POST UTME LASU 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company 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 A receive?
Question 2
A public sector organization has a budget of ₦1,000,000 for a project. If the actual expenditure is ₦800,000, what is the variance?
Question 3
A company's trading account for the year ended 31st December 2022 showed a profit of ₦120,000. The balance on the profit and loss account was ₦80,000. The balance on the capital account was ₦150,000. The balance on the drawings account was ₦20,000. The balance on the profit sharing account was ₦30,000. What is the balance on the profit sharing account after the profit of ₦120,000 has been divided among the partners?
Question 4
A company's public sector accounting records showed the following: Appropriation ₦0,500,000, Expenditure ₦0,800,000, Surplus ₦0,700,000. What is the company's appropriation percentage?
Question 5
A company has two types of shares: ordinary and preference. The ordinary shares have a par value of ₦5 each, while the preference shares have a par value of ₦10 each. If the company issues 10,000 ordinary shares and 5,000 preference shares, what is the total par value of the shares issued?
Question 6
A company's bank reconciliation statement shows the following discrepancies: Bank Balance ₦50,000, Cash Balance ₦30,000, and Outstanding Checks ₦20,000. What is the company's net bank balance?
Question 7
A company's double entry system showed the following: Debit ₦0,800,000, Credit ₦0,500,000, Balance ₦0,700,000. What is the company's net worth?
Question 8
A company's profit and loss account for the year ended 31st December 2022 showed a profit of ₦120,000. The balance on the profit and loss account was ₦80,000. The balance on the capital account was ₦150,000. The balance on the drawings account was ₦20,000. The balance on the profit sharing account was ₦30,000. What is the new balance on the profit sharing account after the profit of ₦120,000 has been divided among the partners?
Question 9
A company's balance sheet as at 31st December 2022 showed the following balances: Share Capital ₦150,000, Profit and Loss Account ₦80,000, Drawings ₦20,000. The company made a profit of ₦120,000 during the year. What is the new balance on the profit and loss account?
Question 10
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦300,000, and Equity ₦200,000. What is the company's current ratio?
Question 11
A company uses the straight-line method of depreciation. The company purchases a machine for ₦200,000 and expects it to last for 5 years. What is the annual depreciation expense?
Question 12
A company's double entry system showed the following: Debit ₦0,800,000, Credit ₦0,500,000, Balance ₦0,700,000. What is the company's net worth?
Question 13
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method. The machine is depreciated by 20% per annum.
Question 14
A government agency is required to prepare a budget that includes the following items:
Personnel 10,000, Travel 5,000, Supplies 2,000
What is the total amount of the budget?
Question 15
A company's balance sheet as at 31st December 2022 showed the following balances: Share Capital ₦150,000, Profit and Loss Account ₦80,000, Drawings ₦20,000. The company made a profit of ₦120,000 during the year. What is the new balance on the profit and loss account?
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