POST UTME LASU 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following departmental accounts:
Question 2
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge?
Question 3
A company uses the single entry system. The journal entry for the purchase of a machine on January 1, 2022, is as follows: Dr. Machine 10,000, Cr. Cash 10,000. If the machine's useful life is 5 years, and its residual value is 2,000, what is the annual depreciation charge using the straight-line method?
Question 4
A partnership is formed between two individuals, A and B, who contribute ₦100,000 and ₦150,000 respectively. The partnership agreement states that the profits and losses will be shared in the ratio 2:3. If the partnership makes a profit of ₦50,000, how much will A receive?
Question 5
A company has the following manufacturing costs:
Question 6
A company uses the straight-line method of depreciation. A machine was purchased for ₦200,000 and has a useful life of 5 years. Calculate the annual depreciation charge.
Question 7
A company issued 10,000 debentures of ₦100 each at a discount of 5%. The issue expenses were ₦15,000. Prepare the journal entry to record the issue of debentures.
Question 8
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. The issue expenses were ₦20,000. Prepare the journal entry to record the issue of shares.
Question 9
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. The issue expenses were ₦20,000. Prepare the journal entry to record the issue of shares.
Question 10
A company has the following control accounts:
Question 11
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 15,000, respectively. If the profit for the year is 5,000, and A's share of the profit is 2,500, what is B's share of the profit?
Question 12
A company has the following bank reconciliation statement:
Question 13
A company's trading account for the year ended 31st December 2022 showed a profit of ₦1,500,000. The balance sheet as at 31st December 2022 showed a decrease in stock of ₦800,000. The company's profit for the year ended 31st December 2022 is ₦2,300,000. What is the amount of the company's profit for the year ended 31st December 2022, excluding the profit on the sale of stock?
Question 14
A company uses the accrual basis of accounting. The company's accounts payable at the end of the year is 20,000. If the company's purchases during the year were 100,000, and the company's accounts payable at the beginning of the year was 10,000, what is the company's cost of goods sold?
Question 15
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦50 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦60 per unit. Calculate the cost of goods sold for the year.
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