POST UTME UNIPORT 2024 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 2024 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
Determine the correct journal entry to record the purchase of a new piece of equipment for ₦250,000, including a 5% sales tax.
Correct A. Debit Equipment ₦250,000, Credit Sales Tax ₦12,500
B. Debit Equipment ₦250,000, Credit Purchases ₦250,000
C. Debit Purchases ₦250,000, Credit Sales Tax ₦12,500
D. Debit Sales Tax ₦12,500, Credit Equipment ₦250,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A company has the following transactions: Purchased office supplies for ₦10,000, and sold goods for ₦50,000. Prepare the journal entries for these transactions.
Correct A. Debit Office Supplies ₦10,000, Credit Purchases ₦10,000
B. Debit Sales ₦50,000, Credit Office Supplies ₦10,000
C. Debit Purchases ₦10,000, Credit Office Supplies ₦10,000
D. Debit Office Supplies ₦10,000, Credit Sales ₦50,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company has the following trial balance: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦50,000. Prepare the adjusted trial balance.
A. Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦50,000
Correct B. Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦0
C. Accounts Payable ₦0, Sales Revenue ₦100,000, Cost of Goods Sold ₦50,000
D. Accounts Payable ₦50,000, Sales Revenue ₦0, Cost of Goods Sold ₦50,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company has the following balance sheet: Cash ₦100,000, Accounts Payable ₦50,000. Prepare the income statement.
Correct A. Revenue ₦100,000, Cost of Goods Sold ₦50,000, Net Income ₦50,000
B. Revenue ₦50,000, Cost of Goods Sold ₦100,000, Net Income ₦-50,000
C. Revenue ₦100,000, Cost of Goods Sold ₦0, Net Income ₦100,000
D. Revenue ₦0, Cost of Goods Sold ₦50,000, Net Income ₦-50,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company has the following financial statements: Balance Sheet, Income Statement. Prepare the statement of cash flows.
Correct A. Cash Flows from Operations ₦100,000, Cash Flows from Investing ₦50,000, Cash Flows from Financing ₦0
B. Cash Flows from Operations ₦0, Cash Flows from Investing ₦100,000, Cash Flows from Financing ₦50,000
C. Cash Flows from Operations ₦50,000, Cash Flows from Investing ₦0, Cash Flows from Financing ₦100,000
D. Cash Flows from Operations ₦0, Cash Flows from Investing ₦0, Cash Flows from Financing ₦0

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company issued 10,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
Correct A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A manufacturing company uses the process costing method. The following data are available for the month of January: Cost of raw materials used: ₦1,500,000; Labour cost: ₦800,000; Overhead: ₦1,200,000. Calculate the total cost of production for the month.
A. ₦3,500,000
B. ₦3,800,000
Correct C. ₦4,200,000
D. ₦4,500,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A company's trial balance as at 31st December 2023 is as follows: Cash: ₦500,000; Accounts Payable: ₦200,000; Sales Revenue: ₦1,500,000; Cost of Goods Sold: ₦1,200,000. Prepare the company's balance sheet as at 31st December 2023.
A. ₦1,500,000
B. ₦1,800,000
Correct C. ₦2,000,000
D. ₦2,200,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company issued 20,000 ordinary shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦200,000
B. ₦250,000
Correct C. ₦300,000
D. ₦350,000

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 2023 is as follows: Share Capital: ₦1,000,000; Retained Earnings: ₦500,000; Dividends: ₦200,000. Prepare the company's statement of changes in equity as at 31st December 2023.
Correct A. ₦1,700,000
B. ₦1,800,000
C. ₦1,900,000
D. ₦2,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
Correct B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account balance is 10,000. If A withdraws 2,000 from the partnership, what is the new balance of A's capital account?
Correct A. 8,000
B. 9,000
C. 10,000
D. 11,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company uses the single-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
Correct B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company prepares its financial statements on a cash basis. The following transactions occurred during the year:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
Correct B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A government agency prepares its financial statements on a accrual basis. The following transactions occurred during the year:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
Correct B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company uses the weighted average method to value its inventory. The company's inventory consists of 100 units of item A, 200 units of item B, and 300 units of item C. The cost of item A is ₦150 per unit, item B is ₦200 per unit, and item B is ₦250 per unit. If the total cost of the inventory is ₦1,500,000, what is the total value of the inventory using the weighted average method?
A. ₦1,400,000
Correct B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's return on equity (ROE) for the year?
A. 10%
Correct B. 15%
C. 20%
D. 25%

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company uses the perpetual inventory system. On January 1, 2023, the company had 100 units of item A in inventory at a cost of ₦100 per unit. During the year, the company purchased 200 units of item A at ₦120 per unit and sold 150 units of item A at ₦150 per unit. What is the cost of goods sold for the year?
A. ₦18,000
B. ₦20,000
Correct C. ₦22,000
D. ₦24,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's current ratio?
A. 2:1
Correct B. 3:1
C. 4:1
D. 5:1

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company uses the weighted average method to value its inventory. The company's inventory consists of 100 units of item A, 200 units of item B, and 300 units of item C. The cost of item A is ₦150 per unit, item B is ₦200 per unit, and item B is ₦250 per unit. If the total cost of the inventory is ₦1,500,000, what is the total value of the inventory using the weighted average method?
A. ₦1,400,000
Correct B. ₦1,500,000
C. ₦1,600,000
D. ₦1,700,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's debt-to-equity ratio?
A. 1:1
B. 2:1
Correct C. 3:1
D. 4:1

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company uses the perpetual inventory system. On January 1, 2023, the company had 100 units of item A in inventory at a cost of ₦100 per unit. During the year, the company purchased 200 units of item A at ₦120 per unit and sold 150 units of item A at ₦150 per unit. What is the cost of goods sold for the year?
A. ₦18,000
B. ₦20,000
Correct C. ₦22,000
D. ₦24,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company's financial statements for the year ended December 31, 2023, are as follows: Revenue ₦5,000,000, Cost of Goods Sold ₦3,000,000, Gross Profit ₦2,000,000, Operating Expenses ₦1,500,000, Net Profit ₦500,000. What is the company's current ratio?
A. 2:1
B. 3:1
C. 4:1
D. 5:1

Correct Answer: VIEW ANSWER

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's cash book shows a debit balance of ₦120,000. The bank statement shows a credit balance of ₦150,000. The difference between the cash book balance and the bank statement balance is ₦30,000. What is the reason for this difference?
A. The company has made a payment to a supplier.
B. The company has received a payment from a customer.
C. The company has deposited cash into the bank.
Correct D. The company has withdrawn cash from the bank.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 hours of machine time, while product B requires 3 hours of labor and 2 hours of machine time. The company has 120 hours of labor available and 180 hours of machine time available. How many units of product A and product B should the company produce to maximize profit?
A. 10 units of product A and 15 units of product B
Correct B. 15 units of product A and 10 units of product B
C. 20 units of product A and 5 units of product B
D. 5 units of product A and 20 units of product B

Correct Answer: B

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