POST UTME UNILAG 2017 Accounting | Objective

Are you preparing for POST UTME UNILAG 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.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
Correct B. ₦175,000
C. ₦200,000
D. ₦225,000

Correct Answer: B

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Question 2
A company has the following ledger balances: Cash ₦50,000, Bank ₦20,000, Debtors ₦30,000, Creditors ₦10,000. Prepare a Cash Book and Bank Reconciliation Statement.
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 3
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦60,000, Paid salaries ₦10,000. Prepare a Cash Book and Bank Reconciliation Statement.
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 4
A company has the following ledger balances: Cash ₦50,000, Bank ₦20,000, Debtors ₦30,000, Creditors ₦10,000. Prepare a Cash Book and Bank Reconciliation Statement.
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 5
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
Correct B. ₦175,000
C. ₦200,000
D. ₦225,000

Correct Answer: B

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Question 6
A company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. The company sells 500 units of X and 300 units of Y. If the total revenue from the sale of both products is ₦63,000, what is the total cost of goods sold?
A. ₦42,000
Correct B. ₦45,000
C. ₦48,000
D. ₦50,000

Correct Answer: B

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Question 7
A company has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦10,000 | ₦0 Jan 10 | ₦5,000 | ₦0 Jan 20 | ₦0 | ₦8,000 What is the balance in the cash account after these transactions?
A. ₦3,000
B. ₦8,000
Correct C. ₦13,000
D. ₦18,000

Correct Answer: C

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Question 8
A government agency has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦50,000 | ₦0 Jan 10 | ₦20,000 | ₦0 Jan 20 | ₦0 | ₦30,000 What is the balance in the cash account after these transactions?
A. ₦20,000
B. ₦30,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 9
A company has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦10,000 | ₦0 Jan 10 | ₦5,000 | ₦0 Jan 20 | ₦0 | ₦8,000 What is the balance in the cash account after these transactions?
A. ₦3,000
B. ₦8,000
Correct C. ₦13,000
D. ₦18,000

Correct Answer: C

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Question 10
A government agency has the following transactions in its cash book: Date | Debit | Credit -----|--------|-------- Jan 1 | ₦50,000 | ₦0 Jan 10 | ₦20,000 | ₦0 Jan 20 | ₦0 | ₦30,000 What is the balance in the cash account after these transactions?
A. ₦20,000
B. ₦30,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
A. ₦475,000
Correct B. ₦475,500
C. ₦480,000
D. ₦485,000

Correct Answer: B

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Question 12
A trader purchases goods for ₦120,000 and sells them for ₦180,000. Calculate the gross profit.
A. ₦30,000
B. ₦40,000
Correct C. ₦60,000
D. ₦80,000

Correct Answer: C

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Question 13
A company's trading account for the year ended 31st December 2022 shows a profit of ₦150,000. The company's capital at the beginning of the year was ₦500,000 and at the end of the year was ₦650,000. Calculate the company's drawings for the year.
A. ₦100,000
B. ₦120,000
Correct C. ₦150,000
D. ₦180,000

Correct Answer: C

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Question 14
A company issued 10,000, 8% preference shares of ₦10 each at a premium of ₦2. The company also issued 5,000, 12% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of shares and debentures.
A. ₦1,200,000
Correct B. ₦1,250,000
C. ₦1,300,000
D. ₦1,350,000

Correct Answer: B

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Question 15
A company's balance sheet as at 31st December 2022 shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. Calculate the company's equity.
A. ₦200,000
B. ₦300,000
C. ₦400,000
Correct D. ₦500,000

Correct Answer: D

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Question 16
A public sector organization has a budget of ₦1.5 billion for the year. The budget is allocated as follows: ₦500 million for personnel costs, ₦300 million for capital expenditures, and ₦200 million for operating expenses. If the organization has a cash surplus of ₦100 million at the end of the year, what is the total amount of cash available for investment?
A. ₦1.6 billion
B. ₦1.7 billion
C. ₦1.8 billion
Correct D. ₦1.9 billion

Correct Answer: D

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Question 17
In a partnership with a 3:5:7 ratio, the total capital invested is ₦3.5 million. If the profits are shared in the same ratio, and the total profit for the year is ₦1.2 million, what is the share of profit for the partner with a 7:1 ratio?
A. ₦420,000
B. ₦450,000
Correct C. ₦480,000
D. ₦510,000

Correct Answer: C

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Question 18
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦150,000, what is the amount of share capital?
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 19
A manufacturing company produces two products, A and B. The selling price of product A is ₦100 per unit, and the variable cost is ₦60 per unit. The selling price of product B is ₦120 per unit, and the variable cost is ₦80 per unit. If the company produces 1,000 units of product A and 500 units of product B, what is the total contribution margin?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 20
A company has a bank account with a balance of ₦500,000. The company deposits ₦200,000 and withdraws ₦150,000. What is the new balance?
A. ₦550,000
B. ₦600,000
Correct C. ₦650,000
D. ₦700,000

Correct Answer: C

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Question 21
A company issued 5,000 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Correct A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500

Correct Answer: A

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Question 22
A company's trial balance as at 31st December, 2019 showed the following balances: Capital: ₦500,000; Profit for the year: ₦150,000; Drawings: ₦20,000; Sales: ₦500,000; Purchases: ₦400,000. Prepare the company's Balance Sheet as at 31st December, 2019.
Correct A. ₦1,150,000
B. ₦1,170,000
C. ₦1,190,000
D. ₦1,200,000

Correct Answer: A

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Question 23
A company's cash book showed the following transactions: 1st January, 2019: Cash: ₦50,000; Bank: ₦20,000; 15th January, 2019: Cash: ₦30,000; Bank: ₦40,000. Prepare the company's Cash Book as at 31st December, 2019.
Correct A. ₦180,000
B. ₦190,000
C. ₦200,000
D. ₦210,000

Correct Answer: A

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Question 24
A company issued 10,000 5% shares of ₦10 each at a premium of ₦5 per share. Calculate the amount received from shareholders.
Correct A. ₦105,000
B. ₦110,000
C. ₦115,000
D. ₦120,000

Correct Answer: A

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Question 25
A company's Balance Sheet as at 31st December, 2019 showed the following balances: Capital: ₦500,000; Profit for the year: ₦150,000; Drawings: ₦20,000; Sales: ₦500,000; Purchases: ₦400,000. Prepare the company's Trading and Profit and Loss Account for the year ended 31st December, 2019.
Correct A. ₦1,150,000
B. ₦1,170,000
C. ₦1,190,000
D. ₦1,200,000

Correct Answer: A

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