POST UTME LAUTECH 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A manufacturing company has the following transactions:
Date | Debit | Credit
-----|-------|-------
1/1 | ₦100,000 | ₦50,000
8/1 | ₦80,000 | ₦40,000
15/1 | ₦120,000 | ₦60,000
What is the total amount of materials purchased?
Question 2
A company's cash book shows the following transactions:
Date | Debit | Credit
-----|-------|-------
1/1 | ₦10,000 | ₦5,000
8/1 | ₦8,000 | ₦4,000
15/1 | ₦12,000 | ₦6,000
What is the total amount of cash debited in the cash book?
Question 3
A company's cash book shows a credit balance of ₦25,000 in the cash account. However, the bank statement shows a debit balance of ₦15,000. What is the reason for the discrepancy?
Question 4
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦100,000 and the Assembly department has a production cost of ₦150,000. What is the total production cost of the product?
Question 5
A company purchases a machine for ₦800,000 and immediately sells it for ₦700,000. The company also incurs a selling commission of ₦30,000. Calculate the loss made on the sale of the machine.
Question 6
A partnership has two partners: A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's profit for the year is ₦120,000. What is partner A's share of the profit?
Question 7
A company's assets are valued at ₦1,000,000. The company depreciates its assets by 10% per annum. What is the value of the assets after 2 years?
Question 8
A company has a trial balance that shows a debit balance of ₦50,000 in the accounts payable account. However, the ledger accounts show a credit balance of ₦20,000 in the accounts payable account. What is the reason for the discrepancy?
Question 9
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦100,000 and the Assembly department has a production cost of ₦150,000. What is the total production cost of the company?
Question 10
A company's trial balance shows the following:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | ₦200,000 | |
| Cost of Goods Sold | | ₦150,000 |
| Salaries | ₦50,000 | |
| Rent | | ₦20,000 |
Prepare the company's income statement.
Question 11
A company's trial balance shows a debit balance of ₦15,000 in the accounts payable account. However, the ledger account shows a credit balance of ₦10,000. What is the correct explanation for this discrepancy?
Question 12
A company uses the percentage of completion method to value its construction contracts. At the end of the current year, the company has completed 75% of a contract that was awarded at the beginning of the year. The contract price is ₦1,500,000, and the company has incurred costs of ₦1,125,000. Calculate the profit recognized for the year.
Question 13
A company issues 5,000, 12% preference shares of ₦50 each at a premium of ₦10 per share. Calculate the amount received from shareholders and the carrying value of the preference shares.
Question 14
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 in rent and rates for the year. What is the correct journal entry to record the error?
Question 15
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
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