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

Practice these randomly selected questions to test your readiness.

Question 1
Determine the correct order of operations for the following expression: ( rac{1}{2} imes (3 + 5) div (2 - 1) ).
A. ( rac{1}{2} imes 3 + 5 div (2 - 1) )
B. ( rac{1}{2} imes (3 + 5) div 2 )
Correct C. ( rac{1}{2} imes (3 + 5) div (2 - 1) )
D. ( rac{1}{2} imes 3 + 5 div 2 )

Correct Answer: C

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Question 2
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance should be ₦25,000. What is the correct balance in the accounts payable account?
Correct A. ₦26,500
B. ₦24,500
C. ₦23,500
D. ₦22,500

Correct Answer: A

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Question 3
A government agency has the following assets: ₦10,000,000 in cash, ₦5,000,000 in investments, and ₦3,000,000 in property. What is the total value of the agency's assets?
Correct A. ₦18,000,000
B. ₦18,500,000
C. ₦18,000,000
D. ₦18,500,000

Correct Answer: A

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Question 4
A manufacturing company uses the following formula to calculate its depreciation: ( ext{Depreciation} = rac{ ext{Cost} - ext{Residual Value}}{ ext{Useful Life}} ). If the cost of the asset is ₦50,000, the residual value is ₦10,000, and the useful life is 5 years, what is the depreciation?
Correct A. ₦8,000
B. ₦8,500
C. ₦9,000
D. ₦9,500

Correct Answer: A

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Question 5
A departmental store has the following sales data: ₦100,000 in January, ₦120,000 in February, and ₦150,000 in March. What is the total sales for the first quarter?
Correct A. ₦370,000
B. ₦380,000
C. ₦390,000
D. ₦400,000

Correct Answer: A

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Question 6
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Prepare the journal entry to record the issuance of these shares.
A. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
B. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
C. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000
Correct D. Debit Cash 75,000, Credit Common Stock 50,000, Credit Additional Paid-in Capital 25,000

Correct Answer: D

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Question 7
A company has the following trial balance: Accounts Payable 10,000, Accounts Receivable 15,000, Common Stock 50,000, Retained Earnings 20,000. What is the total amount of assets?
Correct A. ₦85,000
B. ₦85,000
C. ₦85,000
D. ₦85,000

Correct Answer: A

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Question 8
A company has the following transactions: Purchased office supplies for 1,000, Sold merchandise for 5,000, Purchased equipment for 20,000. What is the net effect on the accounting equation?
A. Assets increase by 26,000, Liabilities increase by 26,000, Equity increases by 26,000
B. Assets increase by 26,000, Liabilities decrease by 26,000, Equity decreases by 26,000
C. Assets decrease by 26,000, Liabilities decrease by 26,000, Equity decreases by 26,000
Correct D. Assets increase by 26,000, Liabilities decrease by 26,000, Equity increases by 26,000

Correct Answer: D

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Question 9
A company has the following financial statements: Balance Sheet, Income Statement. What is the purpose of the Balance Sheet?
Correct A. To show the company's financial position at a specific point in time
B. To show the company's financial performance over a specific period of time
C. To show the company's cash flows over a specific period of time
D. To show the company's dividends paid over a specific period of time

Correct Answer: A

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Question 10
A company has the following transactions: Purchased office supplies for 1,000, Sold merchandise for 5,000, Purchased equipment for 20,000. What is the total amount of assets?
Correct A. ₦26,000
B. ₦26,000
C. ₦26,000
D. ₦26,000

Correct Answer: A

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Question 11
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The shares were subscribed for by the public for ₦ 120,000. The company also issued 5% debentures of ₦ 10,000 each at 5% discount. Prepare the share capital account and debenture account.
Correct A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000

Correct Answer: A

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Question 12
A company's trial balance as at 31st December 2022 is as follows: Debtors ₦ 50,000 Creditors ₦ 30,000 Capital ₦ 100,000 Profit ₦ 20,000 Drawings ₦ 10,000 Prepare the balance sheet as at 31st December 2022.
Correct A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000

Correct Answer: A

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Question 13
A partnership firm has two partners, A and B. The capital accounts of the partners are as follows: A's capital ₦ 50,000 B's capital ₦ 30,000 The firm's profit for the year is ₦ 20,000. The profit is to be divided in the ratio of 3:2. Calculate the share of profit of each partner.
Correct A. ₦30,000
B. ₦20,000
C. ₦30,000
D. ₦20,000

Correct Answer: A

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Question 14
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The shares were subscribed for by the public for ₦ 120,000. The company also issued 5% debentures of ₦ 10,000 each at 5% discount. Prepare the share capital account and debenture account.
Correct A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000

Correct Answer: A

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Question 15
A company's trial balance as at 31st December 2022 is as follows: Debtors ₦ 50,000 Creditors ₦ 30,000 Capital ₦ 100,000 Profit ₦ 20,000 Drawings ₦ 10,000 Prepare the balance sheet as at 31st December 2022.
Correct A. ₦120,000
B. ₦120,000
C. ₦120,000
D. ₦120,000

Correct Answer: A

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Question 16
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
Correct B. ₦480,000
C. ₦485,000
D. ₦490,000

Correct Answer: B

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Question 17
A company's assets are valued at ₦1,500,000. If the company's liabilities are ₦800,000, what is the company's net worth?
Correct A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000

Correct Answer: A

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Question 18
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders.
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

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Question 19
A company's depreciation policy is to depreciate its assets by 10% per annum. If the company's asset value is ₦1,200,000, what will be its value after 2 years?
A. ₦1,040,000
Correct B. ₦1,080,000
C. ₦1,120,000
D. ₦1,160,000

Correct Answer: B

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Question 20
A company's liabilities are ₦900,000. If its assets are valued at ₦1,800,000, what is its net worth?
A. ₦900,000
Correct B. ₦1,000,000
C. ₦1,100,000
D. ₦1,200,000

Correct Answer: B

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Question 21
A company produces two products, X and Y. Product X has a variable cost of ₦120 per unit and a fixed cost of ₦150,000. Product Y has a variable cost of ₦180 per unit and a fixed cost of ₦200,000. If the selling price of Product X is ₦250 per unit and the selling price of Product Y is ₦300 per unit, and the company produces 200 units of Product X and 150 units of Product Y, what is the total profit?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 22
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦5,000 | | | 5 Jan | Cash | | ₦25,000 | What is the balance in the cash book?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 23
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦150,000 respectively. The profit-sharing ratio is 2:3. If the profit for the year is ₦50,000, what is the amount of profit to be distributed to partner A?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 24
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Bank Loan | 20,000 | | Inventory | 30,000 | Share Capital | 50,000 | | Property | 40,000 | Retained Earnings | 10,000 | What is the total amount of shareholders' funds?
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 25
A company's profit and loss account shows the following: | Revenue | ₦ | Cost of Goods Sold | ₦ | | --- | --- | --- | --- | | Sales | 100,000 | Direct Materials | 20,000 | | | | Direct Labour | 30,000 | | | | Overheads | 40,000 | What is the gross profit?
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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