POST UTME UNN 2024 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 2024 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 an error of ₦15,000 in the accounts payable account. The correct balance should be ₦120,000. What is the correct balance in the accounts receivable account?
A. ₦105,000
B. ₦110,000
Correct C. ₦115,000
D. ₦125,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
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 ₦240,000, what is partner A's share of the net income?
Correct A. ₦144,000
B. ₦160,000
C. ₦168,000
D. ₦180,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A company issues 10,000 shares of ₦10 par value at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦500,000
Correct B. ₦550,000
C. ₦600,000
D. ₦650,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A company's balance sheet shows an asset of ₦120,000 and a liability of ₦80,000. What is the company's equity?
A. ₦20,000
B. ₦40,000
Correct C. ₦60,000
D. ₦80,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A company's trial balance shows an error of ₦15,000 in the accounts payable account. The correct balance should be ₦120,000. What is the correct balance in the accounts receivable account?
A. ₦105,000
B. ₦110,000
Correct C. ₦115,000
D. ₦125,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A company has the following transactions during the year: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦50,000 to a creditor. Prepare the trading and profit and loss account for the year.
Correct A. Trading Account: ₦20,000; Profit and Loss Account: ₦70,000
B. Trading Account: ₦30,000; Profit and Loss Account: ₦80,000
C. Trading Account: ₦40,000; Profit and Loss Account: ₦90,000
D. Trading Account: ₦50,000; Profit and Loss Account: ₦100,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A company has the following ledger balances: Debtors: ₦80,000; Creditors: ₦60,000; Capital: ₦100,000. Prepare the balance sheet for the company.
Correct A. ₦100,000; ₦120,000; ₦180,000
B. ₦120,000; ₦100,000; ₦180,000
C. ₦140,000; ₦80,000; ₦220,000
D. ₦160,000; ₦60,000; ₦220,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A partnership has the following capital accounts: A: ₦100,000; B: ₦80,000; C: ₦60,000. The profit for the year is ₦120,000. Prepare the profit and loss appropriation account for the partnership.
A. ₦100,000; ₦80,000; ₦60,000
Correct B. ₦120,000; ₦100,000; ₦80,000
C. ₦140,000; ₦120,000; ₦100,000
D. ₦160,000; ₦140,000; ₦120,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A company has the following transactions: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦50,000 to a creditor. Prepare the cash flow statement for the company.
Correct A. ₦50,000; ₦100,000; ₦150,000
B. ₦60,000; ₦120,000; ₦180,000
C. ₦70,000; ₦140,000; ₦210,000
D. ₦80,000; ₦160,000; ₦240,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A company has the following ledger balances: Debtors: ₦80,000; Creditors: ₦60,000; Capital: ₦100,000. Prepare the balance sheet for the company.
Correct A. ₦100,000; ₦120,000; ₦180,000
B. ₦120,000; ₦100,000; ₦180,000
C. ₦140,000; ₦80,000; ₦220,000
D. ₦160,000; ₦60,000; ₦220,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
A company produces two products, X and Y, using two machines, A and B. Machine A produces 3 units of X and 2 units of Y per hour, while machine B produces 2 units of X and 3 units of Y per hour. If the company operates for 8 hours a day, and each unit of X sells for ₦150 and each unit of Y sells for ₦200, what is the total daily revenue?
A. ₦6,400
Correct B. ₦7,200
C. ₦8,000
D. ₦9,600

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A company has the following transactions: Purchased ₦100,000 cash, Sold goods for ₦120,000, Purchased goods for ₦80,000, and Paid salaries ₦30,000. What is the net cash flow?
Correct A. +₦50,000
B. +₦20,000
C. +₦10,000
D. +₦5,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A company has the following balance sheet: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the return on equity?
A. 0.6
B. 0.7
Correct C. 0.8
D. 0.9

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A company has the following income statement: Revenue ₦1,000,000, Cost of Goods Sold ₦600,000, and Operating Expenses ₦200,000. What is the net income?
A. +₦200,000
Correct B. +₦300,000
C. +₦400,000
D. +₦500,000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A company has the following cash flow statement: Cash from Operations ₦500,000, Cash from Investing ₦200,000, and Cash from Financing ₦100,000. What is the net change in cash?
A. +₦800,000
B. +₦700,000
C. +₦600,000
Correct D. +₦500,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A company uses the single entry system. The following transactions are recorded in the journal: 1. Purchased office equipment for ₦ 120,000. 2. Sold goods for ₦ 150,000. 3. Purchased raw materials for ₦ 80,000. 4. Paid salaries of ₦ 30,000. What is the total amount of assets recorded in the ledger?
A. ₦ 230,000
B. ₦ 270,000
Correct C. ₦ 300,000
D. ₦ 330,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A manufacturing company has the following costs: Direct Materials: ₦ 100,000 Direct Labour: ₦ 80,000 Variable Overheads: ₦ 60,000 Fixed Overheads: ₦ 40,000 What is the total cost of production?
A. ₦ 280,000
B. ₦ 300,000
Correct C. ₦ 320,000
D. ₦ 340,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A company's trading account for the year ended 31st December 2023 is as follows: Sales: ₦ 500,000 Purchases: ₦ 300,000 Returns Outwards: ₦ 20,000 Returns Inwards: ₦ 10,000 What is the gross profit for the year?
A. ₦ 190,000
B. ₦ 200,000
Correct C. ₦ 210,000
D. ₦ 220,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A company uses the double entry system. The following transactions are recorded in the journal: 1. Purchased office equipment for ₦ 120,000. 2. Sold goods for ₦ 150,000. 3. Purchased raw materials for ₦ 80,000. 4. Paid salaries of ₦ 30,000. What is the total amount of assets recorded in the ledger?
A. ₦ 230,000
B. ₦ 270,000
Correct C. ₦ 300,000
D. ₦ 330,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A company's balance sheet as at 31st December 2023 is as follows: Assets: ₦ 500,000 Liabilities: ₦ 200,000 Capital: ₦ 300,000 What is the total amount of equity?
A. ₦ 300,000
B. ₦ 400,000
Correct C. ₦ 500,000
D. ₦ 600,000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A company's trial balance shows a debit balance of ₦5,000 in the account 'Rent Received' and a credit balance of ₦10,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?
A. Debit Rent Paid by ₦5,000 and Credit Rent Received by ₦5,000
B. Debit Rent Paid by ₦10,000 and Credit Rent Received by ₦10,000
C. Debit Rent Paid by ₦5,000 and Credit Rent Received by ₦10,000
Correct D. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦10,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Correct A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦16,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. What is the correct procedure to reconcile this discrepancy?
Correct A. Prepare a bank reconciliation statement
B. Prepare a cash book reconciliation statement
C. Prepare a trial balance
D. Prepare a balance sheet

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A company's trial balance shows a debit balance of ₦10,000 in the account 'Salaries' and a credit balance of ₦5,000 in the account 'Wages'. What is the correct journal entry to correct this discrepancy?
A. Debit Salaries by ₦5,000 and Credit Wages by ₦5,000
B. Debit Salaries by ₦10,000 and Credit Wages by ₦10,000
C. Debit Salaries by ₦5,000 and Credit Wages by ₦10,000
Correct D. Debit Salaries by ₦10,000 and Credit Wages by ₦5,000

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A company uses the double-declining balance method of depreciation. If the cost of the asset is ₦150,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦30,000
B. ₦25,000
Correct C. ₦22,500
D. ₦20,000

Correct Answer: C

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