POST UTME KSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government agency has the following transactions: a ₦10,000 grant from the federal government, a ₦5,000 loan from a bank, and a ₦20,000 revenue from the sale of goods. What is the total amount of assets?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 2
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦120,000. The company's trial balance shows a credit balance of ₦150,000 for the 'Accrued Expenses' account. What is the correct journal entry to record the adjustment for the accrued expenses?
A. Debit Accrued Expenses ₦30,000, Credit Cash ₦30,000
B. Debit Accrued Expenses ₦60,000, Credit Cash ₦60,000
C. Debit Accrued Expenses ₦90,000, Credit Cash ₦90,000
D. Debit Accrued Expenses ₦120,000, Credit Cash ₦120,000
Question 3
A company issued 5,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦4,750,000
B. ₦4,500,000
C. ₦4,250,000
D. ₦4,000,000
Question 4
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation?
A. ₦20,000
B. ₦24,000
C. ₦30,000
D. ₦40,000
Question 5
A partnership has two partners, A and B, who share profits and losses 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. ₦60,000
C. ₦80,000
D. ₦100,000
Question 6
A company has two partners: A and B. Partner A has a 60% interest in the company and Partner B has a 40% interest. The company's profit for the year is ₦200,000. Partner A's drawings for the year are ₦50,000. What is Partner A's share of the profit?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 7
A firm has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 01/01 | Cash | ₦10,000 | | | 01/01 | Bank | | ₦10,000 | | 02/01 | Cash | | ₦5,000 | | 03/01 | Bank | ₦8,000 | | | 04/01 | Cash | | ₦3,000 | What is the balance in the cash book?
A. ₦5,000
B. ₦8,000
C. ₦10,000
D. ₦12,000
Question 8
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 9
A company's trial balance shows a discrepancy of ₦50,000 between the debit and credit sides. What is the cause of this discrepancy?
A. Error in posting journal entries
B. Error in preparing the trial balance
C. Error in accounting for a transaction
D. Error in accounting for a asset
Question 10
A manufacturing company produces 10,000 units of a product per month. Each unit costs ₦5,000 to produce. The company sells each unit for ₦10,000. Calculate the monthly profit of the company.
A. ₦50,000,000
B. ₦40,000,000
C. ₦30,000,000
D. ₦20,000,000
Question 11
A company's assets are depreciated using the straight-line method. What is the formula for calculating depreciation?
A. Depreciation = (Cost - Residual Value) / Useful Life
B. Depreciation = (Cost - Residual Value) / Number of Years
C. Depreciation = (Cost - Residual Value) / Useful Life x Number of Years
D. Depreciation = (Cost - Residual Value) / Number of Years x Useful Life
Question 12
A company uses a self-balancing ledger system. The company's ledger shows a debit balance of ₦100,000 for the 'Accounts Payable' account. The company's trial balance shows a credit balance of ₦120,000 for the 'Accounts Payable' account. What is the correct journal entry to record the adjustment for the accounts payable?
A. Debit Accounts Payable ₦20,000, Credit Cash ₦20,000
B. Debit Accounts Payable ₦40,000, Credit Cash ₦40,000
C. Debit Accounts Payable ₦60,000, Credit Cash ₦60,000
D. Debit Accounts Payable ₦80,000, Credit Cash ₦80,000
Question 13
A company has the following transactions: Purchased goods on credit for ₦50,000, sold goods on credit for ₦60,000, and paid cash for salaries of ₦10,000. What is the net effect on the company's cash balance?
A. ₦10,000 increase
B. ₦10,000 decrease
C. ₦20,000 increase
D. ₦20,000 decrease
Question 14
A company uses the single entry system. The following transactions occurred during the year: Purchase of equipment for ₦5,000,000, Sale of goods for ₦10,000,000, Purchase of raw materials for ₦2,000,000. Calculate the total assets of the company at the end of the year.
A. ₦17,000,000
B. ₦17,500,000
C. ₦18,000,000
D. ₦18,500,000
Question 15
A public sector company has the following assets: Land ₦10,000,000, Building ₦20,000,000, Machinery ₦30,000,000. Calculate the total assets of the company.
A. ₦60,000,000
B. ₦70,000,000
C. ₦80,000,000
D. ₦90,000,000

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