POST UTME KSU 2019 Accounting | Objective

Are you preparing for POST UTME KSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦250,000 and its useful life is 5 years, what is the annual depreciation?
Correct A. ₦50,000
B. ₦40,000
C. ₦30,000
D. ₦20,000

Correct Answer: A

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Question 2
A partnership has 3 partners: A, B, and C. The capital accounts of the partners are as follows: A=₦100,000, B=₦150,000, and C=₦200,000. If the profit for the year is ₦50,000, what is the share of profit for partner A?
Correct A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: A

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Question 3
A company uses the perpetual inventory system. The beginning inventory is ₦100,000, and the purchases during the year are ₦200,000. If the cost of goods sold is ₦250,000, what is the value of ending inventory?
A. ₦50,000
B. ₦75,000
Correct C. ₦100,000
D. ₦125,000

Correct Answer: C

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Question 4
A company has the following transactions: Purchased office supplies for ₦5,000, paid rent for ₦10,000, and purchased equipment for ₦20,000. What is the total amount of assets?
A. ₦35,000
B. ₦40,000
C. ₦45,000
Correct D. ₦50,000

Correct Answer: D

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Question 5
A company has the following transactions: Purchased office supplies for ₦5,000, paid rent for ₦10,000, and purchased equipment for ₦20,000. What is the total amount of expenses?
A. ₦15,000
B. ₦20,000
C. ₦25,000
Correct D. ₦30,000

Correct Answer: D

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Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 0.50 per share. The company also issued 5,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 15,000
Correct B. ₦ 20,000
C. ₦ 25,000
D. ₦ 30,000

Correct Answer: B

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Question 7
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The capital of the firm is ₦ 50,000, with A contributing ₦ 30,000 and B contributing ₦ 20,000. If the firm makes a profit of ₦ 15,000, how much will A receive?
A. ₦ 9,000
Correct B. ₦ 10,500
C. ₦ 12,000
D. ₦ 13,500

Correct Answer: B

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Question 8
A company has a capital of ₦ 100,000, divided into 10,000 shares of ₦ 10 each. The company also has 1,000 10% debentures of ₦ 100 each. If the company makes a profit of ₦ 20,000, how much will the debenture holders receive?
Correct A. ₦ 2,000
B. ₦ 2,500
C. ₦ 3,000
D. ₦ 3,500

Correct Answer: A

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Question 9
A company has a capital of ₦ 50,000, divided into 5,000 shares of ₦ 10 each. The company also has 1,000 10% debentures of ₦ 100 each. If the company makes a loss of ₦ 15,000, how much will the debenture holders receive?
Correct A. ₦ 1,500
B. ₦ 2,000
C. ₦ 2,500
D. ₦ 3,000

Correct Answer: A

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Question 10
A company has a capital of ₦ 100,000, divided into 10,000 shares of ₦ 10 each. The company also has 1,000 10% debentures of ₦ 100 each. If the company makes a profit of ₦ 25,000, how much will the shareholders receive?
Correct A. ₦ 25,000
B. ₦ 30,000
C. ₦ 35,000
D. ₦ 40,000

Correct Answer: A

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Question 11
In a public sector accounting system, what is the primary purpose of the 'Chart of Accounts'?
Correct A. To record and report financial transactions
B. To prepare the annual budget
C. To manage cash flow
D. To forecast revenue

Correct Answer: A

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Question 12
A company issues 1,000, 10% debentures of ₦100 each. If the debentures are issued at a discount of 5%, calculate the amount received from the debenture holders.
Correct A. ₦95,000
B. ₦100,000
C. ₦105,000
D. ₦110,000

Correct Answer: A

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Question 13
A partnership is formed between two partners, A and B, with a capital contribution of ₦200,000 and ₦300,000 respectively. If the profit is shared in the ratio 2:3, what is the share of profit of partner A?
Correct A. ₦400,000
B. ₦600,000
C. ₦800,000
D. ₦1,000,000

Correct Answer: A

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Question 14
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
Correct A. ₦50,000
B. ₦45,000
C. ₦40,000
D. ₦35,000

Correct Answer: A

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Question 15
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦5,500,000
Correct B. ₦6,000,000
C. ₦6,500,000
D. ₦7,000,000

Correct Answer: B

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Question 16
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 10,000. Calculate the amount of share capital and the amount of share premium.
A. £ 110,000
Correct B. £ 120,000
C. £ 130,000
D. £ 140,000

Correct Answer: B

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Question 17
A government ministry has the following transactions for the year: Debit: Salaries ¦ 100,000, Rent ¦ 50,000, Depreciation ¦ 20,000, Capital Expenditure ¦ 100,000 Credit: Revenue ¦ 200,000, Other Income ¦ 30,000 Prepare the statement of changes in equity.
A. ¦ 100,000
B. ¦ 120,000
Correct C. ¦ 140,000
D. ¦ 160,000

Correct Answer: C

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Question 18
A company has the following ledger balances: Debit: Bank £ 10,000, Debtors £ 20,000, Stock £ 30,000 Credit: Creditors £ 15,000, Capital £ 25,000 Prepare the trial balance.
A. £ 100,000
B. £ 110,000
Correct C. £ 120,000
D. £ 130,000

Correct Answer: C

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Question 19
A company issued 5,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Calculate the amount of share capital and the amount of share premium.
A. £ 25,000
Correct B. £ 30,000
C. £ 35,000
D. £ 40,000

Correct Answer: B

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Question 20
A government ministry has the following transactions for the year: Debit: Salaries ¦ 150,000, Rent ¦ 75,000, Depreciation ¦ 30,000, Capital Expenditure ¦ 150,000 Credit: Revenue ¦ 300,000, Other Income ¦ 45,000 Prepare the statement of changes in equity.
A. ¦ 180,000
B. ¦ 200,000
Correct C. ¦ 220,000
D. ¦ 240,000

Correct Answer: C

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Question 21
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦1,000,000
Correct C. ₦1,050,000
D. ₦1,100,000

Correct Answer: C

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Question 22
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare a corrected trial balance.
A. ₦50,000, ₦200,000, ₦150,000
B. ₦50,000, ₦250,000, ₦150,000
C. ₦50,000, ₦200,000, ₦250,000
Correct D. ₦50,000, ₦200,000, ₦150,000

Correct Answer: D

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Question 23
A company's balance sheet showed the following: Share Capital ₦500,000, Retained Earnings ₦200,000, Accumulated Depreciation ₦50,000. Calculate the company's net worth.
A. ₦650,000
B. ₦700,000
Correct C. ₦750,000
D. ₦800,000

Correct Answer: C

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Question 24
A company's income statement showed the following: Sales Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, Operating Expenses ₦200,000. Calculate the company's net income.
A. ₦300,000
B. ₦400,000
C. ₦500,000
Correct D. ₦600,000

Correct Answer: D

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Question 25
A company's balance sheet showed the following: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare a corrected balance sheet.
A. ₦50,000, ₦200,000, ₦150,000
B. ₦50,000, ₦250,000, ₦150,000
C. ₦50,000, ₦200,000, ₦250,000
Correct D. ₦50,000, ₦200,000, ₦150,000

Correct Answer: D

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