POST UTME LASU 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the reducing balance method.
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 2
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, and the cost of finished goods is ₦180,000. The company uses a weighted average method with a weight of 0.4 for raw materials and 0.6 for finished goods. What is the total value of the inventory?
A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000
Question 3
A company's trading account for the year shows the following transactions:
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 4
A company's trial balance showed an error of £ 1,000 in the debit side of the trading account. The correct balance of the trading account is £ 50,000. What is the correct balance of the profit and loss account?
A. £ 49,000
B. £ 50,000
C. £ 51,000
D. £ 52,000
Question 5
A company issued 5,000 shares of ₦20 each at a premium of ₦10 per share. Calculate the total amount received from the issue of shares.
A. ₦120,000
B. ₦125,000
C. ₦130,000
D. ₦135,000
Question 6
A company issued 10,000 debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the total discount received from the issue of these debentures.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 7
A company issued 5,000 shares of £ 1 each at a premium of £ 0.25 per share. Calculate the total amount received from the issue of shares.
A. £ 12,500
B. £ 12,750
C. £ 13,000
D. £ 13,250
Question 8
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000 Credit: Purchases £35,000. What is the correct entry in the ledger accounts?
A. Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000
B. Raw Materials £20,000, Work-in-Progress £10,000, Factory Overheads £5,000
C. Raw Materials £10,000, Work-in-Progress £20,000, Factory Overheads £5,000
D. Raw Materials £20,000, Work-in-Progress £10,000, Factory Overheads £5,000
Question 9
A company purchased a machine for ₦200,000. The machine has a useful life of 4 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 10
A company has two partners: A and B. Partner A has a 60% interest in the company, and Partner B has a 40% interest. The company has a profit of ₦100,000. What is Partner A's share of the profit?
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 11
A company has the following single entry: Purchased raw materials for ₦50,000. What is the journal entry for this transaction?
A. Raw Materials A/c Dr. ₦50,000
B. Raw Materials A/c Dr. ₦50,000; Cash A/c Dr. ₦50,000
C. Raw Materials A/c Dr. ₦50,000; Purchases A/c Dr. ₦50,000
D. Raw Materials A/c Dr. ₦50,000; Purchases A/c Dr. ₦50,000; Cash A/c Dr. ₦50,000
Question 12
A government agency's balance sheet shows an asset of ₦100,000, but the statement of financial position shows a liability of ₦50,000. What is the correct net asset or liability?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 13
A partnership has two partners, A and B. The capital accounts of A and B at the beginning of the year were ₦50,000 and ₦30,000 respectively. During the year, A withdrew ₦10,000 and B invested ₦5,000. The profit for the year was ₦20,000. Prepare the statement of profit or loss and the statement of changes in equity for the year.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 14
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 of share capital.
A. ₦ 50,000
B. ₦ 55,000
C. ₦ 60,000
D. ₦ 65,000
Question 15
A company's trial balance showed an error of £ 500 in the credit side of the trading account. The correct balance of the trading account is £ 40,000. What is the correct balance of the profit and loss account?
A. £ 39,500
B. £ 40,000
C. £ 40,500
D. £ 41,000

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