POST UTME LEAD CITY UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has two departments: A and B. Department A has a balance of ₦50,000 in its control account, while Department B has a balance of ₦30,000. The total balance of the company is ₦80,000. What is the balance of the company's control account?
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦90,000
Question 2
A company's depreciation policy is to depreciate its assets by 10% per annum using the straight-line method. If an asset cost ₦100,000 and has a residual value of ₦20,000, what is the annual depreciation charge?
A. ₦8,000
B. ₦10,000
C. ₦12,000
D. ₦14,000
Question 3
A company's profit and loss account shows the following items:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 4
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦130,000. What is the likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has not yet credited the company's account for the deposited cash.
C. The company has not yet debited the cash from the bank account.
D. The company has not yet recorded the cash transaction in the cash book.
Question 5
A government agency is required to prepare a budget for the upcoming fiscal year. The budget must include a breakdown of expected revenues and expenditures. What is the primary purpose of this budget?
A. To determine the agency's financial position.
B. To plan for future financial needs.
C. To allocate resources among different departments.
D. To report on past financial performance.
Question 6
A company's cash book shows a debit balance of ₦150,000. However, the bank statement shows a credit balance of ₦120,000. What is the likely reason for the discrepancy?
A. The company has not recorded a bank overdraft.
B. The company has not recorded a bank loan.
C. The company's cash book is not up-to-date.
D. The bank has made an error in its statement.
Question 7
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio in percentage.
A. 60%
B. 40%
C. 50%
D. 30%
Question 8
A company has a cash book balance of ₦50,000 and a bank balance of ₦30,000. What is the total cash and bank balance?
A. ₦80,000
B. ₦70,000
C. ₦90,000
D. ₦80,000
Question 9
A company's trading account shows a profit of ₦500,000. However, the profit and loss account shows a loss of ₦200,000. What is the likely reason for the discrepancy?
A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
C. The company's trading account is not up-to-date.
D. The company's profit and loss account is not accurate.
Question 10
A company's manufacturing account shows a cost of goods sold of ₦150,000. If the company's sales revenue is ₦200,000, what is the gross profit?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 11
A partnership has two partners, A and B. The capital contributions of A and B are ₦80,000 and ₦60,000 respectively. If the profit is shared in the ratio 3:2, what is the share of profit of partner A?
A. ₦36,000
B. ₦48,000
C. ₦60,000
D. ₦72,000
Question 12
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurred costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total direct labor cost for the period is ₦200,000. What is the total cost of goods manufactured for the period?
A. ₦420,000
B. ₦450,000
C. ₦480,000
D. ₦520,000
Question 13
A manufacturing company uses a job costing system. The following information is available for the month of January: Direct Materials \\ 1,500, Direct Labour \\ 2,000, Overheads \\ 1,800. If the total cost of production is \\ 5,000, what is the cost of goods manufactured?
A. \\ 4,500
B. \\ 4,800
C. \\ 5,000
D. \\ 5,200
Question 14
A company's balance sheet shows the following assets and liabilities:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 15
A company uses the single entry system. The following transactions were recorded in the cash book for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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