POST UTME KSU 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A trader's cash book showed a balance of ₦15,000. The bank statement showed a balance of ₦18,000. The difference of ₦3,000 was due to a dishonored cheque. Calculate the correct balance in the cash book.
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦21,000
Question 2
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 10,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital ₦ 120,000, Credit Cash ₦ 100,000, Credit Share Premium ₦ 20,000
B. Debit Share Capital ₦ 120,000, Credit Cash ₦ 100,000, Credit Issue Expenses ₦ 20,000
C. Debit Share Capital ₦ 100,000, Credit Cash ₦ 120,000, Credit Issue Expenses ₦ 20,000
D. Debit Share Capital ₦ 100,000, Credit Cash ₦ 120,000, Credit Share Premium ₦ 20,000
Question 3
A company has the following transactions: Purchased office supplies for ₦10,000; Sold goods for ₦50,000; Purchased raw materials for ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Raw Materials ₦20,000, Credit Cash ₦20,000
C. Debit Sales ₦50,000, Credit Cash ₦50,000
D. Debit Office Supplies ₦10,000, Credit Raw Materials ₦10,000
Question 4
A company's accounting policy requires the use of the accrual basis of accounting. Which of the following transactions would be recorded as an expense in the current period?
A. Rent paid in advance
B. Salaries earned but not paid
C. Depreciation of a machine
D. Interest received on a loan
Question 5
A company issued 10,000 ordinary shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
A. ₦50,000
B. ₦52,000
C. ₦55,000
D. ₦60,000
Question 6
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, with a residual value of ₦50,000. The machine is depreciated using the straight-line method.
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 7
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Bank | | ₦20,000 | | Accounts Payable | ₦5,000 | | | Accounts Receivable | | ₦10,000 | What is the total amount of the company's assets?
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 8
A company has the following balance sheet: Assets ₦2,000,000, Liabilities ₦1,000,000, and Equity ₦1,000,000. What is the company's current ratio?
A. 2:1
B. 3:2
C. 4:3
D. 5:4
Question 9
A company has the following transactions: Purchased a machine for ₦100,000; Sold goods for ₦50,000. Prepare the journal entries for these transactions.
A. Debit Machine ₦100,000, Credit Cash ₦100,000
B. Debit Sales ₦50,000, Credit Cash ₦50,000
C. Debit Cash ₦100,000, Credit Machine ₦100,000
D. Debit Sales ₦50,000, Credit Machine ₦50,000
Question 10
A company's financial year ends on 31st December. The following transactions occurred during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
A company's profit and loss account for the year shows the following balances:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 12
A manufacturing company uses the weighted average method to value its inventory. The following data is available for the year:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 13
A company purchased a machine for ₦ 10,000. The machine has a useful life of 5 years and a residual value of ₦ 2,000. Calculate the annual depreciation using the straight-line method.
A. ₦ 1,600
B. ₦ 1,800
C. ₦ 2,000
D. ₦ 2,400
Question 14
A company has a credit balance of ₦50,000 in its trading account. It also has a debit balance of ₦20,000 in its profit and loss account. What is the net result of the company's trading activities?
A. ₦30,000 credit
B. ₦30,000 debit
C. ₦50,000 credit
D. ₦50,000 debit
Question 15
A company's manufacturing account shows a cost of goods sold of ₦500,000 and a direct labor cost of ₦200,000. What is the total cost of goods manufactured?
A. ₦600,000
B. ₦700,000
C. ₦800,000
D. ₦900,000

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