POST UTME LASU 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the self-balancing ledger system. The following transactions are recorded in the ledger:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 2
A company uses the straight-line method to depreciate its assets. If the asset cost ₦1,000,000 and has a useful life of 10 years, what is the annual depreciation?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 3
A company has the following transactions: Purchased goods for £ 10,000, Sold goods for £ 15,000, Purchased equipment for £ 20,000. Prepare a cash book.
A. Cash £ 10,000, Bank £ 5,000, Debtors £ 15,000, Creditors £ 20,000
B. Cash £ 15,000, Bank £ 10,000, Debtors £ 20,000, Creditors £ 15,000
C. Cash £ 20,000, Bank £ 15,000, Debtors £ 10,000, Creditors £ 20,000
D. Cash £ 25,000, Bank £ 20,000, Debtors £ 15,000, Creditors £ 10,000
Question 4
A company has the following ledger balances: Cash £ 10,000, Bank £ 20,000, Debtors £ 30,000, Creditors £ 40,000. Prepare a trial balance.
A. Cash £ 10,000, Bank £ 20,000, Debtors £ 30,000, Creditors £ 40,000
B. Cash £ 20,000, Bank £ 10,000, Debtors £ 40,000, Creditors £ 30,000
C. Cash £ 30,000, Bank £ 40,000, Debtors £ 20,000, Creditors £ 10,000
D. Cash £ 40,000, Bank £ 30,000, Debtors £ 10,000, Creditors £ 20,000
Question 5
A partnership was formed on 1st January 2018 between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. On 1st January 2019, A withdrew ₦50,000 and B invested an additional ₦20,000. Prepare the partnership's statement of profit or loss for the year ended 31st December 2019.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 6
A government agency is responsible for the collection of taxes. The following transactions occurred during the month of January: January 1: Cash: ₦100,000 (Opening balance) January 5: Cash: ₦50,000 (Receipts from taxpayers) January 10: Cash: ₦20,000 (Payment to suppliers) January 15: Cash: ₦30,000 (Receipts from taxpayers) January 20: Cash: ₦40,000 (Payment to employees) January 25: Cash: ₦60,000 (Receipts from taxpayers) January 31: Cash: ₦10,000 (Closing balance) Determine the total amount of taxes collected during the month.
A. ₦250,000
B. ₦260,000
C. ₦270,000
D. ₦280,000
Question 7
A company's balance sheet shows an increase in its current assets of ₦500,000 and a decrease in its current liabilities of ₦200,000. What is the net increase in working capital?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 8
A company's trading account for the year ended 31st December 2019 showed a profit of ₦150,000. The company's balance sheet as at 31st December 2018 showed a capital of ₦500,000 and a profit and loss account of ₦100,000. Prepare the company's statement of profit or loss for the year ended 31st December 2019.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 9
A company's balance sheet shows a current ratio of 2:1. If the total current assets are ₦120,000 and the total current liabilities are ₦60,000, what is the company's total assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 10
A company's profit and loss account shows a net profit of ₦500,000. If the company's capital was ₦1,000,000 at the beginning of the year and ₦1,200,000 at the end of the year, what is the owner's equity?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 11
A company's trial balance shows an error of 1,000 in the debit side of the account 'Rent and Rates'. The correct balance is 5,000. What is the correct balance in the credit side of the account 'Rent and Rates'?
A. ₦4,000
B. ₦5,000
C. ₦6,000
D. ₦7,000
Question 12
A company's balance sheet as at 31st December 2022 is as follows: Assets: Cash: ₦100,000 Accounts receivable: ₦200,000 Inventory: ₦300,000 Property, plant and equipment: ₦400,000 Total assets: ₦1,100,000 Liabilities: Accounts payable: ₦150,000 Long-term debt: ₦250,000 Total liabilities: ₦400,000 Equity: Common stock: ₦500,000 Retained earnings: ₦200,000 Total equity: ₦700,000 Determine the company's total liabilities and equity.
A. ₦1,100,000
B. ₦1,100,000
C. ₦1,100,000
D. ₦1,100,000
Question 13
A company has the following balance sheet as at December 31, 2022: - Assets: ₦500,000 - Liabilities: ₦200,000 - Equity: ₦300,000 Determine the return on equity.
A. 100%
B. 150%
C. 200%
D. 250%
Question 14
A company's balance sheet as at 31st December 2018 showed a capital of ₦500,000 and a profit and loss account of ₦100,000. The company's trading account for the year ended 31st December 2019 showed a profit of ₦150,000. Prepare the company's statement of profit or loss for the year ended 31st December 2019.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 15
A manufacturing company uses the process costing method to value its products. The following data are available for the month of January: Direct materials: ₦100,000 Direct labor: ₦150,000 Overhead: ₦200,000 The company produced 10,000 units of product during the month. Determine the cost per unit of product.
A. ₦45.00
B. ₦50.00
C. ₦55.00
D. ₦60.00

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