POST UTME KSU 2022 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 2022 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company issued 5,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 2
A firm has the following transactions: Purchased goods for ₦50,000 on credit; sold goods for ₦75,000 for cash; and purchased equipment for ₦20,000 on credit. Prepare the journal entries for these transactions.
Correct A. Debit Purchases ₦50,000, Credit Accounts Payable ₦50,000
B. Debit Purchases ₦75,000, Credit Accounts Receivable ₦75,000
C. Debit Equipment ₦20,000, Credit Accounts Payable ₦20,000
D. Debit Purchases ₦50,000, Credit Cash ₦50,000

Correct Answer: A

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Question 3
A partnership has two partners, A and B. A invested ₦100,000 and B invested ₦80,000. The profit-sharing ratio is 3:2. Calculate the amount of profit to be shared by A.
Correct A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000

Correct Answer: A

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Question 4
A company has the following trial balance: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000, and Common Stock ₦200,000. Prepare the balance sheet.
A. ₦50,000
B. ₦100,000
C. ₦150,000
Correct D. ₦200,000

Correct Answer: D

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Question 5
A company has the following transactions: Purchased goods for ₦50,000 on credit; sold goods for ₦75,000 for cash; and purchased equipment for ₦20,000 on credit. Prepare the ledger accounts for these transactions.
Correct A. Purchases Ledger: Debit ₦50,000, Credit Accounts Payable ₦50,000
B. Sales Ledger: Debit ₦75,000, Credit Cash ₦75,000
C. Equipment Ledger: Debit ₦20,000, Credit Accounts Payable ₦20,000
D. Purchases Ledger: Debit ₦75,000, Credit Accounts Payable ₦75,000

Correct Answer: A

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Question 6
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 rectify this error?
Correct A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
B. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 6 months
C. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 1 year
D. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 2 years

Correct Answer: A

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Question 7
A manufacturing company uses the process costing method to account for its production costs. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦100,000 and the Assembly department has a total cost of ₦150,000. What is the total cost of production for the company?
Correct A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000

Correct Answer: A

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Question 8
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
Correct B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: B

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Question 9
A company has a control account for its cash account. The control account shows a balance of ₦50,000. The ledger account for cash shows a balance of ₦60,000. What is the correct journal entry to rectify this error?
Correct A. Debit Cash ₦10,000, Credit Control Account ₦10,000
B. Debit Control Account ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Control Account ₦10,000 and reverse the entry after 6 months
D. Debit Control Account ₦10,000, Credit Cash ₦10,000 and reverse the entry after 1 year

Correct Answer: A

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Question 10
A company issues 1,000 debentures of ₦100 each at a premium of ₦10 per debenture. What is the total amount received from the issue of debentures?
A. ₦100,000
Correct B. ₦110,000
C. ₦120,000
D. ₦130,000

Correct Answer: B

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Question 11
In a partnership account, what is the correct method for calculating the capital of a partner who has been absent for a year?
Correct A. Capital is calculated based on the partner's average capital over the year.
B. Capital is calculated based on the partner's capital at the beginning of the year.
C. Capital is calculated based on the partner's capital at the end of the year.
D. Capital is calculated based on the partner's capital at the beginning and end of the year.

Correct Answer: A

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Question 12
A public sector organization has a depreciation policy of 10% per annum on its assets. If an asset cost ₦100,000 and has a useful life of 5 years, what is the total depreciation for the first 3 years?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 13
A company uses the straight-line method of depreciation. If an asset cost ₦200,000 and has a useful life of 10 years, what is the annual depreciation?
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 14
A partnership has two partners, A and B. Partner A has a capital of ₦100,000 and partner B has a capital of ₦50,000. If the profit for the year is ₦20,000, what is the share of profit for partner A?
A. ₦10,000
B. ₦12,000
Correct C. ₦15,000
D. ₦18,000

Correct Answer: C

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Question 15
A company has a self-balancing ledger with the following accounts: Cash, Accounts Receivable, Accounts Payable, and Common Stock. If the total assets are ₦500,000 and the total liabilities are ₦100,000, what is the total equity?
A. ₦300,000
B. ₦400,000
Correct C. ₦500,000
D. ₦600,000

Correct Answer: C

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Question 16
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 17
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 18
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 19
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 20
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?
A. ₦120,000
B. ₦150,000
Correct C. ₦180,000
D. ₦200,000

Correct Answer: C

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Question 21
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Calculate the total amount received from the sale of shares.
A. ₦75,000
B. ₦100,000
Correct C. ₦125,000
D. ₦150,000

Correct Answer: C

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Question 22
A company has the following trial balance: Assets: ₦100,000, Liabilities: ₦50,000, Capital: ₦30,000. Prepare a balance sheet.
Correct A. ₦100,000
B. ₦50,000
C. ₦30,000
D. ₦20,000

Correct Answer: A

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Question 23
A company purchased a machine for ₦50,000. The machine has a useful life of 5 years and a residual value of ₦5,000. Calculate the annual depreciation.
A. ₦9,000
Correct B. ₦10,000
C. ₦11,000
D. ₦12,000

Correct Answer: B

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Question 24
A company issued 10,000 shares of ₦5 par value at a premium of ₦2 per share. The shares were sold for ₦8 each. Calculate the total amount received from the sale of shares.
A. ₦80,000
B. ₦100,000
Correct C. ₦120,000
D. ₦140,000

Correct Answer: C

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Question 25
A company has the following balance sheet: Assets: ₦150,000, Liabilities: ₦80,000, Capital: ₦30,000. Prepare a trial balance.
Correct A. ₦150,000
B. ₦80,000
C. ₦30,000
D. ₦20,000

Correct Answer: A

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