POST UTME LAUTECH 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the cash book to record its transactions. The cash book shows the following transactions:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦4,750,000
B. ₦4,875,000
C. ₦4,950,000
D. ₦5,000,000
Question 3
A company's capital structure consists of 60% equity and 40% debt. If the company's total capital is ₦1,000,000, calculate the amount of debt.
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦800,000
Question 4
A company has the following equity: Common Stock ₦100,000, Retained Earnings ₦50,000, and Dividends ₦20,000. What is the total amount of equity?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 5
The partners in a firm share profits and losses in the ratio 3:2:1. If the total profit for the year is ₦120,000, calculate the amount of profit that will be shared by each partner.
A. ₦30,000
B. ₦40,000
C. ₦60,000
D. ₦80,000
Question 6
A partnership has three partners, A, B, and C. Partner A has a 40% interest in the partnership, while partner B has a 30% interest and partner C has a 30% interest. If the partnership has a net profit of ₦180,000, how much will partner A receive as their share of the profit?
A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 7
A company's balance sheet shows a current asset of ₥10000 and a current liability of ₥20000. What is the company's working capital?
A. ₥000
B. ₥10000
C. ₥20000
D. ₥30000
Question 8
A company's balance sheet shows an asset of ₦100,000. The company's profit and loss account shows a profit of ₦50,000. Calculate the company's return on investment (ROI) using the formula: ROI = (Profit / Total Assets) x 100.
A. 20%
B. 25%
C. 30%
D. 35%
Question 9
A company's trial balance shows an error of ₦10,000 due to an omission of a transaction. Prepare the necessary journal entry to correct the error.
A. Debit Cash ₦10,000, Credit Profit and Loss Account ₦10,000
B. Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000
C. Debit Profit and Loss Account ₦10,000, Credit Capital ₦10,000
D. Debit Capital ₦10,000, Credit Profit and Loss Account ₦10,000
Question 10
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, while partner B has a 40% interest. If the partnership has a net profit of ₦120,000, how much will partner A receive as their share of the profit?
A. ₦72,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 11
A company issues 5,000 debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 12
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference is due to an unrecorded deposit of ₦10,000. Prepare the necessary journal entry to reconcile the cash book and bank statement.
A. Debit Cash ₦10,000, Credit Bank ₦10,000
B. Debit Bank ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Profit and Loss Account ₦10,000
D. Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000
Question 13
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦10,000 for a customer who has since become insolvent. Calculate the corrected cash book balance.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 14
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method. The machine is currently in its 3rd year of use.
A. ₦12,500
B. ₦25,000
C. ₦37,500
D. ₦50,000
Question 15
A company has the following transactions for the year: ₦1,000,000 cash received from the sale of goods ₦800,000 cash paid to suppliers ₦200,000 cash paid to employees ₦300,000 cash received from the sale of assets ₦400,000 cash paid to the government for taxes Calculate the net cash inflow for the year.
A. ₦1,100,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000

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