POST UTME KSU 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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.
Question 2
Determine the value of x in the equation: ( rac{2x}{x+1} + rac{3x}{x-1} = 5 )
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?
Question 4
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?
Question 5
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received by the company.
Question 6
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.
Question 7
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.
Question 8
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.
Question 9
A manufacturing company produces two products, A and B. The selling price of A is ₦100 per unit and of B is ₦120 per unit. The variable costs of A and B are ₦50 and ₦60 per unit respectively. The fixed costs are ₦10,000 per month. If the company produces 100 units of A and 80 units of B, calculate the contribution margin.
Question 10
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?
Question 11
A company issued 10,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
Question 12
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.
Question 13
A company uses the double-entry system to record its transactions. The company has a debit of ₦10,000 and a credit of ₦5,000. What is the net effect on the company's equity?
Question 14
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦200,000. What is the company's net worth?
Question 15
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?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows