POST UTME LASU 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company purchased a machine for ₦200,000. The machine has a useful life of 4 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 2
A company's final accounts show a net profit of ₦50,000. What is the correct accounting equation?
A. Assets = Capital + Profit
B. Assets = Capital - Profit
C. Assets = Capital + Loss
D. Assets = Capital - Loss
Question 3
A partnership has two partners, A and B. The capital accounts of A and B are ₦ 20,000 and ₦ 30,000 respectively. If the profit for the year is ₦ 15,000, and the drawings of A and B are ₦ 5,000 and ₦ 3,000 respectively, what is the amount of A's share of profit?
A. ₦ 6,000
B. ₦ 7,000
C. ₦ 8,000
D. ₦ 9,000
Question 4
In a partnership account, if a partner's capital is overdrawn by ₦50,000, and the partner's share of profit is ₦20,000, what is the partner's new capital balance?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 5
A company issued 5-year debentures of ₦ 10,000 each at 5% interest. If the debentures are redeemable at par, what is the amount of interest payable on ₦ 50,000 debentures?
A. ₦ 1,250
B. ₦ 1,500
C. ₦ 2,000
D. ₦ 2,500
Question 6
A company has the following transactions: Purchased raw materials for ₦100,000; sold goods for ₦150,000; purchased finished goods for ₦80,000. What is the total cost of goods sold?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 7
A company issued 5,000 shares of 10% preference shares at a premium of 20% on the face value. The face value of each share is ₦10. Calculate the total premium received from the issue of these shares.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 8
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, and the cost of finished goods is ₦180,000. The company uses a weighted average method with a weight of 0.4 for raw materials and 0.6 for finished goods. What is the total value of the inventory?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 9
A company purchased a machine for ₦1,500,000. The machine has a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation using the straight-line method.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 10
A company has the following transactions: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000 Credit: Purchases £35,000. What is the correct entry in the ledger accounts?
A. Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000
B. Raw Materials £20,000, Work-in-Progress £10,000, Factory Overheads £5,000
C. Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000
D. Raw Materials £20,000, Work-in-Progress £10,000, Factory Overheads £5,000
Question 11
A company has the following incomplete records: Opening capital ₦50,000, Closing capital ₦60,000, Sales ₦100,000, Purchases ₦80,000. Prepare the statement of profit or loss and the statement of changes in equity.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 12
A company's trial balance showed an error of £ 1,000 in the debit side of the trading account. The correct balance of the trading account is £ 50,000. What is the correct balance of the profit and loss account?
A. £ 49,000
B. £ 50,000
C. £ 51,000
D. £ 52,000
Question 13
A company's trading account shows a profit of ₦50,000, but the profit and loss account shows a loss of ₦20,000. What is the correct net profit or loss?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 14
A company's balance sheet as at 31st December shows the following assets and liabilities:
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 15
A company has the following incomplete records: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000 Credit: Purchases £35,000. What is the correct entry in the ledger accounts?
A. Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000
B. Raw Materials £20,000, Work-in-Progress £10,000, Factory Overheads £5,000
C. Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000
D. Raw Materials £20,000, Work-in-Progress £10,000, Factory Overheads £5,000

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