POST UTME LASU 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet as at 31st December 2022 showed a decrease in stock of ₦800,000. The company's profit for the year ended 31st December 2022 is ₦2,300,000. What is the amount of the company's profit for the year ended 31st December 2022, excluding the profit on the sale of stock?
A. ₦1,500,000
B. ₦1,700,000
C. ₦1,800,000
D. ₦2,300,000
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦50 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦60 per unit. Calculate the cost of goods sold for the year.
A. ₦15,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 3
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦130,000. What is the most likely reason for the difference?
A. The company has deposited ₦10,000 into its bank account.
B. The company has written a cheque for ₦10,000.
C. The bank has charged a service fee of ₦10,000.
D. The company has received a credit of ₦10,000 from a customer.
Question 4
A company uses the accrual basis of accounting. The company's accounts payable at the end of the year is 20,000. If the company's purchases during the year were 100,000, and the company's accounts payable at the beginning of the year was 10,000, what is the company's cost of goods sold?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 5
A company has the following incomplete records:
A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000
Question 6
A partnership is formed between two individuals, A and B, who contribute ₦100,000 and ₦150,000 respectively. The partnership agreement states that the profits and losses will be shared in the ratio 2:3. If the partnership makes a profit of ₦50,000, how much will A receive?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company uses the straight-line method of depreciation. The company's asset has a cost of 50,000, a residual value of 10,000, and a useful life of 5 years. What is the annual depreciation charge?
A. ₦8,000
B. ₦9,000
C. ₦10,000
D. ₦11,000
Question 8
A company's trial balance shows an error of ₦10,000 due to an incorrect posting of an account payable to an account receivable. The error was discovered during the preparation of the financial statements. Prepare the necessary journal entry to correct the error.
A. Debit Cash ₦10,000, Credit Accounts Payable ₦10,000
B. Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000
C. Debit Accounts Payable ₦10,000, Credit Accounts Receivable ₦10,000
D. Debit Cash ₦10,000, Credit Accounts Receivable ₦10,000
Question 9
A company has the following cash book:
A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000
Question 10
A company has the following manufacturing costs:
A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000
Question 11
A company has the following control accounts:
A. Debit 10,000 and Credit 5,000
B. Debit 5,000 and Credit 10,000
C. Debit 15,000 and Credit 10,000
D. Debit 10,000 and Credit 15,000
Question 12
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation charge?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 13
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. The issue expenses were ₦20,000. Prepare the journal entry to record the issue of shares.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company's trading account for the year ended 31st December 2022 showed a profit of ₦1,500,000. The balance sheet as at 31st December 2022 showed a decrease in stock of ₦800,000. The company's profit for the year ended 31st December 2022 is ₦2,300,000. What is the amount of the company's profit for the year ended 31st December 2022, excluding the profit on the sale of stock?
A. ₦1,500,000
B. ₦1,700,000
C. ₦1,800,000
D. ₦2,300,000
Question 15
A company's trading account for the year ended 31st December 2022 showed a profit of ₦1,500,000. The company's profit for the year ended 31st December 2022 is ₦2,300,000. What is the amount of the company's profit for the year ended 31st December 2022, excluding the profit on the sale of stock?
A. ₦1,500,000
B. ₦1,700,000
C. ₦1,800,000
D. ₦2,300,000

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