POST UTME LASU 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has a bank statement that includes the following transactions: a deposit of ₦10,000, a withdrawal of ₦5,000, and a credit of ₦8,000 for a dishonored cheque. What is the correct balance of the company's bank account?
A. ₦13,000
B. ₦18,000
C. ₦23,000
D. ₦28,000
Question 2
A company's balance sheet shows an asset of ₦1,000,000. The asset is depreciated by 10% per annum. What is the value of the asset after 2 years?
A. ₦0.90
B. ₦0.95
C. ₦1,000
D. ₦1,000.10
Question 3
A partnership between two individuals, John and Jane, was formed on January 1, 2020. Their capital contributions were as follows: John contributed ₦500,000 in cash and a building worth ₦300,000, while Jane contributed ₦200,000 in cash and a machine worth ₦250,000. The partnership agreement specified that profits and losses would be shared in the ratio 3:2. Calculate the total capital contributed by John and Jane.
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,100,000
Question 4
A company's trial balance shows the following account balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, and Cost of Goods Sold ₦150,000. What is the net income?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 5
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the likely reason for the discrepancy?
A. The company has not yet received a bank statement.
B. The company has not yet deposited a cheque.
C. The company has not yet cleared a cheque.
D. The company has not yet received a credit note.
Question 6
A company has the following balance sheet: Assets: ₦300,000, Liabilities: ₦200,000, Capital: ₦100,000. What is the company's net worth?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 7
A company's control account for the year ended 31st December 2020 is as follows: Debit: ₦1,200,000 Credit: ₦1,500,000 Determine the company's net loss for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 8
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement includes a credit of ₦10,000 for a dishonored cheque. What is the correct balance of the company's cash account?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦22,000
D. ₦18,000
Question 10
A company's income statement for the year ended December 31, 2020, showed the following: Sales Revenue ₦1,000,000, Cost of Goods Sold ₦600,000, and Net Income ₦200,000. What was the company's gross profit for the year?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦700,000
Question 11
A company's manufacturing account for the year ended 31st December 2020 is as follows: Prime Cost: ₦1,200,000 Overheads: ₦1,500,000 Determine the company's net loss for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 12
A company's trial balance as of December 31, 2020, showed the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the company's balance sheet as of December 31, 2020.
A. ₦1,250,000
B. ₦1,350,000
C. ₦1,450,000
D. ₦1,550,000
Question 13
A company has the following ledger balances: Debtors: ₦80,000, Creditors: ₦60,000, Capital: ₦100,000. What is the company's net worth?
A. ₦120,000
B. ₦140,000
C. ₦160,000
D. ₦180,000
Question 14
A company has the following cash book: Cash: ₦100,000, Bank: ₦200,000. What is the company's total cash and bank balance?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 15
A company's cash book showed the following transactions: Cash received from customers ₦20,000, Cash paid to suppliers ₦15,000, Cash paid to employees ₦10,000, Cash received from bank ₦5,000. Prepare the company's cash book.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000

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