POST UTME KSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit of partner A.
A. ₦90,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 2
A company uses the single entry system. The following transactions occurred during the year: Purchase of equipment for ₦5,000,000, Sale of goods for ₦10,000,000, Purchase of raw materials for ₦2,000,000. Calculate the total assets of the company at the end of the year.
A. ₦17,000,000
B. ₦17,500,000
C. ₦18,000,000
D. ₦18,500,000
Question 3
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 4
A government agency has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 01/01 | Cash | ₦50,000 | | | 01/01 | Bank | | ₦50,000 | | 02/01 | Cash | | ₦20,000 | | 03/01 | Bank | ₦30,000 | | | 04/01 | Cash | | ₦10,000 | What is the total amount of cash transactions?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 5
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation?
A. ₦20,000
B. ₦24,000
C. ₦30,000
D. ₦40,000
Question 6
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. If the company receives ₦50,000 in cash, what is the amount received from the issue of shares?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company's accounting records are incomplete due to a fire that destroyed its office. The company's accountant has managed to salvage some records, but they are not in a usable format. What is the first step the accountant should take to rectify the situation?
A. Reconstruct the records from memory
B. Hire a forensic accountant to investigate the fire
C. Contact the insurance company to claim compensation for the lost records
D. Use the salvaged records to prepare a preliminary balance sheet
Question 8
A company uses the single entry system. The following transactions occurred during the year: Purchase of equipment for ₦5,000,000, Sale of goods for ₦10,000,000, Purchase of raw materials for ₦2,000,000. Calculate the total liabilities of the company at the end of the year.
A. ₦17,000,000
B. ₦17,500,000
C. ₦18,000,000
D. ₦18,500,000
Question 9
A company's cash book shows a balance of ₦1,500,000. However, the bank statement shows a balance of ₦1,800,000. What is the reason for the discrepancy?
A. The company has not deposited the cash into the bank
B. The bank has not credited the company's account for the cash deposited
C. The company has not debited the cash from the bank
D. The bank has charged a fee for the cash deposited
Question 10
A company uses a self-balancing ledger system. The company's ledger shows a debit balance of ₦100,000 for the 'Accounts Payable' account. The company's trial balance shows a credit balance of ₦120,000 for the 'Accounts Payable' account. What is the correct journal entry to record the adjustment for the accounts payable?
A. Debit Accounts Payable ₦20,000, Credit Cash ₦20,000
B. Debit Accounts Payable ₦40,000, Credit Cash ₦40,000
C. Debit Accounts Payable ₦60,000, Credit Cash ₦60,000
D. Debit Accounts Payable ₦80,000, Credit Cash ₦80,000
Question 11
A company's balance sheet shows the following accounts: Cash ₦50,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. What is the total amount of liabilities?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 12
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | | | 2nd Jan | Bank | | ₦15,000 | | 3rd Jan | Cash | | ₦20,000 | Calculate the balance of the cash account.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 13
A company's bank statement shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank | ₦10,000 | | | 2nd Jan | Cash | | ₦15,000 | | 3rd Jan | Bank | | ₦20,000 | Calculate the balance of the bank account.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A company's balance sheet shows the following balances: Cash ₦20,000, Accounts Payable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets and liabilities?
A. ₦150,000
B. ₦170,000
C. ₦190,000
D. ₦210,000
Question 15
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership's profit is ₦120,000, what is partner A's share of the profit?
A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000

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