POST UTME KSU 2024 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 2024 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issues 10,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 2
A firm has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 01/01 | Cash | ₦10,000 | | | 01/01 | Bank | | ₦10,000 | | 02/01 | Cash | | ₦5,000 | | 03/01 | Bank | ₦8,000 | | | 04/01 | Cash | | ₦3,000 | What is the balance in the cash book?
A. ₦5,000
B. ₦8,000
C. ₦10,000
Correct D. ₦12,000

Correct Answer: D

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Question 3
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
Correct D. ₦80,000

Correct Answer: D

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Question 4
A company has the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 01/01 | Cash | ₦100,000 | | | 01/01 | Bank | | ₦100,000 | | 02/01 | Cash | | ₦50,000 | | 03/01 | Bank | ₦60,000 | | | 04/01 | Cash | | ₦20,000 | What is the balance in the bank account?
A. ₦60,000
B. ₦70,000
C. ₦80,000
Correct D. ₦90,000

Correct Answer: D

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Question 5
A company issues 10,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
A. ₦90,000
Correct B. ₦100,000
C. ₦110,000
D. ₦120,000

Correct Answer: B

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Question 6
In a public sector organization, which of the following is an example of a non-cash transaction?
Correct A. Depreciation of assets
B. Accrual of salaries
C. Payment of dividends
D. Purchase of land

Correct Answer: A

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Question 7
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
Correct B. ₦24,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 8
A company has the following transactions: Purchased goods on credit for ₦50,000, sold goods on credit for ₦60,000, and paid cash for salaries of ₦10,000. What is the net effect on the company's cash balance?
Correct A. ₦10,000 increase
B. ₦10,000 decrease
C. ₦20,000 increase
D. ₦20,000 decrease

Correct Answer: A

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Question 9
A company has the following transactions: Purchased goods on credit for ₦50,000, sold goods on credit for ₦60,000, and paid cash for salaries of ₦10,000. What is the net effect on the company's cash balance?
Correct A. ₦10,000 increase
B. ₦10,000 decrease
C. ₦20,000 increase
D. ₦20,000 decrease

Correct Answer: A

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Question 10
A company uses the weighted average method to value its inventory. If the cost of goods available for sale is ₦100,000 and the cost of goods sold is ₦80,000, what is the cost of goods sold per unit?
A. ₦8,000
Correct B. ₦10,000
C. ₦12,000
D. ₦15,000

Correct Answer: B

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Question 11
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
Correct C. ₦18,000,000
D. ₦18,500,000

Correct Answer: C

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Question 12
A manufacturing company produces 10,000 units of a product per month. Each unit costs ₦5,000 to produce. The company sells each unit for ₦10,000. Calculate the monthly profit of the company.
Correct A. ₦50,000,000
B. ₦40,000,000
C. ₦30,000,000
D. ₦20,000,000

Correct Answer: A

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Question 13
A company uses the double 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. Prepare the journal entries for the above transactions.
Correct A. Debit Equipment ₦5,000,000, Credit Cash ₦5,000,000
B. Debit Equipment ₦5,000,000, Credit Raw Materials ₦5,000,000
C. Debit Raw Materials ₦2,000,000, Credit Cash ₦2,000,000
D. Debit Equipment ₦5,000,000, Credit Raw Materials ₦2,000,000

Correct Answer: A

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Question 14
A public sector company has the following assets: Land ₦10,000,000, Building ₦20,000,000, Machinery ₦30,000,000. Calculate the total assets of the company.
A. ₦60,000,000
B. ₦70,000,000
Correct C. ₦80,000,000
D. ₦90,000,000

Correct Answer: C

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Question 15
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
Correct C. ₦18,000,000
D. ₦18,500,000

Correct Answer: C

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Question 16
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Correct A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000

Correct Answer: A

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Question 17
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?
Correct A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000

Correct Answer: A

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Question 18
A government agency has the following transactions: a ₦10,000 grant from the federal government, a ₦5,000 loan from a bank, and a ₦20,000 revenue from the sale of goods. 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 19
A company uses the weighted average method to value its inventory. If the cost of goods available for sale is ₦120,000, the cost of goods sold is ₦90,000, and the beginning inventory is ₦20,000, what is the ending inventory?
A. ₦30,000
B. ₦40,000
C. ₦50,000
Correct D. ₦60,000

Correct Answer: D

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Question 20
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
Correct C. ₦100,000
D. ₦110,000

Correct Answer: C

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Question 21
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
Correct D. Use the salvaged records to prepare a preliminary balance sheet

Correct Answer: D

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Question 22
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
Correct 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

Correct Answer: B

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Question 23
A company's trial balance shows a discrepancy of ₦50,000 between the debit and credit sides. What is the cause of this discrepancy?
Correct A. Error in posting journal entries
B. Error in preparing the trial balance
C. Error in accounting for a transaction
D. Error in accounting for a asset

Correct Answer: A

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Question 24
A government agency is required to prepare a statement of cash flows. What is the purpose of this statement?
Correct A. To show the sources and uses of cash
B. To show the profitability of the agency
C. To show the financial position of the agency
D. To show the cash flows from operating activities

Correct Answer: A

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Question 25
A company's assets are depreciated using the straight-line method. What is the formula for calculating depreciation?
Correct A. Depreciation = (Cost - Residual Value) / Useful Life
B. Depreciation = (Cost - Residual Value) / Number of Years
C. Depreciation = (Cost - Residual Value) / Useful Life x Number of Years
D. Depreciation = (Cost - Residual Value) / Number of Years x Useful Life

Correct Answer: A

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