POST UTME LASU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A manufacturing company uses a job costing system. The following data is available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦80,000; Overheads: ₦60,000. Calculate the total cost of production for the month.
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 3
A company's balance sheet has the following accounts: Cash: ₦50,000, Accounts Payable: ₦30,000, and Common Stock: ₦100,000. If the company uses the accrual basis of accounting, what is the amount of net income?
Question 4
A company's financial statements for the year ended 31st December are as follows: Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Gross Profit: ₦200,000; Operating Expenses: ₦100,000; Net Income: ₦100,000. Prepare a statement of cash flows for the company.
Question 5
A company's financial statements for the year ended 31st December are as follows: Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Gross Profit: ₦200,000; Operating Expenses: ₦100,000; Net Income: ₦100,000. Prepare a statement of cash flows for the company.
Question 6
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a classified balance sheet.
Question 7
A company's financial statements for the year ended 31st December are as follows: Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Gross Profit: ₦200,000; Operating Expenses: ₦100,000; Net Income: ₦100,000. Prepare a balance sheet for the company.
Question 8
A partnership has three partners: A, B, and C. The capital accounts of the partners are A: ₦100,000, B: ₦80,000, and C: ₦60,000. If the profit is ₦20,000, and the profit-sharing ratio is 2:3:1, what is the amount of profit to be distributed to partner A?
Question 9
A company's income statement for the year ended 31st December, 2022 is as follows: Sales Revenue ₦ 150,000, Cost of Goods Sold ₦ 80,000, Gross Profit ₦ 70,000, Operating Expenses ₦ 30,000, Net Income ₦ 40,000. Prepare the company's statement of cash flows for the year ended 31st December, 2022.
Question 10
A company uses the percentage of completion method to account for construction contracts. If the contract price is ₦1,000,000, and the costs incurred to date are ₦600,000, what is the amount of revenue recognized if the percentage of completion is 75%?
Question 11
A company's trial balance as at 31st December is as follows: Cash: ₦50,000; Accounts Payable: ₦20,000; Common Stock: ₦100,000; Retained Earnings: ₦80,000. Prepare a balance sheet for the company.
Question 12
A company's financial statements for the year ended 31st December are as follows: Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Gross Profit: ₦200,000; Operating Expenses: ₦100,000; Net Income: ₦100,000. Prepare a statement of retained earnings for the company.
Question 13
A company's balance sheet as at 31st December, 2022 is as follows: Cash ₦ 20,000, Accounts Receivable ₦ 30,000, Inventory ₦ 40,000, Prepaid Rent ₦ 15,000, Property, Plant and Equipment ₦ 80,000, Total Assets ₦ 185,000. Prepare the company's statement of cash flows for the year ended 31st December, 2022.
Question 14
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
Question 15
A company has the following transactions: Purchased office supplies on account for ₦5,000, Sold merchandise on account for ₦20,000, Purchased merchandise for ₦15,000 cash. Prepare a statement of cash flows.
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