POST UTME LASU 2019 Accounting | Objective

Are you preparing for POST UTME LASU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
Determine the correct journal entry to record the correction of an error in the trial balance of XYZ Ltd. The error arose from an incorrect posting of an account payable of ₦15,000 to an account receivable of ₦5,000.
A. Debit Cash ₦20,000, Credit Accounts Payable ₦20,000
B. Debit Accounts Receivable ₦5,000, Credit Cash ₦5,000
Correct C. Debit Accounts Payable ₦15,000, Credit Accounts Receivable ₦15,000
D. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000

Correct Answer: C

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Question 2
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.
A. ₦15,000
Correct B. ₦18,000
C. ₦20,000
D. ₦22,000

Correct Answer: B

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Question 3
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?
A. ₦20,000
Correct B. ₦30,000
C. ₦40,000
D. ₦50,000

Correct Answer: B

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Question 4
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.
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦80,000

Correct Answer: B

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Question 5
A company's trial balance shows an error of ₦10,000 due to an incorrect posting of an account payable to an account receivable. The error was discovered during the preparation of the financial statements. Prepare the necessary journal entry to correct the error.
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
B. Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000
Correct C. Debit Accounts Payable ₦10,000, Credit Accounts Receivable ₦10,000
D. Debit Cash ₦10,000, Credit Accounts Receivable ₦10,000

Correct Answer: C

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Question 6
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?
Correct A. ₦1,500,000
B. ₦1,700,000
C. ₦1,800,000
D. ₦2,300,000

Correct Answer: A

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Question 7
A company's 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?
A. ₦1,500,000
Correct B. ₦1,700,000
C. ₦1,800,000
D. ₦2,300,000

Correct Answer: B

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Question 8
A company's trading account for the year ended 31st December 2022 showed a profit of ₦1,500,000. 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?
A. ₦1,500,000
B. ₦1,700,000
Correct C. ₦1,800,000
D. ₦2,300,000

Correct Answer: C

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Question 9
A company's 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?
A. ₦1,500,000
B. ₦1,700,000
C. ₦1,800,000
Correct D. ₦2,300,000

Correct Answer: D

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Question 10
A company's trading account for the year ended 31st December 2022 showed a profit of ₦1,500,000. 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?
Correct A. ₦1,500,000
B. ₦1,700,000
C. ₦1,800,000
D. ₦2,300,000

Correct Answer: A

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Question 11
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.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 12
A company purchased a machine for ₦120,000. Depreciation is provided using the straight-line method over a useful life of 5 years. Calculate the annual depreciation charge.
Correct A. ₦24,000
B. ₦24,000
C. ₦24,000
D. ₦24,000

Correct Answer: A

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Question 13
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.
A. ₦1,000,000
Correct B. ₦1,015,000
C. ₦1,020,000
D. ₦1,025,000

Correct Answer: B

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Question 14
A company purchased a building for ₦500,000. The company also paid ₦20,000 for the architect's fees. Prepare the journal entry to record the purchase of the building.
Correct A. ₦520,000
B. ₦520,000
C. ₦520,000
D. ₦520,000

Correct Answer: A

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Question 15
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.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 16
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash 1,000 and Credit Accounts Receivable 1,000
Correct B. Debit Accounts Receivable 1,000 and Credit Cash 1,000
C. Debit Cash 1,000 and Credit Accounts Payable 1,000
D. Debit Accounts Payable 1,000 and Credit Cash 1,000

Correct Answer: B

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Question 17
A company has the following ledger balances at the end of the year:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 18
A company has the following incomplete records:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 19
A company has the following manufacturing costs:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 20
A company has the following departmental accounts:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 21
A company has the following control accounts:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 22
A company has the following self-balancing ledgers:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 23
A company has the following bank reconciliation statement:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 24
A company has the following cash book:
Correct A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000

Correct Answer: A

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Question 25
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦130,000. What is the most likely reason for the difference?
A. The company has deposited ₦10,000 into its bank account.
B. The company has written a cheque for ₦10,000.
Correct C. The bank has charged a service fee of ₦10,000.
D. The company has received a credit of ₦10,000 from a customer.

Correct Answer: C

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