POST UTME KSU 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following trial balance: Accounts Payable 10,000, Sales Revenue 20,000, Cost of Goods Sold 15,000, and Common Stock 5,000. What is the total amount of assets?
A. ₦30,000
B. ₦35,000
C. ₦40,000
D. ₦45,000
Question 2
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. The following data is available:
A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000
Question 3
A manufacturing company uses a job-order costing system. The company has two departments: Cutting and Assembly. The Cutting department has a balance of 10,000 in Work-in-Process Inventory and 5,000 in Finished Goods Inventory. The Assembly department has a balance of 8,000 in Work-in-Process Inventory and 3,000 in Finished Goods Inventory. What is the total amount of Work-in-Process Inventory?
A. ₦18,000
B. ₦20,000
C. ₦22,000
D. ₦24,000
Question 4
A trader's cash book showed a balance of ₦15,000. The bank statement showed a balance of ₦18,000. The difference of ₦3,000 was due to a dishonored cheque. Calculate the correct balance in the cash book.
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦21,000
Question 5
A company has the following transactions: Purchased office supplies for ₦10,000; Sold goods for ₦50,000; Purchased raw materials for ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Raw Materials ₦20,000, Credit Cash ₦20,000
C. Debit Sales ₦50,000, Credit Cash ₦50,000
D. Debit Office Supplies ₦10,000, Credit Raw Materials ₦10,000
Question 6
A government agency is required to prepare a budget that is based on the cash basis of accounting. Which of the following transactions would be recorded as a revenue in the current period?
A. Receipt of cash from a grant
B. Payment of cash for a service rendered
C. Accrual of interest on a loan
D. Accrual of rent due
Question 7
A company's profit and loss account for the year shows the following balances:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 8
A company has the following transactions: Purchased office supplies for ₦10,000; Sold goods for ₦50,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Sales ₦50,000, Credit Cash ₦50,000
C. Debit Office Supplies ₦10,000, Credit Raw Materials ₦10,000
D. Debit Sales ₦50,000, Credit Office Supplies ₦50,000
Question 9
A company has the following transactions: Purchased a machine for ₦100,000; Sold goods for ₦50,000. Prepare the journal entries for these transactions.
A. Debit Machine ₦100,000, Credit Cash ₦100,000
B. Debit Sales ₦50,000, Credit Cash ₦50,000
C. Debit Cash ₦100,000, Credit Machine ₦100,000
D. Debit Sales ₦50,000, Credit Machine ₦50,000
Question 10
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 11
A company issued 5,000 debentures of ₦ 100 each at a premium of ₦ 5 per debenture. The issue expenses were ₦ 5,000. Prepare the journal entry for the issue of debentures.
A. Debit Debenture Redemption Fund ₦ 525,000, Credit Cash ₦ 500,000, Credit Debenture Discount ₦ 25,000
B. Debit Debenture Redemption Fund ₦ 525,000, Credit Cash ₦ 500,000, Credit Issue Expenses ₦ 25,000
C. Debit Debenture Redemption Fund ₦ 500,000, Credit Cash ₦ 525,000, Credit Issue Expenses ₦ 25,000
D. Debit Debenture Redemption Fund ₦ 500,000, Credit Cash ₦ 525,000, Credit Debenture Discount ₦ 25,000
Question 12
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the company received 35,000 from the sale of these shares, what is the total amount of paid-in capital?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 13
A company's accounting policy requires the use of the accrual basis of accounting. Which of the following transactions would be recorded as an expense in the current period?
A. Rent paid in advance
B. Salaries earned but not paid
C. Depreciation of a machine
D. Interest received on a loan
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦ 50,000 and ₦ 30,000 respectively. The profit-sharing ratio is 3:2. Prepare the profit-sharing ratio account.
A. Debit A's Capital ₦ 15,000, Credit B's Capital ₦ 10,000
B. Debit A's Capital ₦ 10,000, Credit B's Capital ₦ 15,000
C. Debit A's Capital ₦ 20,000, Credit B's Capital ₦ 12,000
D. Debit A's Capital ₦ 12,000, Credit B's Capital ₦ 20,000
Question 15
A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash received from customers | ₦10,000 | | | 1/2 | Cash paid to suppliers | | ₦5,000 | | 1/3 | Cash received from bank | ₦20,000 | | | 1/4 | Cash paid to employees | | ₦15,000 | What is the balance in the cash book at the end of the period?
A. ₦5,000
B. ₦10,000
C. ₦20,000
D. ₦25,000

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