POST UTME LASU 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A manufacturing company produces two products: 'Product A' and 'Product B'. The company's cost of goods sold for 'Product A' is ₦50,000 and for 'Product B' is ₦30,000. What is the total cost of goods sold for the company?
A. ₦80,000
B. ₦70,000
C. ₦60,000
D. ₦50,000
Question 2
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.
A. ₦260,000
B. ₦280,000
C. ₦300,000
D. ₦320,000
Question 3
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Share Premium 30,000
C. Debit Share Capital 10,000, Credit Cash 10,000
D. Debit Share Capital 30,000, Credit Share Premium 10,000
Question 4
A company issued 5,000 debentures of ₦100 each at a discount of 5%. The proceeds from the issue were credited to a debenture account. Prepare the journal entry to record the issue of debentures.
A. Debit Debenture 500,000, Credit Cash 495,000
B. Debit Debenture 500,000, Credit Debenture Discount 25,000
C. Debit Debenture 500,000, Credit Cash 500,000
D. Debit Debenture 500,000, Credit Debenture Discount 20,000
Question 5
A company's trial balance shows a debit balance of ₦15,000 in the 'Office Supplies' account. However, the company's accountant has confirmed that the correct balance should be a credit of ₦5,000. What is the correct journal entry to correct this error?
A. ₦15,000 debit to 'Office Supplies' and ₦5,000 credit to 'Office Supplies'
B. ₦20,000 debit to 'Office Supplies' and ₦15,000 credit to 'Office Supplies'
C. ₦5,000 debit to 'Office Supplies' and ₦15,000 credit to 'Office Supplies'
D. ₦10,000 debit to 'Office Supplies' and ₦5,000 credit to 'Office Supplies'
Question 6
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | What is the balance of the cash book?
A. ₦1,200
B. ₦1,800
C. ₦2,000
D. ₦2,500
Question 7
A partnership is formed between two individuals, A and B. A invests ₦100,000 and B invests ₦80,000. The profit sharing ratio is 3:2. Calculate the profit sharing ratio.
A. 3:2
B. 2:3
C. 4:3
D. 5:4
Question 8
A company uses the double-entry system of accounting. If the company's assets increase by ₦50,000 and its liabilities decrease by ₦20,000, what is the effect on the company's equity?
A. ₦30,000 increase
B. ₦30,000 decrease
C. ₦70,000 increase
D. ₦70,000 decrease
Question 9
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
A. ₦450,000
B. ₦475,000
C. ₦500,000
D. ₦525,000
Question 10
A company's cash book shows the following transactions: 'Cash' (₦10,000), 'Bank' (₦5,000), and 'Sales' (₦20,000). What is the total value of the company's cash and bank balances?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 11
In a self-balancing ledger, what is the purpose of the 'Trial Balance'?
A. To verify the accuracy of the ledger accounts
B. To identify any errors or discrepancies in the ledger accounts
C. To prepare the financial statements
D. To reconcile the ledger accounts with the bank statement
Question 12
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦200,000 | | Cost of Goods Sold | ₦150,000 | | | Net Income | | | What is the amount of net income?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 14
A company's trading account for the year shows a profit of ₦500,000. The company's balance sheet shows a capital of ₦1,000,000 and a profit and loss account balance of ₦200,000. Calculate the company's net worth.
A. ₦1,200,000
B. ₦1,300,000
C. ₦1,400,000
D. ₦1,500,000
Question 15
A company uses the straight-line method of depreciation. If the asset has a useful life of 5 years and a residual value of ₦10,000, what is the annual depreciation charge for an asset costing ₦50,000?
A. ₦8,000
B. ₦9,000
C. ₦10,000
D. ₦11,000

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