POST UTME LAUTECH 2020 Accounting | Objective

Are you preparing for POST UTME LAUTECH exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2020 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
A company uses the double-entry system of accounting. The following transactions were recorded in the journal during the year:
Correct A. ₦1,000 cash received from customers
B. ₦500 cash paid to suppliers
C. ₦200 cash received from customers
D. ₦300 cash paid to employees

Correct Answer: A

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Question 2
A company has the following ledger balances at the end of the year:
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 3
A company has the following bank statement and cash book balances at the end of the year:
A. ₦10,000
B. ₦15,000
Correct C. ₦20,000
D. ₦25,000

Correct Answer: C

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Question 4
A company has the following incomplete records:
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 5
A company has the following single-entry system of accounting:
A. ₦5,000
B. ₦10,000
Correct C. ₦15,000
D. ₦20,000

Correct Answer: C

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Question 6
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?
Correct A. ₦180,000
B. ₦150,000
C. ₦120,000
D. ₦90,000

Correct Answer: A

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Question 7
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the profit for the year is ₦120,000, how much will A receive?
Correct A. ₦90,000
B. ₦80,000
C. ₦120,000
D. ₦100,000

Correct Answer: A

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Question 8
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 in the Balance Sheet?
A. ₦50,000
B. ₦200,000
C. ₦150,000
Correct D. ₦50,000

Correct Answer: D

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Question 9
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
Correct D. ₦0

Correct Answer: D

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Question 10
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?
Correct A. ₦50,000
B. ₦30,000
C. ₦20,000
D. ₦40,000

Correct Answer: A

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Question 11
A company's trial balance shows an error of \pm \frac{1}{2} in the debit side of the account. If the total debit is \\,5000, what is the total error in the trial balance?
Correct A. \\,2500
B. \\,5000
C. \\,7500
D. \\,10000

Correct Answer: A

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Question 12
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?
Correct A. \\,9000
B. \\,10000
C. \\,11000
D. \\,12000

Correct Answer: A

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Question 13
A company's assets are valued at \\,50000 and liabilities are \\,20000. What is the net worth of the company?
A. \\,30000
B. \\,40000
Correct C. \\,50000
D. \\,60000

Correct Answer: C

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Question 14
A company's depreciation policy is to depreciate assets by 10% per annum. If an asset is valued at \\,10000, what is its value after 2 years?
Correct A. \\,9000
B. \\,9500
C. \\,10000
D. \\,10500

Correct Answer: A

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Question 15
A company's trial balance shows an error of \pm \frac{1}{4} in the credit side of the account. If the total credit is \\,20000, what is the total error in the trial balance?
A. \\,5000
Correct B. \\,7500
C. \\,10000
D. \\,12500

Correct Answer: B

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Question 16
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?
Correct A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦22,000

Correct Answer: A

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Question 17
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. What is the total amount of assets?
A. ₦850,000
B. ₦950,000
Correct C. ₦1,050,000
D. ₦1,200,000

Correct Answer: C

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Question 18
A company uses the weighted average method to value its inventory. The following data is available: 100 units of item A at ₦50 each, 200 units of item B at ₦75 each, and 300 units of item C at ₦100 each. What is the total value of the inventory?
A. ₦35,000
B. ₦45,000
Correct C. ₦55,000
D. ₦65,000

Correct Answer: C

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Question 19
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
Correct C. ₦25,000
D. ₦30,000

Correct Answer: C

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Question 20
A company has the following transactions: Purchased goods for ₦100,000, Sold goods for ₦150,000, and Paid salaries of ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 21
A company has the following transactions: Purchased goods for ₦100,000, Sold goods for ₦150,000, and Paid salaries of ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 22
A company has the following transactions: Purchased goods for ₦100,000, Sold goods for ₦150,000, and Paid salaries of ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 23
A company has the following transactions: Purchased goods for ₦100,000, Sold goods for ₦150,000, and Paid salaries of ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 24
A company has the following transactions: Purchased goods for ₦100,000, Sold goods for ₦150,000, and Paid salaries of ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 25
A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦130,000. The difference of ₦10,000 is due to a dishonored cheque. What is the correct journal entry to record this transaction?
A. Debit Cash A/c ₦10,000, Credit Bank A/c ₦10,000
Correct B. Debit Bank A/c ₦10,000, Credit Cash A/c ₦10,000
C. Debit Dishonored Cheque A/c ₦10,000, Credit Cash A/c ₦10,000
D. Debit Bank A/c ₦10,000, Credit Dishonored Cheque A/c ₦10,000

Correct Answer: B

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