POST UTME UNIPORT 2023 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 2023 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
Correct A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000

Correct Answer: A

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Question 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the net income?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 3
A manufacturing company has the following production costs: Direct Materials ₦100,000, Direct Labor ₦150,000, and Factory Overhead ₦200,000. What is the total production cost?
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 4
A government agency has the following budget: Salaries ₦100,000, Rent ₦50,000, and Utilities ₦20,000. What is the total budget?
A. ₦170,000
B. ₦180,000
Correct C. ₦190,000
D. ₦200,000

Correct Answer: C

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Question 5
A company has the following financial statements: Balance Sheet and Income Statement. What is the net income?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 6
A company has two departments: Manufacturing and Sales. The Manufacturing department has a direct labor cost of ₦1,500,000 and an indirect labor cost of ₦800,000. The Sales department has a direct labor cost of ₦2,000,000 and an indirect labor cost of ₦1,200,000. What is the total labor cost for the company?
A. ₦4,500,000
Correct B. ₦5,200,000
C. ₦6,300,000
D. ₦7,400,000

Correct Answer: B

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Question 7
A company's trial balance shows the following accounts: Cash ₦1,500,000, Accounts Payable ₦800,000, Common Stock ₦2,000,000, and Retained Earnings ₦1,200,000. What is the total equity of the company?
A. ₦3,700,000
B. ₦4,200,000
Correct C. ₦5,000,000
D. ₦6,300,000

Correct Answer: C

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Question 8
A company has the following incomplete records: Cash ₦1,500,000, Accounts Payable ₦800,000, and Common Stock ₦2,000,000. What is the total assets of the company?
A. ₦4,300,000
B. ₦5,200,000
Correct C. ₦6,300,000
D. ₦7,400,000

Correct Answer: C

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Question 9
A company has the following single entry records: Cash ₦1,500,000, Accounts Payable ₦800,000, and Common Stock ₦2,000,000. What is the total equity of the company?
A. ₦3,700,000
B. ₦4,200,000
Correct C. ₦5,000,000
D. ₦6,300,000

Correct Answer: C

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Question 10
A company has the following public sector accounting records: Cash ₦1,500,000, Accounts Payable ₦800,000, and Common Stock ₦2,000,000. What is the total assets of the company?
A. ₦4,300,000
B. ₦5,200,000
Correct C. ₦6,300,000
D. ₦7,400,000

Correct Answer: C

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Question 11
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
A. Average Profit Method
Correct B. Super Profit Method
C. Capitalization Method
D. Net Profit Method

Correct Answer: B

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Question 12
A company has the following transactions during the year: Debit: Raw Materials ₦ 100,000, Work-in-Progress ₦ 50,000, Finished Goods ₦ 75,000, Cost of Goods Sold ₦ 200,000 Credit: Purchases ₦ 150,000, Direct Labour ₦ 25,000, Factory Overheads ₦ 30,000 What is the value of Work-in-Progress at the end of the year?
A. ₦ 25,000
Correct B. ₦ 50,000
C. ₦ 75,000
D. ₦ 100,000

Correct Answer: B

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Question 13
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦ 1,000,000, Cost of Goods Sold: ₦ 600,000, Gross Profit: ₦ 400,000 What is the company's gross profit percentage?
A. 20%
Correct B. 25%
C. 30%
D. 35%

Correct Answer: B

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Question 14
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦ 1,500,000, Liabilities: ₦ 800,000, Equity: ₦ 700,000 What is the company's current ratio?
A. 1:1
Correct B. 1:2
C. 2:1
D. 3:1

Correct Answer: B

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Question 15
A company's profit and loss account for the year ended 31st December 2022 is as follows: Trading Profit: ₦ 400,000, Non-Trading Income: ₦ 100,000, Total Profit: ₦ 500,000 What is the company's net profit?
A. ₦ 400,000
Correct B. ₦ 500,000
C. ₦ 600,000
D. ₦ 700,000

Correct Answer: B

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Question 16
A company has two partners, A and B, who share profits in the ratio 3:2. The capital contributed by A and B are ₦120,000 and ₦80,000 respectively. Calculate the profit sharing ratio of A and B.
Correct A. 3:2
B. 2:3
C. 4:3
D. 1:1

Correct Answer: A

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Question 17
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦80,000; Factory Overheads: ₦60,000. Calculate the total cost of production for the month.
A. ₦260,000
B. ₦280,000
Correct C. ₦300,000
D. ₦320,000

Correct Answer: C

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Question 18
A company has the following balance sheet as at 31st December 2022: ₦100,000 in cash, ₦150,000 in accounts receivable, ₦80,000 in inventory, ₦120,000 in property, plant and equipment, and ₦50,000 in long-term debt. Calculate the total assets of the company.
A. ₦450,000
B. ₦500,000
Correct C. ₦550,000
D. ₦600,000

Correct Answer: C

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Question 19
A company uses the straight-line method of depreciation. The cost of an asset is ₦120,000 and its residual value is ₦20,000. Calculate the annual depreciation charge.
A. ₦50,000
B. ₦60,000
Correct C. ₦70,000
D. ₦80,000

Correct Answer: C

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Question 20
A government agency has the following transactions for the year ended 31st December 2022: Revenue: ₦500,000; Expenditure: ₦300,000; Capital Expenditure: ₦100,000. Calculate the net surplus or deficit of the agency.
A. ₦100,000
Correct B. ₦200,000
C. ₦300,000
D. ₦400,000

Correct Answer: B

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Question 21
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦1,000
B. ₦1,050
Correct C. ₦1,100
D. ₦1,150

Correct Answer: C

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Question 22
A trader purchases goods on credit for ₦1,500. He sells the goods for ₦2,800 and incurs a carriage inwards of ₦0.50 and carriage outwards of ₦0.25. Calculate the profit made by the trader.
A. ₦1,000
B. ₦1,050
Correct C. ₦1,100
D. ₦1,150

Correct Answer: C

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Question 23
A company issued 5,000 debentures of ₦100 each at a premium of ₦0.50 per debenture. Calculate the total amount received from the issue of debentures.
A. ₥0,000
B. ₥0,050
Correct C. ₥0,100
D. ₥0,150

Correct Answer: C

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Question 24
A company's balance sheet shows a capital of ₦1,00,000, reserves of ₦0,50,000 and accumulated profits of ₦1,00,000. Calculate the total amount of shareholders' funds.
A. ₡2,50,000
Correct B. ₡3,00,000
C. ₡3,50,000
D. ₡4,00,000

Correct Answer: B

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Question 25
A company's profit and loss account shows a trading profit of ₦1,00,000, a non-trading income of ₦0,50,000 and a non-trading expense of ₦0,25,000. Calculate the net profit for the year.
A. ₡1,75,000
Correct B. ₡2,00,000
C. ₡2,25,000
D. ₡2,50,000

Correct Answer: B

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