Practice post utme ksu accounting 2025 Past Questions

Question 1

Determine the value of x in the equation: ( rac{2x}{x+1} + rac{3x}{x-1} = 5 )

A. 4

Correct B. 6

C. 8

D. 10

Correct Answer: B

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Question 2

A company issued 5,000 shares of its common stock at ₦10 per share. If the company also issued 2,000 debentures at 10% interest, what is the total amount of interest paid annually?

A. ₦20,000

Correct B. ₦40,000

C. ₦60,000

D. ₦80,000

Correct Answer: B

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Question 3

A manufacturing company has two departments: Production and Sales. The Production department has a budget of ₦1,500,000 and the Sales department has a budget of ₦2,000,000. If the company's total budget is ₦4,000,000, what is the ratio of the Production department's budget to the Sales department's budget?

Correct A. 1:2

B. 2:3

C. 3:4

D. 4:5

Correct Answer: A

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Question 4

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, how much will partner A receive?

Correct A. ₦60,000

B. ₦80,000

C. ₦100,000

D. ₦120,000

Correct Answer: A

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Question 5

A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦200,000. What is the company's net worth?

A. ₦300,000

B. ₦400,000

Correct C. ₦500,000

D. ₦600,000

Correct Answer: C

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Question 6

A partnership consisting of three partners, A, B, and C, has a capital of ₦150,000, ₦120,000, and ₦90,000 respectively. If the profit is shared in the ratio 5:3:2, calculate the amount of profit to be shared by partner A.

Correct A. ₦15,000

B. ₦20,000

C. ₦25,000

D. ₦30,000

Correct Answer: A

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Question 7

A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received by the company.

A. ₦450,000

Correct B. ₦475,000

C. ₦500,000

D. ₦525,000

Correct Answer: B

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Question 8

A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Net Income ₦30,000. Prepare the company's income statement.

A. ₦50,000

B. ₦60,000

Correct C. ₦70,000

D. ₦80,000

Correct Answer: C

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Question 9

A company's balance sheet showed the following balances: Cash ₦50,000, Accounts Payable ₦30,000, Common Stock ₦100,000, and Retained Earnings ₦20,000. Prepare the company's balance sheet.

A. ₦150,000

B. ₦160,000

Correct C. ₦170,000

D. ₦180,000

Correct Answer: C

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Question 10

A company's income statement showed the following balances: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Net Income ₦30,000. Prepare the company's statement of cash flows.

A. ₦50,000

B. ₦60,000

Correct C. ₦70,000

D. ₦80,000

Correct Answer: C

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Question 11

A company issued 10,000 shares of 50 kobo each at a premium of 20%. Calculate the total amount received from the issue of shares.

A. ₦500,000

B. ₦1,000,000

C. ₦1,500,000

Correct D. ₦2,000,000

Correct Answer: D

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Question 12

A partnership business has two partners, A and B. The capital contributions of A and B are ₦80,000 and ₦120,000 respectively. If the ratio of profit sharing is 3:5, calculate the profit share of A.

Correct A. ₦36,000

B. ₦60,000

C. ₦72,000

D. ₦90,000

Correct Answer: A

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Question 13

A company has an incomplete records. The following information is available: Opening balance of cash ₦50,000, sales ₦150,000, purchases ₦100,000, and closing balance of cash ₦80,000. Calculate the net profit.

A. ₦20,000

B. ₦30,000

Correct C. ₦40,000

D. ₦50,000

Correct Answer: C

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Question 14

A company issued 10,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of debentures.

A. ₦1,000,000

Correct B. ₦1,100,000

C. ₦1,200,000

D. ₦1,300,000

Correct Answer: B

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Question 15

A company has the following ledger balances: Debtors ₦150,000, Creditors ₦100,000, and Capital ₦200,000. Calculate the total assets.

A. ₦450,000

B. ₦500,000

Correct C. ₦550,000

D. ₦600,000

Correct Answer: C

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Question 16

A company's trading account for the year ended 31st December 2024 shows a profit of ₦1,500,000. The balance sheet as at 31st December 2024 shows a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's equity as at 31st December 2023 was ₦5,000,000. Calculate the company's retained earnings as at 31st December 2024.

A. ₦2,000,000

Correct B. ₦2,500,000

C. ₦3,000,000

D. ₦3,500,000

Correct Answer: B

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Question 17

A company's balance sheet as at 31st December 2024 shows a current liability of ₦1,000,000 and a non-current liability of ₦2,000,000. The company's equity as at 31st December 2023 was ₦5,000,000. If the company's retained earnings as at 31st December 2023 were ₦2,000,000, calculate the company's total equity as at 31st December 2024.

A. ₦7,000,000

Correct B. ₦8,000,000

C. ₦9,000,000

D. ₦10,000,000

Correct Answer: B

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Question 18

A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan 2024 | Cash | ₦1,000 | | | 2nd Jan 2024 | Bank | | ₦1,000 | | 3rd Jan 2024 | Cash | ₦500 | | | 4th Jan 2024 | Bank | | ₦500 | Calculate the company's cash balance as at 31st December 2024.

Correct A. ₦1,500

B. ₦1,000

C. ₦500

D. ₦0

Correct Answer: A

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Question 19

A company's bank reconciliation statement as at 31st December 2024 shows a difference of ₦1,000 between the company's cash book balance and the bank statement balance. The company's cash book balance as at 31st December 2024 was ₦1,500. If the bank statement balance as at 31st December 2024 was ₦1,000, calculate the company's cash balance as at 31st December 2024.

Correct A. ₦2,500

B. ₦2,000

C. ₦1,500

D. ₦1,000

Correct Answer: A

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Question 20

A company's assets are valued as follows: | Asset | Cost | Accumulated Depreciation | Net Book Value | | --- | --- | --- | --- | | Plant | ₦10,000 | ₦2,000 | ₦8,000 | | Vehicle | ₦5,000 | ₦1,000 | ₦4,000 | Calculate the company's total net book value of assets.

Correct A. ₦12,000

B. ₦10,000

C. ₦8,000

D. ₦6,000

Correct Answer: A

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Question 21

A company's assets are valued as follows: | Asset | Cost | Accumulated Depreciation | Net Book Value | | --- | --- | --- | --- | | Plant | ₦10,000 | ₦2,000 | ₦8,000 | | Vehicle | ₦5,000 | ₦1,000 | ₦4,000 | Calculate the company's total net book value of assets.

Correct A. ₦12,000

B. ₦10,000

C. ₦8,000

D. ₦6,000

Correct Answer: A

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Question 22

A company's assets are valued as follows: | Asset | Cost | Accumulated Depreciation | Net Book Value | | --- | --- | --- | --- | | Plant | ₦10,000 | ₦2,000 | ₦8,000 | | Vehicle | ₦5,000 | ₦1,000 | ₦4,000 | Calculate the company's total net book value of assets.

Correct A. ₦12,000

B. ₦10,000

C. ₦8,000

D. ₦6,000

Correct Answer: A

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Question 23

A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000 on December 31, 2024. However, the bank statement shows a balance of ₦120,000 on the same date. What is the reason for the difference?

Correct A. The company has outstanding checks that have not been cleared by the bank.

B. The company has deposited cash into the bank that has not been recorded in the cash book.

C. The company has written checks that have not been recorded in the cash book.

D. The bank has charged the company's account for bank fees.

Correct Answer: A

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Question 24

A company has two partners, A and B, who share profits and losses in the ratio 3:2. The company's profit for the year ended December 31, 2024, is ₦500,000. What is the amount of profit that will be credited to Partner A's capital account?

Correct A. ₦300,000

B. ₦400,000

C. ₦450,000

D. ₦550,000

Correct Answer: A

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Question 25

A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦200,000 and a useful life of 5 years. What is the annual depreciation charge?

A. ₦40,000

Correct B. ₦50,000

C. ₦60,000

D. ₦80,000

Correct Answer: B

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