POST UTME LAUTECH 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows an error of ₦1,500 in the debit side of the purchases account. The correct amount of purchases is ₦120,000. What is the correct amount of purchases?
A. ₦121,500
B. ₦120,500
C. ₦119,500
D. ₦118,500
Question 2
A company has the following transactions for the year ended December 31, 2022: Purchased office equipment for ₦50,000 Purchased office furniture for ₦30,000 Sold office equipment for ₦20,000 What is the net increase in the company's assets for the year ended December 31, 2022?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 3
A government agency uses the accrual basis of accounting. The agency's financial statements show the following accounts: Revenues 100,000, Expenses 80,000, and Net Income 20,000. What is the agency's total assets?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 4
A company manufactures two products, X and Y, which require the following resources: X requires 2 hours of labor and 3 units of raw material, while Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, what is the maximum number of units of product X that can be produced?
A. 60
B. 80
C. 100
D. 120
Question 5
A company's cash book shows the following transactions: Debit 1,000 to Cash and Credit 1,000 to Accounts Payable. What is the effect of this transaction on the company's cash balance?
A. ₦0
B. ₦1,000
C. ₦2,000
D. ₦3,000
Question 6
In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for the past three years?
A. Average capital method
B. Last year's capital method
C. Pro-rata time method
D. Capital at the beginning of the year method
Question 7
A company has the following transactions: (1) Purchased goods for ₦200,000 (2) Sold goods for ₦240,000 (3) Paid cash to suppliers What is the correct journal entry for these transactions?
A. Debit Purchases, Credit Cash ₦200,000; Debit Cash, Credit Sales ₦240,000
B. Debit Purchases, Credit Cash ₦240,000; Debit Cash, Credit Sales ₦200,000
C. Debit Purchases, Credit Cash ₦240,000; Debit Sales, Credit Cash ₦200,000
D. Debit Cash, Credit Purchases ₦200,000; Debit Sales, Credit Cash ₦240,000
Question 8
A company's trial balance shows an error of ₦3,000 in the credit side of the sales account. The correct amount of sales is ₦150,000. What is the correct amount of sales?
A. ₦153,000
B. ₦152,000
C. ₦151,000
D. ₦150,000
Question 9
A company has the following transactions: (1) Purchased goods for ₦150,000 (2) Sold goods for ₦180,000 (3) Paid cash to suppliers What is the correct journal entry for these transactions?
A. Debit Purchases, Credit Cash ₦150,000; Debit Cash, Credit Sales ₦180,000
B. Debit Purchases, Credit Cash ₦180,000; Debit Cash, Credit Sales ₦150,000
C. Debit Purchases, Credit Cash ₦180,000; Debit Sales, Credit Cash ₦150,000
D. Debit Cash, Credit Purchases ₦150,000; Debit Sales, Credit Cash ₦180,000
Question 10
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000 Net realizable value of closing inventory: ₦1,200,000 Cost of goods sold: ₦1,000,000 What is the value of the company's inventory at December 31, 2022?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 11
In a single-entry system, a company records the following transactions: (1) Cash received from customers (2) Goods sold to customers (3) Goods purchased from suppliers (4) Cash paid to suppliers What is the correct order of recording these transactions?
A. (1), (2), (3), (4)
B. (1), (3), (2), (4)
C. (1), (2), (4), (3)
D. (1), (3), (4), (2)
Question 12
A company has the following transactions: (1) Purchased goods for ₦100,000 (2) Sold goods for ₦120,000 (3) Paid cash to suppliers What is the correct journal entry for these transactions?
A. Debit Purchases, Credit Cash ₦100,000; Debit Cash, Credit Sales ₦120,000
B. Debit Purchases, Credit Cash ₦120,000; Debit Cash, Credit Sales ₦100,000
C. Debit Purchases, Credit Cash ₦120,000; Debit Sales, Credit Cash ₦100,000
D. Debit Cash, Credit Purchases ₦100,000; Debit Sales, Credit Cash ₦120,000
Question 13
A company's cash book shows a balance of ₦10,000. The bank statement shows a balance of ₦12,000. The cash book also shows a debit of ₦2,000 for a cheque that has been returned unpaid. What is the correct balance of the company's cash?
A. ₦11,000
B. ₦12,000
C. ₦13,000
D. ₦14,000
Question 14
A company's bank reconciliation statement shows the following discrepancies: 500 in unrecorded deposits and 200 in unrecorded checks. What is the net effect of these discrepancies on the company's cash balance?
A. ₦300
B. ₦400
C. ₦500
D. ₦600
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, and Common Stock ₦100,000. Prepare the company's balance sheet.
A. Assets ₦250,000, Liabilities ₦50,000, Equity ₦200,000
B. Assets ₦200,000, Liabilities ₦150,000, Equity ₦50,000
C. Assets ₦150,000, Liabilities ₦200,000, Equity ₦50,000
D. Assets ₦50,000, Liabilities ₦200,000, Equity ₦150,000

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