POST UTME LAUTECH 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's bank statement showed a balance of ₦50,000. The company's cash book showed a balance of ₦60,000. The bank statement also showed a debit of ₦10,000 for a dishonored cheque. Prepare the necessary bank reconciliation statement.
A. ₦50,000 (bank statement) + ₦10,000 (dishonored cheque) = ₦60,000 (cash book)
B. ₦60,000 (cash book) - ₦10,000 (dishonored cheque) = ₦50,000 (bank statement)
C. ₦50,000 (bank statement) - ₦10,000 (dishonored cheque) = ₦40,000
D. ₦60,000 (cash book) + ₦10,000 (dishonored cheque) = ₦70,000
Question 2
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦22,000
Question 3
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦120,000. The bank statement also shows a debit of ₦30,000 for a dishonored cheque. What is the correct balance in the cash book?
A. ₦180,000
B. ₦150,000
C. ₦120,000
D. ₦90,000
Question 4
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000. What is the correct journal entry to record this transaction?
A. Debit Cash A/c ₦50,000, Credit Sales A/c ₦50,000
B. Debit Cash A/c ₦50,000, Credit Purchases A/c ₦30,000
C. Debit Sales A/c ₦50,000, Credit Cash A/c ₦50,000
D. Debit Purchases A/c ₦30,000, Credit Cash A/c ₦30,000
Question 5
A partnership has two partners, A and B, who share profits in the ratio 3:2. If the total profit is \\,12000, what is the share of partner A?
A. \\,9000
B. \\,10000
C. \\,11000
D. \\,12000
Question 6
A company's Balance Sheet shows the following balances: Equity ₦100,000, Liabilities ₦200,000. What is the correct balance in the Profit and Loss Account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦0
Question 7
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount of cash received?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 8
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000. What is the correct balance in the Cash Book?
A. ₦50,000
B. ₦30,000
C. ₦20,000
D. ₦40,000
Question 9
A company has the following single-entry system of accounting:
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 10
A company's balance sheet shows the following balances: Equity ₦100,000, Liabilities ₦200,000. What is the correct balance of the company's assets?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 11
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 15 Jan | Bank | | 8,000 | | 20 Jan | Cash | | 5,000 | What is the balance in the cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the correct balance of the company's profit and loss account?
A. ₦50,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 13
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 net income for the year is ₦150,000, how much will Partner A receive?
A. ₦90,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 14
A company has the following ledger balances at the end of the year:
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 15
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the correct balance of the company's balance sheet?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000

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