POST UTME LASU 2022 Accounting | Objective

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Question 1
A company issued 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000,000
B. ₦30,100,000
C. ₦30,200,000
D. ₦30,300,000
Question 2
A company uses a double-entry system. The following transactions occurred during the month of January: Purchased office supplies for ₦10,000; Sold goods for ₦50,000; Purchased raw materials for ₦20,000. Prepare the journal entries for the transactions.
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 3
A company has the following transactions: Purchased office supplies on account for ₦5,000, Sold merchandise on account for ₦20,000, Purchased merchandise for ₦15,000 cash. Prepare a statement of cash flows.
A. Cash Flows from Operations ₦35,000, Cash Flows from Investing ₦15,000, Cash Flows from Financing ₦0
B. Cash Flows from Operations ₦30,000, Cash Flows from Investing ₦15,000, Cash Flows from Financing ₦0
C. Cash Flows from Operations ₦25,000, Cash Flows from Investing ₦15,000, Cash Flows from Financing ₦0
D. Cash Flows from Operations ₦20,000, Cash Flows from Investing ₦15,000, Cash Flows from Financing ₦0
Question 4
A company's financial statements for the year ended 31st December are as follows: Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Gross Profit: ₦200,000; Operating Expenses: ₦100,000; Net Income: ₦100,000. Prepare a statement of retained earnings for the company.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 5
A partnership has three partners: A, B, and C. The capital accounts of the partners are A: ₦100,000, B: ₦80,000, and C: ₦60,000. If the profit is ₦20,000, and the profit-sharing ratio is 2:3:1, what is the amount of profit to be distributed to partner A?
A. ₦10,000
B. ₦12,000
C. ₦8,000
D. ₦14,000
Question 6
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000
Question 7
A partnership has two partners, A and B. The capital account of A is ₦50,000 and that of B is ₦30,000. The profit-sharing ratio is 3:2. What is the total amount of profit to be shared?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 8
A company uses the weighted average method to value its inventory. The following data is available: Beginning inventory ₦50,000, Purchases ₦150,000, and Cost of Goods Sold ₦100,000. Calculate the ending inventory.
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 9
A company issued 10,000 shares of 1 par value at a premium of 3 per share. Calculate the total amount received from the issue of shares.
A. ₦30,000,000
B. ₦30,100,000
C. ₦30,200,000
D. ₦30,300,000
Question 10
A company's balance sheet as at 31st December, 2022 is as follows: Cash ₦ 20,000, Accounts Receivable ₦ 30,000, Inventory ₦ 40,000, Prepaid Rent ₦ 15,000, Property, Plant and Equipment ₦ 80,000, Total Assets ₦ 185,000. Prepare the company's statement of cash flows for the year ended 31st December, 2022.
A. ₦ 40,000
B. ₦ 50,000
C. ₦ 60,000
D. ₦ 70,000
Question 11
A company's trial balance as at 31st December, 2022 is as follows: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Common Stock ₦ 100,000, Dividends ₦ 10,000, Equipment ₦ 80,000, Interest Expense ₦ 5,000, Interest Income ₦ 2,000, Net Income ₦ 20,000, Notes Payable ₦ 20,000, Prepaid Rent ₦ 15,000, Salaries Expense ₦ 40,000, Sales Revenue ₦ 150,000, Utilities Expense ₦ 10,000. Prepare the company's balance sheet as at 31st December, 2022.
A. ₦ 150,000
B. ₦ 160,000
C. ₦ 170,000
D. ₦ 180,000
Question 12
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦150,000, Retained Earnings ₦30,000. Prepare a trial balance.
A. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦150,000, Retained Earnings ₦30,000
B. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦150,000, Retained Earnings ₦40,000
C. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦150,000, Retained Earnings ₦50,000
D. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦150,000, Retained Earnings ₦60,000
Question 13
A company's income statement for the year ended 31st December, 2022 is as follows: Sales Revenue ₦ 150,000, Cost of Goods Sold ₦ 80,000, Gross Profit ₦ 70,000, Operating Expenses ₦ 30,000, Net Income ₦ 40,000. Prepare the company's statement of cash flows for the year ended 31st December, 2022.
A. ₦ 40,000
B. ₦ 50,000
C. ₦ 60,000
D. ₦ 70,000
Question 14
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦150,000, Retained Earnings ₦30,000. Prepare a statement of stockholders' equity.
A. Common Stock ₦150,000, Retained Earnings ₦30,000, Total Stockholders' Equity ₦180,000
B. Common Stock ₦150,000, Retained Earnings ₦40,000, Total Stockholders' Equity ₦190,000
C. Common Stock ₦150,000, Retained Earnings ₦50,000, Total Stockholders' Equity ₦200,000
D. Common Stock ₦150,000, Retained Earnings ₦60,000, Total Stockholders' Equity ₦210,000
Question 15
A company issued 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total amount received from debenture holders.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

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