Question 1
Post-UTME 2010The bad debt account is closed by transferring the balance to
- a.credit of capital account
- b.debit of profit and loss
- c.debit of the debtors personal account
- d.credit of profit and loss account
Post-UTME Accounting Past Questions
Real Post-UTME Accounting past questions, each with the correct answer and a worked solution. Below are 8 to work through free — no account needed.
Sample drawn from papers of 2013, 2010, 2008.
8 Post-UTME Accounting questions with answers
Question 2
Post-UTME 2010A company's profit and loss account for a period is prepared by
- a.deducting total expenses from total revenues
- b.deducting total cash payments from total revenue
- c.deducting all outflows of funds from all inwards of funds
- d.balancing its receipts and payments
Question 3
Post-UTME 2013Cash receipts and payments involving discounts are entered in
- a.three-column cash book.
- b.two-column cash book.
- c.analytical cash book.
- d.petty cash book.
Question 4
Post-UTME 2008Goodwill can be in the balance sheet as?
- a.fixed tangible asset
- b.current asset
- c.fictitious asset
- d.liquid asset
Solution
Goodwill is classified as a fictitious asset (also called an intangible asset) because: It has no physical existence or substance It cannot be seen or touched It represents the value of reputation, customer loyalty, brand recognition, etc. It appears on the assets side of the balance sheet but is not a tangible item
Question 5
Post-UTME 2008Cash received from the subscribed shares is recorded by debting?
- a.application, allotment and crediting cash
- b.allotment and crediting cash
- c.cash and crediting subscribed shares
- d.cash, crediting application and allotment account
Solution
When cash is received from subscribed shares, the journal entry is: Debit: Cash Account (cash is coming into the company) Credit: Application and Allotment Account (to record the liability to issue shares)
Question 6
Post-UTME 2008Ordinary shareholders received dividend before?
- a.creditors
- b.debtors
- c.preference shareholders
- d.deferred shareholders
Solution
In the order of dividend payment priority: Preference shareholders (highest priority) Ordinary shareholders Deferred shareholders (lowest priority) Ordinary shareholders receive dividends before deferred shareholders because deferred shares are specifically designed to receive dividends only after ordinary shareholders have been paid.
Question 7
Post-UTME 2008A source of revenue that is compulsory payment without any derived benefit is?
- a.fees
- b.taxes
- c.fines
- d.rosyalties
Solution
Explanation: Taxes are compulsory payments made to the government without receiving any direct or specific benefit in return. Key characteristics: Compulsory - Must be paid by law ₦o direct benefit - Taxpayers don't receive specific services in exchange for their tax payment Government revenue - Used to fund general government operations and public services
Question 8
Post-UTME 2008The salary of the chief Justice of the Federation is paid from the?
- a.consolidated revenue fund
- b.development fund
- c.contigency fund
- d.special fund
Solution
The Consolidated Revenue Fund is the main government account that receives all government revenues and from which all government expenditures are made, including: Salaries of constitutional office holders (like the Chief Justice) Recurrent expenditures Statutory allocations General government operations The Chief Justice of the Federation, being a constitutional office holder, receives salary from this primary government fund.
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