POST UTME LASU 2021 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 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
In a public sector accounting system, what is the primary objective of the accounting process?
Correct A. To provide financial information for decision-making purposes
B. To ensure compliance with accounting standards
C. To provide a framework for budgeting and financial planning
D. To facilitate the preparation of financial statements

Correct Answer: A

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Question 2
A partnership 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 partner A receive?
Correct A. ₦90,000
B. ₦60,000
C. ₦72,000
D. ₦80,000

Correct Answer: A

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Question 3
A manufacturing company produces two products, X and Y, which require the following resources:
A. X requires 2 machines and 3 raw materials, while Y requires 3 machines and 2 raw materials
Correct B. X requires 3 machines and 2 raw materials, while Y requires 2 machines and 3 raw materials
C. X requires 2 machines and 2 raw materials, while Y requires 3 machines and 3 raw materials
D. X requires 3 machines and 3 raw materials, while Y requires 2 machines and 2 raw materials

Correct Answer: B

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Question 4
A company's trading account for the year shows the following transactions:
A. ₦120,000
Correct B. ₦150,000
C. ₦180,000
D. ₦200,000

Correct Answer: B

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Question 5
A company's balance sheet as at 31st December shows the following assets and liabilities:
A. ₦500,000
B. ₦600,000
Correct C. ₦700,000
D. ₦800,000

Correct Answer: C

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Question 6
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?
Correct A. ₦150,000
B. ₦180,000
C. ₦200,000
D. ₦220,000

Correct Answer: A

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Question 7
A company has the following transactions: Purchased raw materials for ₦100,000; sold goods for ₦150,000; purchased finished goods for ₦80,000. What is the total cost of goods sold?
A. ₦120,000
Correct B. ₦140,000
C. ₦160,000
D. ₦180,000

Correct Answer: B

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Question 8
A company has the following trial balance: Debit: ₦100,000; Credit: ₦120,000. What is the error in the trial balance?
A. ₦10,000
Correct B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: B

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Question 9
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
Correct 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

Correct Answer: C

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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?
Correct A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000

Correct Answer: A

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Question 11
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. £ 10,000
B. £ 50,000
Correct C. £ 60,000
D. £ 70,000

Correct Answer: C

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Question 12
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
Correct B. £ 50,000
C. £ 51,000
D. £ 52,000

Correct Answer: B

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Question 13
A company's assets are valued at £ 100,000. The company's liabilities are £ 50,000. What is the company's net worth?
A. £ 50,000
Correct B. £ 75,000
C. £ 100,000
D. £ 125,000

Correct Answer: B

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Question 14
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
Correct B. £ 12,750
C. £ 13,000
D. £ 13,250

Correct Answer: B

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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
Correct B. £ 40,000
C. £ 40,500
D. £ 41,000

Correct Answer: B

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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 of share capital.
A. ₦ 50,000
Correct B. ₦ 55,000
C. ₦ 60,000
D. ₦ 65,000

Correct Answer: B

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Question 17
A partnership has two partners, A and B. The capital accounts of A and B are ₦ 20,000 and ₦ 30,000 respectively. If the profit for the year is ₦ 15,000, and the drawings of A and B are ₦ 5,000 and ₦ 3,000 respectively, what is the amount of A's share of profit?
A. ₦ 6,000
Correct B. ₦ 7,000
C. ₦ 8,000
D. ₦ 9,000

Correct Answer: B

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Question 18
A company issued 5-year debentures of ₦ 10,000 each at 5% interest. If the debentures are redeemable at par, what is the amount of interest payable on ₦ 50,000 debentures?
A. ₦ 1,250
B. ₦ 1,500
Correct C. ₦ 2,000
D. ₦ 2,500

Correct Answer: C

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Question 19
A government agency has the following transactions: Revenue ₦ 100,000, Expenditure ₦ 80,000, and a transfer of ₦ 20,000 to a reserve fund. What is the net result of these transactions?
A. ₦ 20,000
Correct B. ₦ 40,000
C. ₦ 60,000
D. ₦ 80,000

Correct Answer: B

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Question 20
A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales ₦ 200,000, and Cost of Goods Sold ₦ 150,000. What is the amount of net profit?
A. ₦ 50,000
B. ₦ 60,000
Correct C. ₦ 70,000
D. ₦ 80,000

Correct Answer: C

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Question 21
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
Correct 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

Correct Answer: C

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Question 22
A company has the following incomplete records: 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
Correct 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

Correct Answer: C

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Question 23
A company has the following transactions: 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
Correct 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

Correct Answer: C

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Question 24
A company has the following transactions: 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
Correct 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

Correct Answer: C

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Question 25
A company has the following transactions: 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
Correct 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

Correct Answer: C

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