POST UTME UNILORIN 2021 Accounting | Objective

Are you preparing for POST UTME UNILORIN 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's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the likely cause of the discrepancy?
A. The company has deposited ₦30,000 into the bank.
B. The company has withdrawn ₦30,000 from the bank.
C. The bank has charged a service fee of ₦30,000.
Correct D. The company has made a mistake in recording the transactions.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
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

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦300,000
Correct B. ₦350,000
C. ₦400,000
D. ₦450,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company's bank reconciliation statement shows the following discrepancies: NSF checks ₦10,000, bank errors ₦5,000, and outstanding deposits ₦15,000. What is the total amount of the discrepancies?
A. ₦30,000
B. ₦35,000
C. ₦40,000
Correct D. ₦45,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company uses the lower of cost or market (LCM) method of inventory valuation. If the cost of the inventory is ₦100,000 and the market value is ₦80,000, what is the value of the inventory?
Correct A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company's accounting records show that its total assets increased by ₦1,500,000 during the year, while its total liabilities increased by ₦800,000. Calculate the company's net worth at the end of the year.
A. ₦700,000
B. ₦1,300,000
Correct C. ₦1,700,000
D. ₦2,300,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A partnership has two partners, A and B. Partner A invested ₦120,000 and Partner B invested ₦80,000. The profit-sharing ratio is 3:2. Calculate the amount of profit that Partner A will receive.
Correct A. ₦180,000
B. ₦120,000
C. ₦90,000
D. ₦60,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's cash book shows the following transactions: Date | Debit | Credit -----|-------|-------- 1/1 | ₦10,000 | ₦0 1/15 | ₦5,000 | ₦0 1/30 | ₦0 | ₦15,000 What is the company's cash balance at the end of January?
A. ₦15,000
Correct B. ₦20,000
C. ₦25,000
D. ₦30,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company's balance sheet shows the following information: Assets: ₦150,000 Liabilities: ₦80,000 Equity: ₦70,000 What is the company's return on equity (ROE) for the year?
A. 10%
Correct B. 20%
C. 30%
D. 40%

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company's depreciation policy is to depreciate its assets by 10% per annum. If the company's asset value is ₦100,000 at the beginning of the year, what will be its value at the end of the year?
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦130,000. The difference of ₦10,000 is due to an outstanding cheque of ₦5,000 and a deposit in transit of ₦5,000. What is the correct journal entry to reconcile the cash book and bank statement?
Correct A. ₦5,000 debit Cash, ₦5,000 credit Bank
B. ₦5,000 debit Bank, ₦5,000 credit Cash
C. ₦10,000 debit Cash, ₦10,000 credit Bank
D. ₦10,000 debit Bank, ₦10,000 credit Cash

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A company has two departments: Manufacturing and Sales. The Manufacturing department has a cost of goods sold of ₦500,000 and a direct labour cost of ₦200,000. The Sales department has a cost of goods sold of ₦300,000 and a direct labour cost of ₦100,000. What is the total cost of goods sold and direct labour cost for the company?
A. ₦800,000
B. ₦900,000
Correct C. ₦1,000,000
D. ₦1,100,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each at a discount of ₦5 per debenture. What is the total amount received from the issue of shares and debentures?
A. ₦15,500
B. ₦16,000
Correct C. ₦16,500
D. ₦17,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company has a trading account that shows a profit of ₦200,000. The company also has a non-trading income of ₦50,000. What is the total profit for the company?
Correct A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company has a balance sheet that shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. What is the company's equity?
Correct A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare a corrected trial balance.
Correct A. ₦50,000, ₦20,000, ₦200,000, ₦150,000
B. ₦50,000, ₦20,000, ₦250,000, ₦150,000
C. ₦50,000, ₦30,000, ₦200,000, ₦150,000
D. ₦50,000, ₦20,000, ₦200,000, ₦200,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company has two partners, A and B, who share profits and losses in the ratio 3:2. The company's profit for the year is ₦120,000. Calculate the amount of profit to be distributed to each partner.
A. ₦60,000, ₦60,000
Correct B. ₦90,000, ₦30,000
C. ₦80,000, ₦40,000
D. ₦70,000, ₦50,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company's balance sheet showed the following balances: Equity ₦100,000, Total Assets ₦200,000, Total Liabilities ₦150,000. Prepare a statement of changes in equity.
A. ₦50,000, ₦50,000
B. ₦100,000, ₦0
Correct C. ₦0, ₦100,000
D. ₦50,000, ₦50,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company's income statement showed the following balances: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Gross Profit ₦50,000. Prepare a statement of cash flows.
Correct A. ₦50,000, ₦0, ₦0
B. ₦0, ₦50,000, ₦0
C. ₦0, ₦0, ₦50,000
D. ₦50,000, ₦50,000, ₦0

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company issued 5,000, 10% debentures of ₦100 each. Calculate the amount of interest payable on the debentures for the first year.
Correct A. ₦50,000
B. ₦25,000
C. ₦12,500
D. ₦62,500

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A partnership has two partners, A and B. A's capital is ₦200,000 and B's capital is ₦300,000. The profit-sharing ratio is 2:3. Calculate the amount of profit to be shared by A.
Correct A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Correct A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
Correct D. ₦300,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company purchased a piece of land for ₦200,000. The land was sold for ₦300,000. Calculate the gain on the sale of the land.
A. ₦50,000
B. ₦75,000
C. ₦100,000
Correct D. ₦125,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support