POST UTME UNIPORT 2019 Accounting | Objective

Are you preparing for POST UTME UNIPORT 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.

Practice these randomly selected questions to test your readiness.

Question 1
Determine the amount of depreciation for a machine with a cost of ₦150,000, a useful life of 5 years, and a residual value of ₦30,000, using the straight-line method.
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 2
A company's trading account for the year ended December 31, 2022, shows a profit of ₦120,000. The company's balance sheet as at December 31, 2022, shows a current liability of ₦80,000 and a non-current liability of ₦150,000. Determine the company's net profit for the year.
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 3
A manufacturing company produces 100 units of a product per day. The product sells for ₦200 per unit. The company's fixed costs are ₦50,000 per day, and the variable costs are ₦30 per unit. Determine the company's break-even point in units.
A. 500 units
Correct B. 600 units
C. 700 units
D. 800 units

Correct Answer: B

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Question 4
A company's balance sheet as at December 31, 2022, shows a total equity of ₦500,000 and a total liabilities of ₦800,000. Determine the company's gearing ratio.
A. 0.4
Correct B. 0.5
C. 0.6
D. 0.7

Correct Answer: B

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Question 5
A company's profit and loss account for the year ended December 31, 2022, shows a profit of ₦150,000. The company's balance sheet as at December 31, 2022, shows a current asset of ₦200,000 and a non-current asset of ₦300,000. Determine the company's return on investment.
A. 0.15
B. 0.20
Correct C. 0.25
D. 0.30

Correct Answer: C

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Question 6
A company prepares a trial balance on December 31, 2022. The trial balance shows a debit balance of ₦50,000 in the account 'Rent Received'. However, the company's accountant realizes that the rent was actually received in January 2023. What is the correct treatment for this error?
A. Debit the 'Rent Received' account and credit the 'Rent Paid' account.
B. Debit the 'Rent Paid' account and credit the 'Rent Received' account.
Correct C. Debit the 'Rent Received' account and credit the 'Rent Paid' account.
D. Do nothing, as the error is immaterial.

Correct Answer: C

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Question 7
A partnership has two partners, A and B. The partnership's trial balance as of December 31, 2022, shows the following balances: A's capital, ₦100,000; B's capital, ₦150,000; and the profit for the year, ₦20,000. What is the correct distribution of the profit among the partners?
A. A: ₦10,000; B: ₦10,000.
Correct B. A: ₦12,000; B: ₦8,000.
C. A: ₦15,000; B: ₦5,000.
D. A: ₦20,000; B: ₦0.

Correct Answer: B

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Question 8
A company uses the straight-line method of depreciation. The cost of a machine is ₦200,000, and its residual value is ₦20,000. The machine is expected to last for 5 years. What is the annual depreciation charge?
Correct A. ₦30,000.
B. ₦40,000.
C. ₦50,000.
D. ₦60,000.

Correct Answer: A

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Question 9
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. What is the total revenue?
A. ₦80,000.
B. ₦90,000.
Correct C. ₦100,000.
D. ₦110,000.

Correct Answer: C

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Question 10
A company has the following balances in its ledger: Cash, ₦50,000; Accounts Receivable, ₦30,000; Inventory, ₦40,000; and Equipment, ₦100,000. What is the total assets?
A. ₦220,000.
B. ₦230,000.
Correct C. ₦240,000.
D. ₦250,000.

Correct Answer: C

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Question 11
A company uses the single entry system of accounting. The following transactions were recorded in the accounting period:
Correct A. ₦10,000 cash received from customers
B. ₦5,000 cash paid to suppliers
C. ₦8,000 cash received from customers
D. ₦12,000 cash paid to suppliers

Correct Answer: A

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Question 12
A manufacturing company has the following costs for the year:
A. ₦100,000
B. ₦120,000
Correct C. ₦150,000
D. ₦180,000

Correct Answer: C

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Question 13
A company's trading account for the year ended December 31, 2022, is as follows:
A. ₦500,000
Correct B. ₦600,000
C. ₦700,000
D. ₦800,000

Correct Answer: B

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Question 14
A public sector organization has the following transactions for the year:
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

Correct Answer: C

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Question 15
A company's balance sheet as at December 31, 2022, is as follows:
A. ₦1,000,000
B. ₦1,200,000
Correct C. ₦1,500,000
D. ₦1,800,000

Correct Answer: C

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Question 16
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 5,000. Calculate the total amount received from the issue of shares.
A. ₦ 20,000
Correct B. ₦ 25,000
C. ₦ 30,000
D. ₦ 35,000

Correct Answer: B

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Question 17
A company's trading account for the year ended 31st December 20X8 is as follows: Debit: ₦ 50,000 (purchases) ₦ 10,000 (carriage inwards) ₦ 5,000 (bad debts) Credit: ₦ 70,000 (sales) ₦ 2,000 (discounts allowed) What is the net profit from trading?
A. ₦ 3,000
Correct B. ₦ 5,000
C. ₦ 7,000
D. ₦ 9,000

Correct Answer: B

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Question 18
A company's balance sheet as at 31st December 20X8 is as follows: Assets: ₦ 100,000 (cash) ₦ 50,000 (debtors) ₦ 20,000 (prepaid rent) Liabilities: ₦ 80,000 (creditors) ₦ 10,000 (loans) What is the total amount of assets?
A. ₦ 170,000
B. ₦ 180,000
Correct C. ₦ 190,000
D. ₦ 200,000

Correct Answer: C

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Question 19
A company's profit and loss account for the year ended 31st December 20X8 is as follows: Trading profit: ₦ 50,000 Non-trading income: ₦ 10,000 Total profit: ₦ 60,000 What is the net profit from non-trading activities?
A. ₦ 10,000
Correct B. ₦ 15,000
C. ₦ 20,000
D. ₦ 25,000

Correct Answer: B

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Question 20
A company's balance sheet as at 31st December 20X8 is as follows: Assets: ₦ 100,000 (cash) ₦ 50,000 (debtors) ₦ 20,000 (prepaid rent) Liabilities: ₦ 80,000 (creditors) ₦ 10,000 (loans) What is the total amount of liabilities?
A. ₦ 90,000
B. ₦ 100,000
Correct C. ₦ 110,000
D. ₦ 120,000

Correct Answer: C

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Question 21
The following transactions were recorded by a company during the year: i. Purchased office equipment for ₦120,000. ii. Sold goods for ₦150,000. iii. Purchased goods for ₦80,000. iv. Paid salaries of ₦50,000. Prepare the cash book for the year, showing the balance of cash at the end of the year.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 22
A company's cash book shows the following balances: Debit balance: ₦50,000 Credit balance: ₦30,000 What is the correct balance of the cash book?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 23
A company's cash book shows the following transactions: i. Purchased office equipment for ₦120,000. ii. Sold goods for ₦150,000. iii. Purchased goods for ₦80,000. iv. Paid salaries of ₦50,000. Prepare the cash book for the year, showing the balance of cash at the end of the year.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 24
A company's cash book shows the following balances: Debit balance: ₦50,000 Credit balance: ₦30,000 What is the correct balance of the cash book?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 25
A company's cash book shows the following transactions: i. Purchased office equipment for ₦120,000. ii. Sold goods for ₦150,000. iii. Purchased goods for ₦80,000. iv. Paid salaries of ₦50,000. Prepare the cash book for the year, showing the balance of cash at the end of the year.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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