POST UTME KSU 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000, 8% shares of ₦50 each at a premium of ₦10. Calculate the amount received from the share holders.
A. ₦250,000
B. ₦275,000
C. ₦300,000
D. ₦325,000
Question 2
A company's balance sheet shows the following: Assets (₦5,000,000), Liabilities (₦3,000,000), and Equity (₦2,000,000). What is the company's capital employed?
A. ₦2,000,000
B. ₦3,000,000
C. ₦4,000,000
D. ₦5,000,000
Question 3
A company purchases a machine for ₦200,000. The machine has a useful life of 5 years and a residual value of ₦20,000. What is the annual depreciation charge using the straight-line method?
A. ₦36,000
B. ₦40,000
C. ₦38,000
D. ₦42,000
Question 4
A company issued 5,000 debentures of ₦100 each at a discount of ₦5 per debenture. The proceeds from the issue of debentures were credited to a 'Debenture Account'. Prepare the journal entry to record the issue of debentures.
A. Debit Debenture Account ₦450,000, Credit Cash ₦450,000
B. Debit Debenture Account ₦500,000, Credit Cash ₦500,000
C. Debit Debenture Account ₦450,000, Credit Cash ₦450,000
D. Debit Debenture Account ₦500,000, Credit Cash ₦450,000
Question 5
A company has the following incomplete records:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 6
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of interest payable annually.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 7
A company has the following ledger balances: Debtors: ₦150,000 Creditors: ₦80,000 Capital: ₦200,000 Profit: ₦50,000 What is the total amount of liabilities?
A. ₦230,000
B. ₦270,000
C. ₦310,000
D. ₦350,000
Question 8
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 10
A company has the following transactions: Purchased raw materials worth ₦120,000 on credit. Purchased machinery worth ₦500,000 on credit. Sold goods worth ₦300,000 for cash. Sold goods worth ₦200,000 on credit. Paid salaries worth ₦150,000 for the month. What is the total amount of cash paid for salaries?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 11
A company purchased a machine for ₦80,000. The machine was depreciated by 15% per annum. Calculate the value of the machine after 3 years.
A. ₦48,000
B. ₦51,200
C. ₦54,000
D. ₦56,800
Question 12
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 correct this error?
A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
B. ₦20,000 debit to Rent Paid and ₦15,000 credit to Rent Received
C. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
Question 13
A manufacturing company has the following ledger balances: Raw Materials (₦1,500,000), Work-in-Progress (₦1,200,000), and Finished Goods (₦800,000). What is the company's total inventory value?
A. ₦3,500,000
B. ₦4,000,000
C. ₦4,500,000
D. ₦5,000,000
Question 14
A government agency's budget shows the following accounts: Revenue 100,000, Expenditures 80,000, and Surplus 20,000. What is the agency's net income?
A. 20,000
B. 30,000
C. 40,000
D. 50,000
Question 15
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If the asset's original value is ₦100,000, calculate the asset's value after 5 years.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

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