POST UTME KSU 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦480,000
C. ₦485,000
D. ₦490,000
Question 2
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
B. ₦10,000
C. ₦11,000
D. ₦12,000
Question 3
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?
A. ₦250,000
B. ₦200,000
C. ₦150,000
D. ₦100,000
Question 4
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
C. ₦15,000
D. ₦18,000
Question 5
A company's assets are valued at ₦1,500,000. Depreciation is calculated using the straight-line method. If the asset is expected to last for 5 years, what is the annual depreciation?
A. ₦300,000
B. ₦250,000
C. ₦200,000
D. ₦150,000
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?
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
Question 7
A company uses the perpetual inventory system. On January 1, the inventory balance was ₦50,000. During the month, the company purchased ₦20,000 worth of merchandise and sold ₦30,000 worth of merchandise. What is the ending inventory balance?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
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
C. ₦120,000
D. ₦140,000
Question 9
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
C. ₦180,000
D. ₦200,000
Question 10
A company's balance sheet shows a current ratio of 2:1. If the company's total current assets are ₦100,000 and its total current liabilities are ₦50,000, what is the company's quick ratio?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 11
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.
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
Question 12
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
C. ₦180,000
D. ₦200,000
Question 13
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
B. ₦110,000
C. ₦120,000
D. ₦130,000
Question 14
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.
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 15
A company uses the self-balancing ledger system to record its transactions. The company's ledger shows a debit balance of ₦20,000 in the account 'Cash'. What is the likely reason for this debit balance?
A. The company has received cash from its customers.
B. The company has not recorded a corresponding credit entry for the cash received.
C. The company has paid its suppliers in cash.
D. The company has not recorded a corresponding debit entry for the cash paid.

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