POST UTME LASU 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a bank statement that includes the following transactions: a deposit of ₦10,000, a withdrawal of ₦5,000, and a credit of ₦8,000 for a dishonored cheque. What is the correct balance of the company's bank account?
A. ₦13,000
B. ₦18,000
C. ₦23,000
D. ₦28,000
Question 2
A company issued 5,000 debentures of ₦100 each at a premium of 10%. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 3
A company's trading account for the year ended 31st December 2020 is as follows: Debit: Sundry expenses: ₦120,000 Wages: ₦180,000 Rent: ₦60,000 Credit: Sales: ₦1,200,000 Purchases: ₦900,000 Determine the company's net profit for the year.
A. ₦120,000
B. ₦180,000
C. ₦60,000
D. ₦300,000
Question 4
A company's trial balance shows an error of ₦0.50 in the debit side of the account. The error is due to the omission of a transaction. The correct amount of the transaction is ₦1,500. What is the correct balance of the account?
A. ₦0.50
B. ₦1,500
C. ₦1,500.50
D. ₦1,501.50
Question 5
A company's profit and loss account shows a profit of ₦0.50. The company's balance sheet shows an increase in the equity of ₦0.50. What is the correct balance of the company's equity?
A. ₦0.50
B. ₦1,000
C. ₦1,000.50
D. ₦1,001.50
Question 6
A company's trial balance shows the following account balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, and Cost of Goods Sold ₦150,000. What is the net income?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 7
A company purchased a machine for ₦500,000 and depreciated it by 10% per annum. Calculate the book value of the machine after 3 years.
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 8
A company has the following ledger balances: Debtors: ₦80,000, Creditors: ₦60,000, Capital: ₦100,000. What is the company's net worth?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 9
A company's balance sheet as of December 31, 2020, showed the following: Cash ₦100,000, Accounts Payable ₦150,000, and Common Stock ₦200,000. What was the company's total liabilities and equity as of December 31, 2020?
A. ₦450,000
B. ₦550,000
C. ₦650,000
D. ₦750,000
Question 10
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement includes a credit of ₦10,000 for a dishonored cheque. What is the correct balance of the company's cash account?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 11
A company has the following balance sheet: Assets: ₦300,000, Liabilities: ₦200,000, Capital: ₦100,000. What is the company's net worth?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 12
A company issued 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the sale of shares.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company's trial balance shows an error of ₦0.50 in the debit side of the account. The error is due to the omission of a transaction. The correct amount of the transaction is ₦1,500. What is the correct balance of the account?
A. ₦0.50
B. ₦1,500
C. ₦1,500.50
D. ₦1,501.50
Question 14
A company issued 10,000 shares of 50 kobo each at a premium of 20%. Calculate the total amount received from the issue of shares.
A. ₦250,000
B. ₦500,000
C. ₦750,000
D. ₦1,000,000
Question 15
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, Dividends ₦10,000, Retained Earnings ₦20,000. Prepare the company's balance sheet.
A. ₦150,000
B. ₦160,000
C. ₦170,000
D. ₦180,000

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
Help others prepare! Share this practice hub: