POST UTME LASU 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's manufacturing overheads for the year ended December 31, 2022, were as follows: Direct wages ₦0,000, Indirect wages ₦0,000, Depreciation ₦0,000, Insurance ₦0,000, Rent ₦0,000, and Miscellaneous ₦0,000. What is the total manufacturing overheads for the year?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 2
A company uses the double-entry system of accounting. The following transactions were recorded in the journal: Debit: Cash 1,000, Accounts Payable 2,000 Credit: Purchases 3,000 What is the correct journal entry for the above transaction?
A. Debit: Cash 1,000, Accounts Payable 2,000 Credit: Purchases 3,000
B. Debit: Purchases 3,000 Credit: Cash 1,000, Accounts Payable 2,000
C. Debit: Cash 1,000 Credit: Purchases 3,000, Accounts Payable 2,000
D. Debit: Accounts Payable 2,000 Credit: Purchases 3,000, Cash 1,000
Question 3
A company uses the accrual method of accounting. If the company's accounts payable balance is ₦50,000 and the company's accounts receivable balance is ₦30,000, what is the company's net working capital?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 4
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts receivable, ₦20,000 in inventory, and ₦30,000 in equipment. Calculate the total assets.
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 5
A company's public sector accounting records showed the following: Appropriation ₦0,500,000, Expenditure ₦0,800,000, Surplus ₦0,700,000. What is the company's appropriation percentage?
A. 80%
B. 85%
C. 90%
D. 95%
Question 6
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦300,000, and Equity ₦200,000. What is the company's current ratio?
A. 1.67
B. 2.00
C. 2.33
D. 2.67
Question 7
A partnership has two partners, A and B. The capital contributions of A and B are ₦80,000 and ₦60,000 respectively. If the profit-sharing ratio is 3:2, what is the share of profit of partner A?
A. ₦36,000
B. ₦24,000
C. ₦30,000
D. ₦20,000
Question 8
A company prepares its financial statements on a cash basis. What is the effect of the following transaction on the cash flow statement?
A. Increase in cash
B. Decrease in cash
C. No effect on cash
D. Increase in accounts receivable
Question 9
A company's nature and principles of accounting records showed the following: Accounting Equation ₦0,800,000 = ₦0,500,000 + ₦0,700,000. What is the company's accounting equation?
A. ₦1,200,000 = ₦1,000,000 + ₦1,500,000
B. ₦1,500,000 = ₦1,200,000 + ₦1,000,000
C. ₦2,000,000 = ₦1,500,000 + ₦1,200,000
D. ₦2,500,000 = ₦2,000,000 + ₦1,500,000
Question 10
A company's double entry system showed the following: Debit ₦0,800,000, Credit ₦0,500,000, Balance ₦0,700,000. What is the company's net worth?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 11
A manufacturing company produces two products, X and Y. The selling price of X is ₦100 per unit, and the selling price of Y is ₦120 per unit. If the company sells 500 units of X and 300 units of Y, what is the total revenue?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 12
A company issued 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 13
A company has two types of shares: ordinary and preference. The ordinary shares have a par value of ₦5 each, while the preference shares have a par value of ₦10 each. If the company issues 10,000 ordinary shares and 5,000 preference shares, what is the total par value of the shares issued?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 14
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method. The machine is depreciated by 20% per annum.
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦48,000
Question 15
A company's balance sheet as at 31st December 2022 showed the following balances: Share Capital ₦150,000, Profit and Loss Account ₦80,000, Drawings ₦20,000. The company made a profit of ₦120,000 during the year. What is the new balance on the profit and loss account?
A. ₦200,000
B. ₦180,000
C. ₦160,000
D. ₦140,000

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