POST UTME LASU 2017 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's profit and loss account shows a net profit of ₦80,000. If the company's turnover is ₦400,000 and its gross profit is ₦180,000, what is the company's operating expenses?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 2
A company has the following transactions: Purchased goods for £ 10,000, Sold goods for £ 15,000, Purchased equipment for £ 20,000. Prepare a cash book.
A. Cash £ 10,000, Bank £ 5,000, Debtors £ 15,000, Creditors £ 20,000
B. Cash £ 15,000, Bank £ 10,000, Debtors £ 20,000, Creditors £ 15,000
C. Cash £ 20,000, Bank £ 15,000, Debtors £ 10,000, Creditors £ 20,000
D. Cash £ 25,000, Bank £ 20,000, Debtors £ 15,000, Creditors £ 10,000
Question 3
A company uses the straight-line method of depreciation. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦20,000
B. ₦24,000
C. ₦28,000
D. ₦32,000
Question 4
A partnership was formed on 1st January 2018 between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. On 1st January 2019, A withdrew ₦50,000 and B invested an additional ₦20,000. Prepare the partnership's statement of profit or loss for the year ended 31st December 2019.
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 5
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000, Direct Labour: ₦8,000, Overheads: ₦12,000. Calculate the total cost of the job.
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 6
A company's balance sheet shows an increase in its current assets of ₦500,000 and a decrease in its current liabilities of ₦200,000. What is the net increase in working capital?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 7
A manufacturing company uses the process costing method to value its products. The following data are available for the month of January: Direct materials: ₦100,000 Direct labor: ₦150,000 Overhead: ₦200,000 The company produced 10,000 units of product during the month. Determine the cost per unit of product.
A. ₦45.00
B. ₦50.00
C. ₦55.00
D. ₦60.00
Question 8
A company's balance sheet shows a current ratio of 2:1. If the total current assets are ₦120,000 and the total current liabilities are ₦60,000, what is the company's total assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 9
A company's trial balance shows an error of 1,000 in the debit side of the account 'Rent and Rates'. The correct balance is 5,000. What is the correct balance in the credit side of the account 'Rent and Rates'?
A. ₦4,000
B. ₦5,000
C. ₦6,000
D. ₦7,000
Question 10
A company's balance sheet as at 31st December 2018 showed a capital of ₦500,000 and a profit and loss account of ₦100,000. The company's trading account for the year ended 31st December 2019 showed a profit of ₦150,000. Prepare the company's statement of profit or loss for the year ended 31st December 2019.
A. ₦250,000
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 11
A company purchased a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation.
A. ₦25,000
B. ₦28,000
C. ₦30,000
D. ₦32,000
Question 12
A company's trading account for the year ended 31st December 2022 is as follows: Debit: Selling expenses: ₦120,000 Cost of goods sold: ₦1,500,000 Purchases: ₦2,000,000 Returns inwards: ₦50,000 Credit: Sales: ₦3,000,000 Opening inventory: ₦200,000 Closing inventory: ₦250,000 Determine the company's gross profit for the year.
A. ₦1,150,000
B. ₦1,200,000
C. ₦1,250,000
D. ₦1,300,000
Question 13
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance should be ₦45,000. What is the correct balance in the accounts receivable account?
A. ₦42,500
B. ₦45,500
C. ₦48,500
D. ₦51,500
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 15
A company's balance sheet shows a total assets of ₦500,000 and a total equity of ₦200,000. What is the company's total liabilities?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000

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