POST UTME KSU 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership 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 share of profit of partner A.
A. ₦ 90,000
B. ₦ 80,000
C. ₦ 70,000
D. ₦ 60,000
Question 2
A company's trial balance showed a debit balance of ₦ 10,000 in the account 'Sales Returns'. The correct balance should be a credit balance of ₦ 5,000. What is the correct journal entry to correct this error?
A. Debit Sales Returns ₦ 10,000, Credit Sales ₦ 5,000
B. Debit Sales ₦ 5,000, Credit Sales Returns ₦ 10,000
C. Debit Sales Returns ₦ 5,000, Credit Sales ₦ 10,000
D. Debit Sales ₦ 10,000, Credit Sales Returns ₦ 5,000
Question 3
A company's balance sheet shows a current ratio of 2:1. What does this indicate about the company's liquidity?
A. The company has a high level of liquidity.
B. The company has a low level of liquidity.
C. The company has a moderate level of liquidity.
D. The company has a high level of illiquidity.
Question 4
A company's bank reconciliation statement as at December 31, 2022, showed the following: Bank Balance ¡ 1,000,000; Cheques Outstanding ¡ 500,000; Cheques Returned ¡ 200,000. Calculate the corrected bank balance.
A. ¡ 1,500,000
B. ¡ 1,200,000
C. ¡ 1,000,000
D. ¡ 800,000
Question 5
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Bank | | 1,500 | | 3 | Cash | | 500 | | 4 | Bank | | 1,000 | | 5 | Cash | | 200 | What is the balance in the cash book?
A. ₦1,300
B. ₦1,500
C. ₦1,600
D. ₦1,700
Question 6
A company issues 5,000 debentures of ₦ 100 each at a premium of ₦ 10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦ 500,000
B. ₦ 550,000
C. ₦ 600,000
D. ₦ 650,000
Question 7
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦100,000 and the Assembly department has a total cost of ₦150,000. What is the total cost of the product?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000
Question 8
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦70,000. What is the difference between the two balances?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 9
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Sundry expenses ₦20,000 Depreciation ₦15,000 Credit: Sales ₦150,000 Cost of goods sold ₦80,000 Calculate the net profit for the year.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 10
A company's cash book shows a debit balance of ₦15,000. However, the bank statement shows a credit balance of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has a bank overdraft.
B. The bank has made an error in its statement.
C. The company has a cash credit balance.
D. The company has a bank loan.
Question 11
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦100,000 Liabilities: ₦50,000 ₦30,000 ₦20,000 Calculate the company's net worth.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 12
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,500
B. ₦10,000
C. ₦10,500
D. ₦10,000
Question 13
A company has a profit of ₦ 150,000 and a tax rate of 25%. Calculate the amount of tax payable.
A. ₦ 37,500
B. ₦ 40,000
C. ₦ 42,500
D. ₦ 45,000
Question 14
A company's manufacturing account showed the following details: Direct Materials ₦ 10,000, Direct Labour ₦ 15,000, Factory Overheads ₦ 20,000. Calculate the total cost of production.
A. ₦ 45,000
B. ₦ 50,000
C. ₦ 55,000
D. ₦ 60,000
Question 15
A company's trading account for the year ended December 31, 2022, showed the following: Sales ¡ 10,000,000; Cost of Goods Sold ¡ 6,000,000; Gross Profit ¡ 4,000,000. Calculate the gross profit percentage.
A. 100%
B. 80%
C. 75%
D. 90%

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: