct C. ₦30,000
D. ₦35,000

Correct Answer: C

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Question 13
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of the company's assets?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 14
A company uses the accrual method of accounting. If the company's sales revenue for the year is ₦500,000 and its cost of goods sold is ₦300,000, what is the company's gross profit?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 15
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. What is the total amount of the company's liabilities and equity?
A. ₦180,000
B. ₦200,000
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 16
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.
A. £ 10,000
B. £ 50,000
Correct C. £ 60,000
D. £ 70,000

Correct Answer: C

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Question 17
A trader purchases goods worth £ 10,000 and sells them at a profit of 20%. Calculate the selling price.
A. £ 12,000
B. £ 12,500
Correct C. £ 13,000
D. £ 13,500

Correct Answer: C

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Question 18
A company's balance sheet shows an increase in stock of £ 5,000 and a decrease in debtors of £ 2,000. Calculate the net increase in assets.
A. £ 3,000
B. £ 3,500
Correct C. £ 4,000
D. £ 4,500

Correct Answer: C

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Question 19
A company issues 5,000 shares of £ 1 each at a premium of £ 0.25 per share. Calculate the total amount received from the issue of shares.
A. £ 12,500
B. £ 12,750
Correct C. £ 13,000
D. £ 13,250

Correct Answer: C

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Question 20
A trader purchases goods worth £ 8,000 and sells them at a profit of 25%. Calculate the selling price.
A. £ 10,000
B. £ 10,250
Correct C. £ 10,500
D. £ 10,750

Correct Answer: C

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Question 21
A company uses a self-balancing ledger to record its transactions. The ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The company's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, and Common Stock 20,000. What is the total amount of the company's assets?
Correct A. 23,000
B. 28,000
C. 33,000
D. 38,000

Correct Answer: A

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Question 22
A business has the following incomplete records: Debit 10,000, Credit 8,000, and a note receivable of 2,000. What is the total amount of the business's assets?
A. 20,000
B. 22,000
Correct C. 24,000
D. 26,000

Correct Answer: C

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Question 23
A company uses a double-entry system to record its transactions. The company's ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The company's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, and Common Stock 20,000. What is the total amount of the company's assets?
Correct A. 23,000
B. 28,000
C. 33,000
D. 38,000

Correct Answer: A

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Question 24
A business has the following cash book: Debit 10,000, Credit 8,000, and a note receivable of 2,000. What is the total amount of the business's assets?
A. 20,000
B. 22,000
Correct C. 24,000
D. 26,000

Correct Answer: C

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Question 25
A company uses a bank reconciliation statement to reconcile its bank statement with its cash book. The bank statement shows a balance of 10,000, while the cash book shows a balance of 8,000. What is the total amount of the company's assets?
A. 18,000
B. 20,000
Correct C. 22,000
D. 24,000

Correct Answer: C

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