POST UTME KSU 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A public sector organization has a depreciation policy of 10% per annum on its assets. If an asset cost ₦100,000 and has a useful life of 5 years, what is the total depreciation for the first 3 years?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 3
A company issues 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 4
A company uses the straight-line method of depreciation. If an asset cost ₦200,000 and has a useful life of 10 years, what is the annual depreciation?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company issued 10,000 shares of ₦5 par value at a premium of ₦2 per share. The shares were sold for ₦8 each. Calculate the total amount received from the sale of shares.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 6
A company has the following trial balance: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000, and Common Stock ₦200,000. Prepare the balance sheet.
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 7
A company has a self-balancing ledger with the following accounts: Cash, Accounts Receivable, Accounts Payable, and Common Stock. If the total assets are ₦500,000 and the total liabilities are ₦100,000, what is the total equity?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 8
A company's balance sheet shows a current ratio of 2:1. If the company's total current assets are ₦100,000 and its total current liabilities are ₦50,000, what is the company's quick ratio?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 9
A company has the following trial balance: Assets: ₦100,000, Liabilities: ₦50,000, Capital: ₦30,000. Prepare a balance sheet.
A. ₦100,000
B. ₦50,000
C. ₦30,000
D. ₦20,000
Question 10
A company uses the self-balancing ledger system to record its transactions. The company's ledger shows a debit balance of ₦20,000 in the account 'Cash'. What is the likely reason for this debit balance?
A. The company has received cash from its customers.
B. The company has not recorded a corresponding credit entry for the cash received.
C. The company has paid its suppliers in cash.
D. The company has not recorded a corresponding debit entry for the cash paid.
Question 11
A company uses the FIFO method to value its inventory. On January 1, the inventory balance was ₦50,000. During the month, the company purchased ₦20,000 worth of merchandise and sold ₦30,000 worth of merchandise. What is the cost of goods sold?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 12
A company's assets are valued at ₦1,500,000. Depreciation is calculated using the straight-line method. If the asset is expected to last for 5 years, what is the annual depreciation?
A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000
Question 13
A company's trial balance shows a credit balance of ₦10,000 in the 'Salaries Expense' account. However, the company's accounting records indicate that the salaries expense for the year was ₦20,000. What is the correct journal entry to record the adjustment?
A. Debit Salaries Expense ₦10,000, Credit Salaries Payable ₦10,000
B. Debit Salaries Expense ₦20,000, Credit Salaries Payable ₦20,000
C. Debit Salaries Expense ₦30,000, Credit Salaries Payable ₦30,000
D. Debit Salaries Expense ₦40,000, Credit Salaries Payable ₦40,000
Question 14
A company uses the self-balancing ledger system to record its transactions. The company's ledger shows a credit balance of ₦40,000 in the account 'Accrued Revenue'. What is the likely reason for this credit balance?
A. The company has received cash from its customers in advance.
B. The company has not recorded a corresponding debit entry for the accrued revenue.
C. The company has recorded the accrued revenue as a credit entry.
D. The company has not recorded a corresponding credit entry for the accrued revenue.
Question 15
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
B. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 6 months
C. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 1 year
D. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 2 years

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