POST UTME KSU 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's assets are valued as follows:
| Asset | Cost | Accumulated Depreciation | Net Book Value |
| --- | --- | --- | --- |
| Plant | ₦10,000 | ₦2,000 | ₦8,000 |
| Vehicle | ₦5,000 | ₦1,000 | ₦4,000 |
Calculate the company's total net book value of assets.
Question 2
A company's assets are valued as follows:
| Asset | Cost | Accumulated Depreciation | Net Book Value |
| --- | --- | --- | --- |
| Plant | ₦10,000 | ₦2,000 | ₦8,000 |
| Vehicle | ₦5,000 | ₦1,000 | ₦4,000 |
Calculate the company's total net book value of assets.
Question 3
A company has two partners, A and B, who share profits and losses in the ratio 3:2. The company's profit for the year ended December 31, 2024, is ₦500,000. What is the amount of profit that will be credited to Partner A's capital account?
Question 4
A company issued 5,000 shares of its common stock at ₦10 per share. If the company also issued 2,000 debentures at 10% interest, what is the total amount of interest paid annually?
Question 5
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000 on December 31, 2024. However, the bank statement shows a balance of ₦120,000 on the same date. What is the reason for the difference?
Question 6
A partnership business has two partners, A and B. The capital contributions of A and B are ₦80,000 and ₦120,000 respectively. If the ratio of profit sharing is 3:5, calculate the profit share of A.
Question 7
A company issued 10,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
Question 8
A company issued 10,000 shares of 50 kobo each at a premium of 20%. Calculate the total amount received from the issue of shares.
Question 9
A partnership consisting of three partners, A, B, and C, has a capital of ₦150,000, ₦120,000, and ₦90,000 respectively. If the profit is shared in the ratio 5:3:2, calculate the amount of profit to be shared by partner A.
Question 10
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. The company's accountant has identified the following transactions that may have caused the discrepancy:
1. A deposit of ₦20,000 was made into the company's bank account but was not recorded in the cash book.
2. A cheque of ₦30,000 was drawn against the company's bank account but was not recorded in the cash book.
3. A cash sale of ₦40,000 was recorded in the cash book but was not recorded in the bank statement.
4. A bank charge of ₦10,000 was recorded in the bank statement but was not recorded in the cash book.
Which of the following is the correct explanation for the discrepancy?
Question 11
A company uses the double-entry system to record its transactions. The company has a debit of ₦10,000 and a credit of ₦5,000. What is the net effect on the company's equity?
Question 12
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Net Income ₦30,000. Prepare the company's income statement.
Question 13
A company purchased a machine for ₦120,000. The machine is expected to last for 5 years and has a scrap value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 14
Determine the value of x in the equation: ( rac{2x}{x+1} + rac{3x}{x-1} = 5 )
Question 15
A government agency uses the accrual basis of accounting to record its transactions. The agency has a revenue of ₦10,000,000 and an expense of ₦5,000,000. What is the net income of the agency?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows