POST UTME LASU 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the absorption costing system. The company has a direct labor cost of ₦500,000 and an overhead cost of ₦300,000. What is the total cost of production?
Question 2
A company has the following trial balance: Sales ₦100,000, Cost of Goods Sold ₦50,000, Rent Expense ₦20,000, Salaries Expense ₦30,000, and Dividends ₦10,000. What is the net income of the company?
Question 3
A manufacturing company has the following data:
| Product | Units Sold | Selling Price | Cost Price |
| --- | --- | --- | --- |
| A | 100 | ₦100 | ₦50 |
| B | 50 | ₦150 | ₦75 |
What is the gross profit for product A?
Question 4
A company has a cash balance of ₦500,000 and a bank overdraft of ₦200,000. Prepare a cash flow statement for the year ended 31st December 2024.
Question 5
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 ₦1,500,000?
Question 6
A company's trial balance as at 31st December, 2024, is as follows: Cash: ₦500,000; Accounts Payable: ₦200,000; Sales Revenue: ₦1,000,000; Cost of Goods Sold: ₦800,000. Prepare a corrected trial balance.
Question 7
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1000 | |
| 2 | Sales | | 1500 |
| 3 | Expenses | 500 | |
| 4 | Cash | | 800 |
What is the total amount of cash at the end of the period?
Question 8
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at a premium of 5% after 5 years. Calculate the amount of premium to be paid on redemption.
Question 9
A company has the following balance sheet: Assets ₦100,000, Liabilities ₦50,000, and Equity ₦50,000. The company also has the following income statement: Revenue ₦80,000, Cost of Goods Sold ₦30,000, and Net Income ₦50,000. Calculate the company's return on equity (ROE).
Question 10
A company has the following trial balance: Sales ₦120,000, Cost of Goods Sold ₦50,000, Rent Expense ₦25,000, Salaries Expense ₦35,000, and Dividends ₦15,000. What is the net income of the company?
Question 11
A public sector organization has a budget of ₦500 million for the year. The organization has the following expenses: ₦120 million for salaries, ₦80 million for rent, and ₦30 million for utilities. What is the percentage of the budget spent on salaries?
Question 12
A company has the following balance sheet: Assets ₦150,000, Liabilities ₦75,000, and Equity ₦75,000. The company also has the following income statement: Revenue ₦120,000, Cost of Goods Sold ₦40,000, and Net Income ₦80,000. Calculate the company's return on equity (ROE).
Question 13
A company has two partners, A and B, who share profits in the ratio 3:2. The capital of the company is divided in the ratio 5:3. If the total profit for the year is ₦120,000 and the total capital is ₦300,000, calculate the amount of profit and capital that each partner is entitled to.
Question 14
A company uses the marginal costing system. The company has a direct labor cost of ₦300,000 and an overhead cost of ₦200,000. What is the total cost of production?
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Common Stock ₦500,000. What is the total amount of assets?
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