POST UTME KSU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's manufacturing account shows a direct labor cost of ₦100,000 and a direct material cost of ₦150,000. What is the total cost of production?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000
Question 2
A company's trial balance showed an error of ₦10,000 in the credit side of the purchases account. What is the correct balance of the purchases account?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 3
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 10,000. Calculate the amount of share capital and the amount of share premium.
A. £ 110,000
B. £ 120,000
C. £ 130,000
D. £ 140,000
Question 4
A government ministry has the following transactions for the year: Debit: Salaries ¦ 150,000, Rent ¦ 75,000, Depreciation ¦ 30,000, Capital Expenditure ¦ 150,000 Credit: Revenue ¦ 300,000, Other Income ¦ 45,000 Prepare the statement of changes in equity.
A. ¦ 180,000
B. ¦ 200,000
C. ¦ 220,000
D. ¦ 240,000
Question 5
A company's income statement showed the following: Sales Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, Operating Expenses ₦200,000. Calculate the company's net income.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 6
A company's trial balance showed an error of ₦5,000 in the debit side of the sales account. What is the correct balance of the sales account?
A. ₦50,000
B. ₦55,000
C. ₦45,000
D. ₦40,000
Question 7
A company has the following transactions: Purchased office supplies for ₦5,000, paid rent for ₦10,000, and purchased equipment for ₦20,000. What is the total amount of assets?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 8
A company's balance sheet showed the following: Share Capital ₦500,000, Retained Earnings ₦200,000, Accumulated Depreciation ₦50,000. Calculate the company's net worth.
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 9
A company's bank reconciliation statement shows the following: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank | | 1,000 | | 2nd Jan | Cash | | 500 | | 3rd Jan | Bank | | 2,000 | What is the balance of the bank account?
A. ₦3,500
B. ₦4,000
C. ₦4,500
D. ₦5,000
Question 10
A company's balance sheet shows a current asset of ₦50,000 and a current liability of ₦20,000. What is the company's working capital?
A. ₦30,000
B. ₦50,000
C. ₦70,000
D. ₦80,000
Question 11
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?
A. ₦12,000
B. ₦24,000
C. ₦30,000
D. ₦36,000
Question 12
A company's financial statements show the following: | Asset | Cost | Accumulated Depreciation | Book Value | | --- | --- | --- | --- | | Machinery | 50,000 | 10,000 | 40,000 | | Building | 100,000 | 20,000 | 80,000 | What is the total book value of the assets?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 13
A company uses the perpetual inventory system. The beginning inventory is ₦100,000, and the purchases during the year are ₦200,000. If the cost of goods sold is ₦250,000, what is the value of ending inventory?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 14
A company's depreciation policy is to depreciate its assets by 10% per annum. If the asset's original cost is ₦100,000, what is the asset's value after 2 years?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 15
A company issued 5,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Calculate the amount of share capital and the amount of share premium.
A. £ 25,000
B. £ 30,000
C. £ 35,000
D. £ 40,000

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