POST UTME LASU 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will A receive?
Question 2
A company uses the following accounts: Purchases, Sales, Cost of Goods Sold, and Gross Profit. The company's trial balance shows the following balances: Purchases = ₦120,000, Sales = ₦150,000, Cost of Goods Sold = ₦80,000, and Gross Profit = ₦30,000. What is the correct order of the accounts in the ledger?
Question 3
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.
Question 4
A company uses the weighted average method to value its inventory. If the total cost of goods available for sale is ₦500,000, the cost of goods sold is ₦420,000, and the total number of units available for sale is 1,000, what is the cost per unit?
Question 5
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦50,000 and a useful life of 5 years. What is the annual depreciation?
Question 6
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?
Question 7
A company has the following balance sheet:
Assets:
Cash: ₦10,000
Accounts Receivable: ₦20,000
Inventory: ₦30,000
Total Assets: ₦60,000
Liabilities:
Accounts Payable: ₦15,000
Long-term Debt: ₦25,000
Total Liabilities: ₦40,000
Equity:
Common Stock: ₦20,000
Retained Earnings: ₦5,000
Total Equity: ₦25,000
What is the company's current ratio?
Question 8
The following is a trial balance for a trading company:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | 0 |
| Accounts Payable | 0 | 5,000 |
| Sales Revenue | 0 | 15,000 |
| Cost of Goods Sold | 8,000 | 0 |
| Net Income | 0 | 0 |
| Total | 18,000 | 20,000 |
What is the correct classification of the above trial balance?
Question 9
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?
Question 10
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?
Question 11
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?
Question 12
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?
Question 13
A government agency has the following transactions: Receipt of revenue ₦200,000, Payment of salaries ₦150,000, Payment of rent ₦30,000, and Purchase of assets ₦50,000. What is the net effect on the agency's cash balance?
Question 14
A company has the following incomplete records: Sales ₦100,000, Purchases ₦80,000, Wages ₦20,000. Prepare a statement of profit or loss.
Question 15
A company has the following financial statements:
Balance Sheet:
Cash: ₦20,000
Accounts Receivable: ₦30,000
Inventory: ₦40,000
Total Assets: ₦90,000
Income Statement:
Sales Revenue: ₦120,000
Cost of Goods Sold: ₦60,000
Net Income: ₦20,000
What is the company's return on equity?
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