POST UTME UNIOSUN 2020 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 2020 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%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Correct A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company's trial balance as at 31st December, 2020 is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company uses the accrual basis of accounting. Prepare the company's balance sheet as at 31st December, 2020.
Correct A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company uses the accrual basis of accounting. Prepare the company's income statement for the year ended 31st December, 2020.
Correct A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company issued 5,000, 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.
Correct A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company uses the accrual basis of accounting. Prepare the company's balance sheet as at 31st December, 2020.
Correct A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. If the issue expenses were ₦ 10,000, calculate the amount of share capital.
A. ₦ 120,000
Correct B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A company's trading account for the year ended 31st December 2020 showed a profit of ₦ 150,000. The company's profit and loss account for the same period showed a net profit of ₦ 180,000. Calculate the company's revenue.
A. ₦ 330,000
B. ₦ 350,000
Correct C. ₦ 370,000
D. ₦ 390,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's balance sheet as at 31st December 2020 showed a total equity of ₦ 500,000. If the company's retained earnings were ₦ 200,000, calculate the company's issued share capital.
A. ₦ 300,000
Correct B. ₦ 320,000
C. ₦ 340,000
D. ₦ 360,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the company's asset has a useful life of 5 years, calculate the annual depreciation charge.
A. ₦ 20,000
B. ₦ 22,000
Correct C. ₦ 24,000
D. ₦ 26,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company's balance sheet as at 31st December 2020 showed a total asset value of ₦ 1,000,000. If the company's liabilities were ₦ 500,000, calculate the company's equity.
A. ₦ 500,000
Correct B. ₦ 520,000
C. ₦ 540,000
D. ₦ 560,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
In a partnership account, the capital of one partner is withdrawn and replaced by a loan from the same partner. What is the accounting treatment for this transaction?
A. The partner's capital account is debited and the loan account is credited.
Correct B. The partner's capital account is credited and the loan account is debited.
C. The partner's capital account is neither debited nor credited, and the loan account is credited.
D. The partner's capital account is debited and the loan account is neither credited nor debited.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. What is the total amount received from the debenture holders?
A. ₦95,000
Correct B. ₦99,000
C. ₦100,000
D. ₦105,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company's profit for the year ended 31st December 2020 was ₦500,000. The company's retained earnings as at 1st January 2020 were ₦200,000. What is the company's retained earnings as at 31st December 2020?
Correct A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company's balance sheet as at 31st December 2020 showed total assets of ₦1,500,000 and total liabilities of ₦800,000. What is the company's equity as at 31st December 2020?
A. ₦700,000
B. ₦800,000
C. ₦900,000
Correct D. ₦1,000,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A government agency's income statement for the year ended 31st December 2020 showed total revenue of ₦2,000,000 and total expenses of ₦1,800,000. What is the agency's surplus as at 31st December 2020?
Correct A. ₦200,000
B. ₦100,000
C. ₦0
D. -₦100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
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 17
A company's trial balance as at 31st December 2020 is as follows: Debit: Cash ₦50,000 Accounts Payable ₦20,000 Sales ₦100,000 Credit: Accounts Receivable ₦30,000 Common Stock ₦150,000 Salaries Expense ₦40,000 What is the correct balance of the company's common stock?
Correct A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company issued 10,000 shares of ₦5 par value at ₦10 per share. If the company also issued 5,000 shares of ₦2 par value at ₦8 per share, what is the total amount received from the sale of shares?
A. ₦150,000
B. ₦160,000
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company's cash book shows the following transactions: Date Particulars Debit Credit 1st Jan 2020 Cash ₦50,000 31st Dec 2020 Cash ₦100,000 What is the company's cash balance as at 31st December 2020?
A. ₦150,000
B. ₦160,000
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company's bank statement as at 31st December 2020 shows a balance of ₦50,000. The company's cash book shows a balance of ₦60,000. What is the correct balance of the company's bank account?
A. ₦50,000
B. ₦55,000
Correct C. ₦60,000
D. ₦65,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the reducing balance method.
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 22
A company's trial balance as at 31st December 2020 is as follows: Debit: Cash ₦50,000 Accounts Payable ₦20,000 Sales ₦100,000 Credit: Accounts Receivable ₦30,000 Common Stock ₦150,000 Salaries Expense ₦40,000 What is the correct balance of the company's common stock?
Correct A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company issued 10,000 shares of ₦5 par value at ₦10 per share. If the company also issued 5,000 shares of ₦2 par value at ₦8 per share, what is the total amount received from the sale of shares?
A. ₦150,000
B. ₦160,000
Correct C. ₦170,000
D. ₦180,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's accounting policy requires that all manufacturing overheads be absorbed by the products produced during the period. The company uses a job-order costing system and has the following data for the year ended December 31, 2020:
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company's cash book shows the following transactions for the year ended December 31, 2020:
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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