POST UTME LASU 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company purchases a machine for ₦200,000 and depreciates it using the straight-line method over a period of 5 years. What is the annual depreciation charge?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦80,000
Question 2
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦200,000 | | Cost of Goods Sold | ₦150,000 | | | Net Income | | | What is the amount of net income?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 3
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If an asset cost ₦100,000 and its useful life is 5 years, what is its annual depreciation charge?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 4
A company's balance sheet as at 31st December 2022, showed the following: Equity Share Capital: ₦5,000,000; Profit & Loss Account: ₦3,000,000; Reserves: ₦2,000,000. Calculate the total equity of the company.
A. ₦10,000,000
B. ₦10,500,000
C. ₦11,000,000
D. ₦11,500,000
Question 5
A company's departmental accounts show the following balances: 'Department A' (₦20,000), 'Department B' (₦15,000), and 'Department C' (₦10,000). What is the total value of the company's departmental accounts?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 6
A partnership is formed by three partners, A, B, and C, who contribute ₦200,000, ₦300,000, and ₦400,000 respectively. If the profit is divided in the ratio 2:3:4, what is the share of profit of partner A?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 7
A company's cash book shows a balance of ₦50,000. However, the bank statement shows a balance of ₦60,000. What is the reason for the difference?
A. The company has made a mistake in recording the cash transactions
B. The bank has made an error in preparing the statement
C. The company has deposited cash into the bank but has not yet been credited
D. The company has withdrawn cash from the bank but has not yet been debited
Question 8
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: 'Cash' (₦50,000), 'Accounts Payable' (₦20,000), and 'Sales' (₦30,000). What is the total value of the company's assets?
A. ₦100,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 9
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦900,000
B. ₦950,000
C. ₦1,000,000
D. ₦1,050,000
Question 10
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Share Premium 30,000
C. Debit Share Capital 10,000, Credit Cash 10,000
D. Debit Share Capital 30,000, Credit Share Premium 10,000
Question 11
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The balance on the capital account of the owner was ₦3,000,000. The company's profit-sharing ratio is 2:3:5. Calculate the amount of profit to be distributed to each partner.
A. ₦600,000
B. ₦900,000
C. ₦1,200,000
D. ₦1,500,000
Question 12
A company uses the straight-line method of depreciation. If the asset has a useful life of 5 years and a residual value of ₦10,000, what is the annual depreciation charge for an asset costing ₦50,000?
A. ₦8,000
B. ₦9,000
C. ₦10,000
D. ₦11,000
Question 13
A company issues 10,000, 5% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦950,000
B. ₦975,000
C. ₦1,000,000
D. ₦1,025,000
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | What is the balance of the cash book?
A. ₦1,200
B. ₦1,800
C. ₦2,000
D. ₦2,500
Question 15
A partnership is formed between two individuals, A and B. A invests ₦100,000 and B invests ₦80,000. The profit sharing ratio is 3:2. Calculate the profit sharing ratio.
A. 3:2
B. 2:3
C. 4:3
D. 5:4

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