POST UTME LAUTECH 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed by three individuals: A, B, and C. A contributes ₦100,000 cash, B contributes ₦80,000 cash, and C contributes ₦60,000 cash. The partnership agreement states that the profits and losses will be shared in the ratio 3:2:1. If the net income for the year is ₦120,000, how much will A receive?
Question 2
A company's income statement shows the following balances: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Net Income ₦50,000. What is the gross profit?
Question 3
A company has a capital of ₦300,000 divided into 3,000 shares of ₦100 each. The company issues 1,500 shares at a premium of ₦15 per share. Calculate the amount received from the issue of shares.
Question 4
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 5
A company uses the straight-line method of depreciation. The cost of a machine is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
Question 6
A company's cash book for the year ended 31st December 2023 is as follows:
Debit:
Cash:₦ 10,000
Bank:₦ 20,000
Credit:
Cash:₦ 15,000
Bank:₦ 30,000
Calculate the bank balance at the end of the year.
Question 7
A company uses the straight-line method to depreciate its assets. If the company's asset has a useful life of 5 years and a residual value of ₦10,000, what is the annual depreciation charge?
Question 8
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The shares were issued for £ 1.50 each. Calculate the amount received from the issue of shares.
Question 9
A company uses the double-declining balance method of depreciation. The cost of a machine is ₦150,000 and its useful life is 5 years. What is the annual depreciation charge?
Question 10
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: salaries ₦600,000, rent ₦200,000, utilities ₦150,000, and miscellaneous ₦100,000. What is the percentage of the budget spent on salaries?
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Question 12
A company uses the absorption costing method to account for its manufacturing costs. The company has the following costs: direct materials ₦250,000, direct labor ₦200,000, and overhead ₦150,000. What is the total cost of production?
Question 13
A company's trial balance as at December 31, 2024, is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | |
| Accounts Payable | | ₦5,000 |
| Sales Revenue | | ₦100,000 |
| Cost of Goods Sold | ₦50,000 | |
| Net Income | | ₦20,000 |
| Total | ₦60,000 | ₦125,000 |
What is the correct balance of the Cash account?
Question 14
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?
Question 15
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦200,000 and its current liabilities are ₦100,000, what is the company's quick ratio?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows