POST UTME LASU 2024 Accounting | Objective

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Question 1 View Details
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦100,000
Correct B. ₦150,000
C. ₦200,000
D. ₦250,000

Correct Answer: B

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Question 2 View Details
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit is shared in the ratio 3:2, calculate the profit sharing of A.
Correct A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000

Correct Answer: A

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Question 3 View Details
A company issued 5,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦450,000
Correct B. ₦475,000
C. ₦500,000
D. ₦525,000

Correct Answer: B

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Question 4 View Details
A company has the following ledger balances: Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000. Prepare a trial balance.
Correct A. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000
B. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Profit ₦10,000
C. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Profit ₦20,000
D. Cash ₦50,000, Debtors ₦30,000, Creditors ₦20,000, Loss ₦10,000

Correct Answer: A

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Question 5 View Details
A company has the following incomplete records: Sales ₦100,000, Purchases ₦80,000, Wages ₦20,000. Prepare a statement of profit or loss.
Correct A. Profit ₦20,000
B. Loss ₦10,000
C. Profit ₦10,000
D. Loss ₦20,000

Correct Answer: A

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Question 6 View Details
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The bank reconciliation statement reveals that there is an outstanding cheque of ₦15,000 and a deposit in transit of ₦20,000. What is the correct balance in the company's cash book?
A. ₦125,000
B. ₦130,000
Correct C. ₦135,000
D. ₦140,000

Correct Answer: C

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Question 7 View Details
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦150,000. What is the correct balance in the company's trading account?
A. ₦350,000
B. ₦300,000
C. ₦250,000
Correct D. ₦200,000

Correct Answer: D

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Question 8 View Details
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the company's net worth?
A. ₦200,000
Correct B. ₦250,000
C. ₦300,000
D. ₦350,000

Correct Answer: B

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Question 9 View Details
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The bank reconciliation statement reveals that there is an outstanding cheque of ₦15,000 and a deposit in transit of ₦20,000. What is the correct balance in the company's cash book?
A. ₦125,000
B. ₦130,000
Correct C. ₦135,000
D. ₦140,000

Correct Answer: C

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Question 10 View Details
A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦150,000. What is the correct balance in the company's trading account?
A. ₦350,000
B. ₦300,000
C. ₦250,000
Correct D. ₦200,000

Correct Answer: D

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Question 11 View Details
A company uses the double entry system to record transactions. If a customer pays ₦500 for goods worth ₦600, what is the effect on the accounting equation?
A. Assets increase by ₦500, Liabilities decrease by ₦500
B. Assets increase by ₦600, Liabilities decrease by ₦600
Correct C. Assets increase by ₦500, Equity increases by ₦500
D. Assets decrease by ₦500, Liabilities increase by ₦500

Correct Answer: C

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Question 12 View Details
A government agency uses the public sector accounting system to record transactions. If a grant of ₦1,000,000 is received from the government, what is the effect on the accounting equation?
A. Assets increase by ₦1,000,000, Liabilities decrease by ₦1,000,000
Correct B. Assets increase by ₦1,000,000, Equity increases by ₦1,000,000
C. Assets decrease by ₦1,000,000, Liabilities increase by ₦1,000,000
D. Assets increase by ₦1,000,000, Liabilities increase by ₦1,000,000

Correct Answer: B

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Question 13 View Details
A company prepares a trial balance. If the total debit balance is ₦500,000 and the total credit balance is ₦600,000, what is the effect on the accounting equation?
A. Assets increase by ₦100,000, Liabilities decrease by ₦100,000
Correct B. Assets increase by ₦100,000, Equity increases by ₦100,000
C. Assets decrease by ₦100,000, Liabilities increase by ₦100,000
D. Assets decrease by ₦100,000, Liabilities decrease by ₦100,000

Correct Answer: B

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Question 14 View Details
A company prepares a trading account. If the cost of goods sold is ₦500,000 and the sales revenue is ₦600,000, what is the effect on the accounting equation?
A. Assets increase by ₦100,000, Liabilities decrease by ₦100,000
Correct B. Assets increase by ₦100,000, Equity increases by ₦100,000
C. Assets decrease by ₦100,000, Liabilities increase by ₦100,000
D. Assets decrease by ₦100,000, Liabilities decrease by ₦100,000

Correct Answer: B

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Question 15 View Details
A company prepares a balance sheet. If the total assets are ₦1,000,000 and the total liabilities are ₦500,000, what is the effect on the accounting equation?
A. Assets increase by ₦500,000, Liabilities increase by ₦500,000
Correct B. Assets increase by ₦500,000, Equity increases by ₦500,000
C. Assets decrease by ₦500,000, Liabilities decrease by ₦500,000
D. Assets decrease by ₦500,000, Liabilities increase by ₦500,000

Correct Answer: B

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Question 16 View Details
A company uses a self-balancing ledger to record transactions. If a customer pays ₦500 for goods worth ₦600, what is the effect on the accounting equation?
A. Assets increase by ₦500, Liabilities decrease by ₦500
B. Assets increase by ₦600, Liabilities decrease by ₦600
Correct C. Assets increase by ₦500, Equity increases by ₦500
D. Assets decrease by ₦500, Liabilities increase by ₦500

Correct Answer: C

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Question 17 View Details
A company prepares a trial balance. If the total debit balance is ₦500,000 and the total credit balance is ₦600,000, what is the effect on the accounting equation?
A. Assets increase by ₦100,000, Liabilities decrease by ₦100,000
Correct B. Assets increase by ₦100,000, Equity increases by ₦100,000
C. Assets decrease by ₦100,000, Liabilities increase by ₦100,000
D. Assets decrease by ₦100,000, Liabilities decrease by ₦100,000

Correct Answer: B

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Question 18 View Details
A company prepares a trading account. If the cost of goods sold is ₦500,000 and the sales revenue is ₦600,000, what is the effect on the accounting equation?
A. Assets increase by ₦100,000, Liabilities decrease by ₦100,000
B. Assets increase by ₦100,000, Equity increases by ₦100,000
C. Assets decrease by ₦100,000, Liabilities increase by ₦100,000
D. Assets decrease by ₦100,000, Liabilities decrease by ₦100,000

Correct Answer: VIEW ANSWER

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Question 19 View Details
A company's trial balance shows a credit balance of ₦5,000 in the 'Rent Received' account. However, the company's accounting records indicate that it has not received any rent from its tenants. What is the correct treatment of this discrepancy?
Correct A. Debit the 'Rent Received' account by ₦5,000
B. Credit the 'Rent Received' account by ₦5,000
C. Debit the 'Rent Received' account by ₦5,000 and credit the 'Rent Paid' account by ₦5,000
D. Do nothing, as the trial balance is correct

Correct Answer: A

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Question 20 View Details
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦10,000, what is the annual depreciation charge if the asset's cost is ₦50,000?
Correct A. ₦8,000
B. ₦10,000
C. ₦12,000
D. ₦15,000

Correct Answer: A

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Question 21 View Details
A bank statement shows a balance of ₦20,000, but the company's cash book shows a balance of ₦25,000. What is the correct explanation for this discrepancy?
A. The bank statement is correct, and the cash book is incorrect
Correct B. The cash book is correct, and the bank statement is incorrect
C. The bank statement is correct, but the cash book has an error
D. The cash book is correct, but the bank statement has an error

Correct Answer: B

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Question 22 View Details
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and partner B has a 40% interest. If the partnership's profit is ₦100,000, how much will partner A receive?
Correct A. ₦60,000
B. ₦40,000
C. ₦50,000
D. ₦70,000

Correct Answer: A

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Question 23 View Details
A company's trading account shows a profit of ₦150,000. However, the company's profit and loss account shows a loss of ₦50,000. What is the correct explanation for this discrepancy?
A. The trading account is correct, and the profit and loss account is incorrect
Correct B. The profit and loss account is correct, and the trading account is incorrect
C. The trading account is correct, but the profit and loss account has an error
D. The profit and loss account is correct, but the trading account has an error

Correct Answer: B

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Question 24 View Details
A company's balance sheet shows a total asset value of ₦500,000 and a total liability value of ₦300,000. What is the company's equity?
Correct A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000

Correct Answer: A

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Question 25 View Details
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦10,000, what is the annual depreciation charge if the asset's cost is ₦50,000?
Correct A. ₦8,000
B. ₦10,000
C. ₦12,000
D. ₦15,000

Correct Answer: A

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