POST UTME UNN 2021 Accounting | Objective

Are you preparing for POST UTME UNN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that will be distributed to partner A.
Correct A. ₦36,000
B. ₦24,000
C. ₦48,000
D. ₦60,000

Correct Answer: A

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Question 2
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦500,000, calculate the amount of premium received.
A. ₦20,000
Correct B. ₦50,000
C. ₦100,000
D. ₦200,000

Correct Answer: B

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Question 3
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
Correct A. ₦270,000
B. ₦300,000
C. ₦350,000
D. ₦400,000

Correct Answer: A

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Question 4
A company has a capital of ₦1,000,000 and a reserve of ₦500,000. If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, calculate the amount of premium received.
A. ₦20,000
Correct B. ₦50,000
C. ₦100,000
D. ₦200,000

Correct Answer: B

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Question 5
A company has a capital of ₦1,000,000 and a reserve of ₦500,000. If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, calculate the amount of premium received.
A. ₦20,000
Correct B. ₦50,000
C. ₦100,000
D. ₦200,000

Correct Answer: B

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Question 6
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, what is the amount of profit that partner A will receive?
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

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Question 7
A manufacturing company uses a job costing system. The following information is available for Job No. 123: Direct Materials: ₦15,000, Direct Labour: ₦8,000, Factory Overheads: ₦12,000. What is the total cost of the job?
A. ₦35,000
B. ₦40,000
Correct C. ₦45,000
D. ₦50,000

Correct Answer: C

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Question 8
A company's cash book shows the following transactions: 1. Cash received from customers: ₦50,000, 2. Cash paid to suppliers: ₦30,000, 3. Cash received from bank: ₦20,000. What is the total cash balance?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 9
A company's trial balance shows the following accounts: Sales: ₦100,000, Cost of Goods Sold: ₦60,000, Gross Profit: ₦40,000. What is the net profit?
A. ₦20,000
B. ₦30,000
Correct C. ₦40,000
D. ₦50,000

Correct Answer: C

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Question 10
A company's bank reconciliation statement shows the following discrepancies: Bank balance: ₦50,000, Cash balance: ₦60,000, Outstanding cheques: ₦10,000. What is the correct cash balance?
A. ₦60,000
B. ₦70,000
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 11
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that profits and losses will be shared in the ratio 3:2. If the partnership made a profit of ₦150,000, how much will A receive?
Correct A. ₦180,000
B. ₦120,000
C. ₦150,000
D. ₦200,000

Correct Answer: A

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Question 12
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦120,000, what is the amount received from the share premium?
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 13
A company has a cash book balance of ₦200,000 and a bank statement balance of ₦250,000. The bank reconciliation statement shows a difference of ₦10,000 due to outstanding cheques. What is the amount of the difference due to bank errors?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 14
A company's trading account shows a profit of ₦100,000. The company's profit and loss account shows a net profit of ₦120,000. What is the amount of the company's dividend?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 15
A government agency has a budget of ₦500,000 for a project. The agency has already spent ₦200,000 and has a balance of ₦300,000. If the agency receives an additional grant of ₦100,000, what is the new balance?
A. ₦400,000
B. ₦500,000
Correct C. ₦600,000
D. ₦700,000

Correct Answer: C

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Question 16
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference of ₦30,000 is due to a dishonored cheque of ₦20,000 and an outstanding deposit of ₦10,000. What is the correct balance in the cash book?
A. ₦130,000
B. ₦140,000
Correct C. ₦150,000
D. ₦160,000

Correct Answer: C

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Question 17
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000. What is the net income of the company?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 18
A company's balance sheet shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, Common Stock ₦200,000, Retained Earnings ₦150,000. What is the total equity of the company?
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 19
A company's financial statements show the following information: Depreciation Expense ₦20,000, Accumulated Depreciation ₦30,000, Cost of Goods Sold ₦120,000. What is the net income of the company?
A. ₦80,000
B. ₦90,000
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 20
A company issues 1,000 shares of common stock at ₦50 per share. What is the total amount received from the sale of these shares?
Correct A. ₦50,000
B. ₦50,000
C. ₦50,000
D. ₦50,000

Correct Answer: A

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Question 21
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦750,000, how much will A receive?
A. ₦450,000
Correct B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: B

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Question 22
A company, XYZ Ltd, has the following balance sheet as at 31st December 2020:
Correct A. ₦1,500,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,800,000

Correct Answer: A

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Question 23
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives ₦120,000 from the issue of shares, how much will be credited to the share capital account?
Correct A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000

Correct Answer: A

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Question 24
A company has the following trial balance as at 31st December 2020:
Correct A. ₦1,500,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,800,000

Correct Answer: A

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Question 25
A company has the following ledger accounts as at 31st December 2020:
Correct A. ₦1,500,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,800,000

Correct Answer: A

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