POST UTME UNIOSUN 2019 Accounting | Objective

Are you preparing for POST UTME UNIOSUN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. If the partnership made a profit of ₦150,000, what is the amount of profit that will be shared by A?
Correct A. ₦180,000
B. ₦120,000
C. ₦150,000
D. ₦100,000

Correct Answer: A

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Question 2
A company's trading account for the year ended 31st December 2019 is as follows: Debit: Sales: ₦1,500,000 Purchases: ₦1,200,000 Credit: Cost of Goods Sold: ₦1,000,000 What is the company's gross profit for the year?
Correct A. ₦500,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: A

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Question 3
A government agency is responsible for the collection of taxes. The agency's cash book for the month of January 2020 is as follows: Debit: Cash: ₦100,000 Bank: ₦200,000 Credit: Tax Revenue: ₦300,000 What is the agency's net cash inflow for the month?
Correct A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: A

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Question 4
A company's balance sheet as at 31st December 2019 is as follows: Assets: Cash: ₦500,000 Bank: ₦200,000 Liabilities: Share Capital: ₦1,000,000 Reserves: ₦300,000 What is the company's net worth?
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 5
A company's cash book for the year ended 31st December 2019 is as follows: Debit: Cash: ₦1,000,000 Bank: ₦500,000 Credit: Purchases: ₦1,500,000 What is the company's net cash outflow for the year?
Correct A. ₦1,000,000
B. ₦500,000
C. ₦1,500,000
D. ₦2,000,000

Correct Answer: A

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Question 6
A company has two types of shares: ordinary and preference. The ordinary shares have a par value of ₦10 each, while the preference shares have a par value of ₦20 each. If the company issues 1,000 ordinary shares and 500 preference shares, calculate the total amount of share capital.
A. ₦15,000
Correct B. ₦20,000
C. ₦25,000
D. ₦30,000

Correct Answer: B

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Question 7
A company's cash book shows the following transactions: debit of ₦1,000, credit of ₦500, debit of ₦800, credit of ₦200. Calculate the net balance in the cash book.
A. ₦300
B. ₦400
Correct C. ₦500
D. ₦600

Correct Answer: C

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Question 8
A company's trial balance shows the following balances: debit of ₦5,000, credit of ₦3,000, debit of ₦2,000, credit of ₦1,500. Calculate the total amount of assets.
A. ₦8,500
B. ₦9,000
Correct C. ₦9,500
D. ₦10,000

Correct Answer: C

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Question 9
A company's bank reconciliation statement shows the following discrepancies: overdraft of ₦1,000, credit of ₦500, overdraft of ₦800, credit of ₦200. Calculate the net balance in the bank account.
A. ₦300
B. ₦400
Correct C. ₦500
D. ₦600

Correct Answer: C

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Question 10
A company's single entry system shows the following transactions: debit of ₦1,000, credit of ₦500, debit of ₦800, credit of ₦200. Calculate the net balance in the single entry system.
A. ₦300
B. ₦400
Correct C. ₦500
D. ₦600

Correct Answer: C

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Question 11
A company's double entry system shows the following transactions: debit of ₦1,000, credit of ₦500, debit of ₦800, credit of ₦200. Calculate the net balance in the double entry system.
A. ₦300
B. ₦400
Correct C. ₦500
D. ₦600

Correct Answer: C

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Question 12
A company's ledger shows the following balances: debit of ₦5,000, credit of ₦3,000, debit of ₦2,000, credit of ₦1,500. Calculate the total amount of assets.
A. ₦8,500
B. ₦9,000
Correct C. ₦9,500
D. ₦10,000

Correct Answer: C

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Question 13
A company's control account shows the following balances: debit of ₦5,000, credit of ₦3,000, debit of ₦2,000, credit of ₦1,500. Calculate the total amount of assets.
A. ₦8,500
B. ₦9,000
Correct C. ₦9,500
D. ₦10,000

Correct Answer: C

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Question 14
A company's bank reconciliation statement shows the following discrepancies: overdraft of ₦1,000, credit of ₦500, overdraft of ₦800, credit of ₦200. Calculate the net balance in the bank account.
A. ₦300
B. ₦400
Correct C. ₦500
D. ₦600

Correct Answer: C

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Question 15
A company uses the double-entry system of accounting. The journal entry for the purchase of equipment on credit is as follows: Debit Equipment 10,000 and Credit Accounts Payable 10,000. What is the effect of this transaction on the accounting equation?
A. Increases both assets and liabilities
Correct B. Increases assets and decreases liabilities
C. Decreases assets and increases liabilities
D. Decreases both assets and liabilities

Correct Answer: B

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Question 16
A partnership has two partners, A and B. The capital accounts of A and B are 50,000 and 30,000 respectively. If the profit for the year is 20,000, how much will each partner receive as their share of profit?
Correct A. 10,000 and 10,000
B. 12,000 and 8,000
C. 15,000 and 5,000
D. 18,000 and 2,000

Correct Answer: A

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Question 17
A company uses the straight-line method of depreciation. If the cost of equipment is 10,000 and its useful life is 5 years, what is the annual depreciation charge?
A. 2,000
Correct B. 1,667
C. 1,500
D. 1,250

Correct Answer: B

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Question 18
A company has the following ledger balances: Cash 10,000, Accounts Receivable 20,000, Inventory 30,000, and Equipment 40,000. What is the total value of the company's assets?
A. 100,000
B. 120,000
C. 140,000
Correct D. 160,000

Correct Answer: D

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Question 19
A company has the following incomplete records: Cash 10,000, Accounts Receivable 20,000, and Inventory 30,000. What is the total value of the company's assets?
A. 60,000
B. 70,000
Correct C. 80,000
D. 90,000

Correct Answer: C

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Question 20
A company has the following single-entry records: Cash 10,000, Accounts Receivable 20,000, and Inventory 30,000. What is the total value of the company's assets?
A. 60,000
B. 70,000
Correct C. 80,000
D. 90,000

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 and the amount of discount.
A. ₦450,000
Correct B. ₦475,000
C. ₦500,000
D. ₦525,000

Correct Answer: B

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Question 22
A company's trial balance showed an error of ₦1,000 due to an omission of a transaction. The error was discovered and corrected. Calculate the correct net profit.
A. ₦50,000
B. ₦55,000
Correct C. ₦60,000
D. ₦65,000

Correct Answer: C

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Question 23
A company's cash book showed a balance of ₦20,000. The bank statement showed a balance of ₦25,000. Calculate the difference and explain the reason for the difference.
Correct A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: A

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Question 24
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from shareholders.
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 25
A company's trial balance showed an error of ₦2,000 due to an incorrect posting of a transaction. The error was discovered and corrected. Calculate the correct net profit.
A. ₦52,000
B. ₦57,000
Correct C. ₦62,000
D. ₦67,000

Correct Answer: C

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