POST UTME UNIPORT 2022 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 2022 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's assets?
Correct A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: A

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Question 2
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and Partner B has a 40% interest. If the partnership has a net income of 10,000, how much of the net income will Partner A receive?
Correct A. ₦6,000
B. ₦8,000
C. ₦10,000
D. ₦12,000

Correct Answer: A

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Question 3
A company uses the double-entry system of accounting. If the company has a debit balance of 5,000 in the Accounts Payable account and a credit balance of 10,000 in the Cash account, what is the net effect on the company's assets?
Correct A. ₦5,000 increase
B. ₦5,000 decrease
C. ₦10,000 increase
D. ₦10,000 decrease

Correct Answer: A

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Question 4
A company has the following ledger accounts: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's liabilities?
Correct A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: A

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Question 5
A company has the following incomplete records: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's assets?
Correct A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: A

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Question 6
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
A. ₦250,000
Correct B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: B

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Question 7
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦1,200,000. Calculate the company's gearing ratio.
A. 0.6
Correct B. 0.7
C. 0.8
D. 0.9

Correct Answer: B

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Question 8
A company's cash book for the year ended 31st December 2022 is as follows: Cash at Bank: ₦500,000; Cash in Hand: ₦200,000. Calculate the company's cash balance.
Correct A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000

Correct Answer: A

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Question 9
A company's bank reconciliation statement for the year ended 31st December 2022 is as follows: Bank Balance: ₦1,500,000; Cash in Hand: ₦200,000. Calculate the company's bank overdraft.
A. ₦1,300,000
B. ₦1,400,000
Correct C. ₦1,500,000
D. ₦1,600,000

Correct Answer: C

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Question 10
A company's public sector accounting statement for the year ended 31st December 2022 is as follows: Revenue: ₦1,500,000; Expenditure: ₦1,200,000. Calculate the company's surplus.
Correct A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000

Correct Answer: A

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Question 11
The following is a trial balance for XYZ Ltd. as at 31st December 2022.
Correct A. ₦1,500,000
B. ₦1,200,000
C. ₦1,800,000
D. ₦2,000,000

Correct Answer: A

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Question 12
The following is a diagram of a cash book.
A. ₦1,000,000
Correct B. ₦500,000
C. ₦200,000
D. ₦300,000

Correct Answer: B

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Question 13
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%.
A. ₦500,000
Correct B. ₦450,000
C. ₦400,000
D. ₦350,000

Correct Answer: B

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Question 14
The following is a diagram of a bank reconciliation statement.
Correct A. ₦1,000,000
B. ₦500,000
C. ₦200,000
D. ₦300,000

Correct Answer: A

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Question 15
A company's trial balance showed a discrepancy of ₦50,000.
Correct A. ₦50,000
B. ₦100,000
C. ₦200,000
D. ₦500,000

Correct Answer: A

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Question 16
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After 2 years, the profit is shared in the ratio 3:2. If the total profit is ₦1,200,000, calculate the amount of profit shared by A.
Correct A. ₦600,000
B. ₦400,000
C. ₦500,000
D. ₦700,000

Correct Answer: A

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Question 17
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
Correct A. ₦50,000
B. ₦75,000
C. ₦90,000
D. ₦100,000

Correct Answer: A

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Question 18
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 10,000 | | | 2nd Jan | Bank | | 8,000 | | 3rd Jan | Cash | | 2,000 | What is the balance of the cash account?
A. ₦8,000
Correct B. ₦10,000
C. ₦12,000
D. ₦14,000

Correct Answer: B

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Question 19
A company's balance sheet shows the following: | Assets | ₦ | Liabilities | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Debentures | 50,000 | | Bank | 20,000 | Share Capital | 100,000 | | Stock | 30,000 | Profit | 20,000 | What is the total amount of liabilities?
A. ₦120,000
B. ₦130,000
Correct C. ₦140,000
D. ₦150,000

Correct Answer: C

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Question 20
A company's income statement shows the following: | Revenue | ₦ | Expenses | ₦ | | --- | --- | --- | --- | | Sales | 100,000 | Rent | 10,000 | | Interest | 20,000 | Salaries | 30,000 | | Profit | 50,000 | | | What is the total amount of expenses?
A. ₦40,000
B. ₦50,000
Correct C. ₦60,000
D. ₦70,000

Correct Answer: C

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Question 21
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦5,000,000, and the Sales department has a budget of ₦3,000,000. If the company's total budget is ₦8,000,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
A. 1:1
Correct B. 2:3
C. 3:2
D. 5:3

Correct Answer: B

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Question 22
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,500,000, what is the amount received from the issue of shares?
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 23
A company has a single entry system. The company's assets increased by ₦50,000 and its liabilities decreased by ₦20,000. What is the net increase in the company's equity?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 24
A company has a control account for its cash. The company's cash account shows a balance of ₦100,000. If the company's cash account has a debit balance of ₦50,000, what is the amount of the company's cash?
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

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Question 25
A company has a self-balancing ledger. The company's assets are ₦100,000, its liabilities are ₦50,000, and its equity is ₦50,000. What is the company's net worth?
A. ₦0
B. ₦50,000
Correct C. ₦100,000
D. ₦150,000

Correct Answer: C

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