POST UTME KSU 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet shows the following accounts: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000, Cost of Goods Sold 15,000, and Common Stock 10,000. What is the company's total assets?
Question 2
A company's trial balance shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare the company's income statement.
Question 3
A company purchased a machine for ₦80,000. The machine was depreciated by 15% per annum. Calculate the value of the machine after 3 years.
Question 4
A company's financial statements show the following: Total Assets ₦1,000,000, Total Liabilities ₦800,000, Total Equity ₦200,000. Calculate the company's debt-to-equity ratio.
Question 5
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 6
A company's bank reconciliation statement shows a difference of ₦1,500 between the cash book balance and the bank statement balance. The cash book balance is ₦20,000 and the bank statement balance is ₦21,500. What is the reason for this difference?
Question 7
A partnership has the following capital balances:
A: ₦100,000
B: ₦80,000
C: ₦60,000
What is the total capital of the partnership?
Question 8
A company purchased a machine for ₦300,000 and depreciated it by 15% per annum. Calculate the book value of the machine after 2 years.
Question 9
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the asset's original value is ₦100,000, calculate the asset's value after 5 years.
Question 10
A government agency's budget shows the following accounts: Revenue 100,000, Expenditures 80,000, and Surplus 20,000. What is the agency's net income?
Question 11
A partnership business has a capital of ₦500,000 divided among three partners in the ratio 2:3:4. If the profit is shared in the same ratio, calculate the share of each partner.
Question 12
A manufacturing company has the following ledger balances: Work-in-Progress (₦1,200,000), Finished Goods (₦800,000), and Cost of Goods Sold (₦1,500,000). What is the company's gross profit?
Question 13
A company produces two products, A and B. Product A requires 2 hours of direct labor and 3 hours of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 120 hours of direct labor and 180 hours of indirect labor, how many units of product A and product B should the company produce?
Question 14
A company's double-entry system shows a debit balance of ₦10,000 in the account 'Purchases' and a credit balance of ₦15,000 in the account 'Sales'. What is the correct journal entry to correct this error?
Question 15
A company has the following incomplete records:
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