POST UTME LASU 2017 Accounting | Objective

Are you preparing for POST UTME LASU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2017 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
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?
Correct A. ₦42,500
B. ₦45,500
C. ₦48,500
D. ₦51,500

Correct Answer: A

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Question 2
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
Correct B. ₦24,000
C. ₦28,000
D. ₦32,000

Correct Answer: B

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Question 3
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
Correct C. ₦220,000
D. ₦240,000

Correct Answer: C

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Question 4
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
Correct C. ₦80,000
D. ₦90,000

Correct Answer: C

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Question 5
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
Correct C. ₦400,000
D. ₦450,000

Correct Answer: C

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Question 6
A company has two partners, A and B, who share profits in the ratio 3:2. Their capital contributions are ₦60,000 and ₦40,000 respectively. If the company makes a profit of ₦120,000, how much will each partner receive?
Correct A. ₦90,000
B. ₦80,000
C. ₦60,000
D. ₦40,000

Correct Answer: A

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Question 7
A company uses the double-entry system of accounting. The following transactions are recorded in the ledger:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 8
A company prepares its final accounts for the year ended 31st December 2022. The trading account shows a profit of ₦150,000, and the profit and loss account shows a profit of ₦200,000. What is the total profit for the year?
A. ₦350,000
B. ₦400,000
C. ₦450,000
Correct D. ₦500,000

Correct Answer: D

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Question 9
A company has a balance sheet that shows assets of ₦500,000, liabilities of ₦200,000, and equity of ₦300,000. What is the company's liquidity ratio?
A. 2:1
Correct B. 3:1
C. 4:1
D. 5:1

Correct Answer: B

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Question 10
A company uses the self-balancing ledger system. The following transactions are recorded in the ledger:
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 11
Determine the amount of depreciation for the year ended 31st December 2019, for a machine purchased on 1st January 2015 at ₦120,000, with a useful life of 5 years and a residual value of ₦20,000.
A. ₦15,000
B. ₦20,000
Correct C. ₦25,000
D. ₦30,000

Correct Answer: C

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Question 12
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
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 13
A company's trading account for the year ended 31st December 2019 showed a profit of ₦150,000. The company's balance sheet as at 31st December 2018 showed a capital of ₦500,000 and a profit and loss account of ₦100,000. Prepare the company's statement of profit or loss for the year ended 31st December 2019.
A. ₦250,000
B. ₦300,000
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 14
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
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 15
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
Correct C. ₦350,000
D. ₦400,000

Correct Answer: C

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Question 16
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Calculate the amount received from the issue of shares.
A. £ 50,000
Correct B. £ 55,000
C. £ 60,000
D. £ 65,000

Correct Answer: B

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Question 17
A company purchased a machine for £ 80,000. It is expected to have a useful life of 5 years and a residual value of £ 10,000. Calculate the annual depreciation using the straight-line method.
A. £ 14,000
B. £ 15,000
Correct C. £ 16,000
D. £ 17,000

Correct Answer: C

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Question 18
A company issued 5,000 10% debentures of £ 100 each at a discount of £ 5 per debenture. Calculate the amount received from the issue of debentures.
A. £ 45,000
Correct B. £ 50,000
C. £ 55,000
D. £ 60,000

Correct Answer: B

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Question 19
A company has the following ledger balances: Cash £ 10,000, Bank £ 20,000, Debtors £ 30,000, Creditors £ 40,000. Prepare a trial balance.
Correct A. Cash £ 10,000, Bank £ 20,000, Debtors £ 30,000, Creditors £ 40,000
B. Cash £ 20,000, Bank £ 10,000, Debtors £ 40,000, Creditors £ 30,000
C. Cash £ 30,000, Bank £ 40,000, Debtors £ 20,000, Creditors £ 10,000
D. Cash £ 40,000, Bank £ 30,000, Debtors £ 10,000, Creditors £ 20,000

Correct Answer: A

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Question 20
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
Correct 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

Correct Answer: B

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Question 21
Determine the amount of depreciation for the year ended December 31, 2022, for a machine purchased on January 1, 2020, at ₦250,000, with an estimated useful life of 5 years and a residual value of ₦20,000.
A. ₦40,000
B. ₦45,000
Correct C. ₦50,000
D. ₦55,000

Correct Answer: C

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Question 22
A company has the following transactions for the year ended December 31, 2022: - Purchased office equipment for ₦120,000. - Sold office equipment for ₦80,000. - Purchased a building for ₦500,000. - Sold a building for ₦400,000. Determine the net gain or loss on disposal of assets.
Correct A. ₦20,000 gain
B. ₦20,000 loss
C. ₦40,000 gain
D. ₦40,000 loss

Correct Answer: A

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Question 23
A partnership has the following capital accounts: - A: ₦200,000 - B: ₦300,000 - C: ₦400,000 Determine the ratio of A's, B's, and C's capital.
Correct A. 2:3:4
B. 3:4:5
C. 4:5:6
D. 5:6:7

Correct Answer: A

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Question 24
A company has the following transactions for the year ended December 31, 2022: - Purchased raw materials for ₦100,000. - Sold raw materials for ₦120,000. - Purchased finished goods for ₦150,000. - Sold finished goods for ₦180,000. Determine the cost of goods sold.
A. ₦30,000
B. ₦40,000
Correct C. ₦50,000
D. ₦60,000

Correct Answer: C

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Question 25
A company has the following balance sheet as at December 31, 2022: - Assets: ₦500,000 - Liabilities: ₦200,000 - Equity: ₦300,000 Determine the return on equity.
A. 100%
B. 150%
Correct C. 200%
D. 250%

Correct Answer: C

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