POST UTME UNIBEN 2023 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 2023 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦475,000
Correct B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: B

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Question 2
A firm purchased a machine for ₦250,000 and immediately spent ₦20,000 on its installation. Calculate the total cost of the machine.
Correct A. ₦270,000
B. ₦270,000
C. ₦270,000
D. ₦270,000

Correct Answer: A

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Question 3
A company issued 5,000, 10% shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
Correct A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000

Correct Answer: A

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Question 4
A firm purchased a machine for ₦200,000 and immediately spent ₦15,000 on its installation. Calculate the total cost of the machine.
Correct A. ₦215,000
B. ₦215,000
C. ₦215,000
D. ₦215,000

Correct Answer: A

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Question 5
A company issued 5,000, 10% debentures of ₦100 each at a premium of 5%. Calculate the amount received from the debenture holders.
Correct A. ₦500,000
B. ₦500,000
C. ₦500,000
D. ₦500,000

Correct Answer: A

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Question 6
A company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000 Cost of goods sold: ₦1,200,000 Beginning inventory: ₦300,000 Purchases: ₦900,000 What is the cost of goods sold using the weighted average method?
Correct A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000

Correct Answer: A

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Question 7
A company has the following transactions during the year ended December 31, 2022: 1. Purchased office equipment for ₦150,000. 2. Sold office equipment for ₦100,000. 3. Purchased a building for ₦500,000. 4. Sold a building for ₦400,000. 5. Declared dividends of ₦200,000. What is the net income for the year?
A. ₦200,000
Correct B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: B

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Question 8
A company uses the accrual method of accounting. The following information is available for the year ended December 31, 2022: Salaries earned by employees: ₦500,000 Salaries paid to employees: ₦400,000 Rent received from tenants: ₦200,000 Rent paid to landlord: ₦150,000 What is the net income for the year?
A. ₦200,000
B. ₦300,000
Correct C. ₦400,000
D. ₦500,000

Correct Answer: C

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Question 9
A company has the following transactions during the year ended December 31, 2022: 1. Purchased a machine for ₦200,000. 2. Sold a machine for ₦150,000. 3. Declared dividends of ₦100,000. 4. Paid salaries of ₦50,000. What is the net income for the year?
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 10
A company uses the straight-line method to depreciate its assets. The following information is available for the year ended December 31, 2022: Cost of asset: ₦500,000 Estimated useful life: 5 years Residual value: ₦50,000 What is the annual depreciation for the year?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 11
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. £ 55,000
D. £ 60,000

Correct Answer: C

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Question 12
A partnership has two partners, A and B. The capital accounts of A and B are £ 20,000 and £ 30,000 respectively. If the profit for the year is £ 10,000, how much will each partner receive?
A. A: £ 6,000, B: £ 4,000
B. A: £ 5,000, B: £ 5,000
Correct C. A: £ 6,000, B: £ 4,000
D. A: £ 7,000, B: £ 3,000

Correct Answer: C

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Question 13
A company has the following transactions: Purchased £ 10,000 worth of goods on credit. Sold £ 8,000 worth of goods for cash. Paid £ 2,000 in cash for rent. What is the total amount of cash received or paid?
A. £ 6,000
Correct B. £ 8,000
C. £ 10,000
D. £ 12,000

Correct Answer: B

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Question 14
A company has the following assets: Buildings £ 50,000, Machinery £ 30,000, and Vehicles £ 20,000. If the company depreciates the assets by 10% per annum, what is the total depreciation for the year?
A. £ 6,000
B. £ 7,000
Correct C. £ 8,000
D. £ 9,000

Correct Answer: C

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Question 15
A company has the following transactions: Purchased £ 10,000 worth of goods on credit. Sold £ 8,000 worth of goods for cash. Paid £ 2,000 in cash for rent. What is the total amount of cash received or paid?
A. £ 6,000
Correct B. £ 8,000
C. £ 10,000
D. £ 12,000

Correct Answer: B

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Question 16
A company has two partners, A and B, with capital contributions of ₦500,000 and ₦300,000 respectively. The company has a trial balance that shows a debit balance of ₦20,000 in the 'Drawings' account. Prepare the partners' capital accounts and the 'Drawings' account, assuming that the company is to be wound up.
Correct A. ₦800,000
B. ₦700,000
C. ₦600,000
D. ₦500,000

Correct Answer: A

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Question 17
A company issues 10,000, ₦1 shares at ₦2 per share. The issue is fully subscribed. Prepare the journal entry to record the issue of shares.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 18
A company has a trial balance that shows a credit balance of ₦10,000 in the 'Rent Received' account. The company's accounting year-end is December 31st. Prepare the journal entry to record the 'Rent Received' account.
Correct A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: A

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Question 19
A company has two partners, A and B, with capital contributions of ₦500,000 and ₦300,000 respectively. The company has a trial balance that shows a debit balance of ₦20,000 in the 'Drawings' account. Prepare the partners' capital accounts and the 'Drawings' account, assuming that the company is to be wound up.
Correct A. ₦800,000
B. ₦700,000
C. ₦600,000
D. ₦500,000

Correct Answer: A

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Question 20
A company issues 10,000, ₦1 shares at ₦2 per share. The issue is fully subscribed. Prepare the journal entry to record the issue of shares.
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 21
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount of share capital and the amount of share premium.
Correct A. ₦350,000
B. ₦350,000
C. ₦350,000
D. ₦350,000

Correct Answer: A

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Question 22
A company's trial balance shows the following balances: Accounts Payable 50,000, Accounts Receivable 20,000, Common Stock 100,000, Retained Earnings 50,000. Prepare the company's balance sheet.
Correct A. ₦150,000
B. ₦150,000
C. ₦150,000
D. ₦150,000

Correct Answer: A

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Question 23
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The total amount received from the issue of shares is 100,000. Calculate the amount of share capital and the amount of share premium.
Correct A. ₦100,000
B. ₦100,000
C. ₦100,000
D. ₦100,000

Correct Answer: A

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Question 24
A company's trial balance shows the following balances: Accounts Payable 30,000, Accounts Receivable 15,000, Common Stock 80,000, Retained Earnings 30,000. Prepare the company's balance sheet.
Correct A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000

Correct Answer: A

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Question 25
A company issued 10,000 shares of 1 par value at a premium of 4 per share. The total amount received from the issue of shares is 400,000. Calculate the amount of share capital and the amount of share premium.
Correct A. ₦400,000
B. ₦400,000
C. ₦400,000
D. ₦400,000

Correct Answer: A

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