Practice post utme lasu accounting 2025 Past Questions

Question 1

A public sector organization has a budget of ₦500 million for the year. The organization has the following expenses: ₦120 million for salaries, ₦80 million for rent, and ₦30 million for utilities. What is the percentage of the budget spent on salaries?

Correct A. 20%

B. 30%

C. 40%

D. 50%

Correct Answer: A

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Question 2

A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1000 | | | 2 | Sales | | 1500 | | 3 | Expenses | 500 | | | 4 | Cash | | 800 | What is the total amount of cash at the end of the period?

Correct A. ₦1500

B. ₦1200

C. ₦1000

D. ₦800

Correct Answer: A

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Question 3

A manufacturing company has the following data: | Product | Units Sold | Selling Price | Cost Price | | --- | --- | --- | --- | | A | 100 | ₦100 | ₦50 | | B | 50 | ₦150 | ₦75 | What is the gross profit for product A?

Correct A. ₦5000

B. ₦7500

C. ₦10000

D. ₦12500

Correct Answer: A

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Question 4

A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1000 | | | 2 | Sales | | 1500 | | 3 | Expenses | 500 | | | 4 | Cash | | 800 | What is the total amount of cash at the end of the period?

Correct A. ₦1500

B. ₦1200

C. ₦1000

D. ₦800

Correct Answer: A

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Question 5

A public sector organization has a budget of ₦500 million for the year. The organization has the following expenses: ₦120 million for salaries, ₦80 million for rent, and ₦30 million for utilities. What is the percentage of the budget spent on salaries?

Correct A. 20%

B. 30%

C. 40%

D. 50%

Correct Answer: A

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Question 6

A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at a premium of 5% after 5 years. Calculate the amount of premium to be paid on redemption.

A. ₦250,000

B. ₦500,000

Correct C. ₦750,000

D. ₦1,000,000

Correct Answer: C

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Question 7

A manufacturing company uses a job costing system. The following data are extracted from the company's ledger: Cost of raw materials used: ₦150,000; Direct wages: ₦200,000; Factory overheads: ₦100,000. Calculate the total cost of production.

A. ₦450,000

Correct B. ₦500,000

C. ₦550,000

D. ₦600,000

Correct Answer: B

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Question 8

A company's trial balance as at 31st December, 2024, is as follows: Cash: ₦500,000; Accounts Payable: ₦200,000; Sales Revenue: ₦1,000,000; Cost of Goods Sold: ₦800,000. Prepare a corrected trial balance.

A. ₦1,500,000

Correct B. ₦1,600,000

C. ₦1,700,000

D. ₦1,800,000

Correct Answer: B

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Question 9

A company's balance sheet as at 31st December, 2024, is as follows: Share Capital: ₦1,000,000; Retained Earnings: ₦500,000; Total Assets: ₦2,500,000. Calculate the company's debt ratio.

A. 0.4

Correct B. 0.5

C. 0.6

D. 0.7

Correct Answer: B

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Question 10

A company's profit and loss account for the year ended 31st December, 2024, is as follows: Sales Revenue: ₦2,000,000; Cost of Goods Sold: ₦1,200,000; Gross Profit: ₦800,000; Operating Expenses: ₦400,000; Net Profit: ₦400,000. Calculate the company's gross profit margin.

A. 40%

Correct B. 50%

C. 60%

D. 70%

Correct Answer: B

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Question 11

A company has two partners, A and B, who share profits in the ratio 3:2. The capital of the company is divided in the ratio 5:3. If the total profit for the year is ₦120,000 and the total capital is ₦300,000, calculate the amount of profit and capital that each partner is entitled to.

Correct A. ₦36,000, ₦150,000

B. ₦24,000, ₦100,000

C. ₦48,000, ₦180,000

D. ₦60,000, ₦120,000

Correct Answer: A

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Question 12

A company has a trial balance that includes the following accounts: Sales, Cost of Goods Sold, Rent Expense, Salaries Expense, and Dividends. The trial balance shows a debit balance of ₦50,000 in the Sales account and a credit balance of ₦30,000 in the Cost of Goods Sold account. What is the net income of the company?

Correct A. ₦20,000

B. ₦30,000

C. ₦40,000

D. ₦50,000

Correct Answer: A

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Question 13

A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each at a discount of ₦5 per debenture. Calculate the total amount of cash received from the issue of shares and debentures.

A. ₦15,000

B. ₦20,000

Correct C. ₦25,000

D. ₦30,000

Correct Answer: C

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Question 14

A company has the following balance sheet: Assets ₦100,000, Liabilities ₦50,000, and Equity ₦50,000. The company also has the following income statement: Revenue ₦80,000, Cost of Goods Sold ₦30,000, and Net Income ₦50,000. Calculate the company's return on equity (ROE).

A. 50%

Correct B. 60%

C. 70%

D. 80%

Correct Answer: B

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Question 15

A company has the following trial balance: Sales ₦100,000, Cost of Goods Sold ₦50,000, Rent Expense ₦20,000, Salaries Expense ₦30,000, and Dividends ₦10,000. What is the net income of the company?

A. ₦20,000

B. ₦30,000

Correct C. ₦40,000

D. ₦50,000

Correct Answer: C

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Question 16

A company has the following balance sheet: Assets ₦150,000, Liabilities ₦75,000, and Equity ₦75,000. The company also has the following income statement: Revenue ₦120,000, Cost of Goods Sold ₦40,000, and Net Income ₦80,000. Calculate the company's return on equity (ROE).

A. 53.33%

B. 60%

Correct C. 66.67%

D. 70%

Correct Answer: C

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Question 17

A company has the following trial balance: Sales ₦120,000, Cost of Goods Sold ₦50,000, Rent Expense ₦25,000, Salaries Expense ₦35,000, and Dividends ₦15,000. What is the net income of the company?

A. ₦30,000

B. ₦40,000

Correct C. ₦50,000

D. ₦60,000

Correct Answer: C

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Question 18

A company has the following balance sheet: Assets ₦200,000, Liabilities ₦100,000, and Equity ₦100,000. The company also has the following income statement: Revenue ₦160,000, Cost of Goods Sold ₦60,000, and Net Income ₦100,000. Calculate the company's return on equity (ROE).

A. 50%

B. 60%

Correct C. 66.67%

D. 70%

Correct Answer: C

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Question 19

A company maintains a cash book and a general ledger. The cash book shows a balance of ₦120,000, while the general ledger shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. What is the reason for the discrepancy?

Correct A. The company has not yet recorded a deposit of ₦60,000.

B. The company has not yet recorded a withdrawal of ₦30,000.

C. The company has not yet recorded a bank charge of ₦10,000.

D. The company has not yet recorded a loan of ₦20,000.

Correct Answer: A

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Question 20

A company uses the perpetual inventory system. The cost of goods sold for the year is ₦1,500,000. The beginning inventory is ₦300,000, and the ending inventory is ₦400,000. What is the value of net purchases for the year?

Correct A. ₦1,200,000

B. ₦1,300,000

C. ₦1,400,000

D. ₦1,500,000

Correct Answer: A

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Question 21

A company uses the job order costing system. The company has two jobs in progress: Job A and Job B. Job A has a direct materials cost of ₦100,000 and a direct labor cost of ₦50,000. Job B has a direct materials cost of ₦150,000 and a direct labor cost of ₦75,000. What is the total cost of direct materials for the two jobs?

A. ₦250,000

Correct B. ₦300,000

C. ₦350,000

D. ₦400,000

Correct Answer: B

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Question 22

A company uses the process costing system. The company has two departments: Department A and Department B. Department A has a direct materials cost of ₦200,000 and a direct labor cost of ₦100,000. Department B has a direct materials cost of ₦300,000 and a direct labor cost of ₦150,000. What is the total cost of direct materials for the two departments?

A. ₦500,000

Correct B. ₦600,000

C. ₦700,000

D. ₦800,000

Correct Answer: B

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Question 23

A company uses the absorption costing system. The company has a direct labor cost of ₦500,000 and an overhead cost of ₦300,000. What is the total cost of production?

A. ₦800,000

B. ₦900,000

Correct C. ₦1,000,000

D. ₦1,100,000

Correct Answer: C

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Question 24

A company uses the variable costing system. The company has a direct labor cost of ₦200,000 and an overhead cost of ₦100,000. What is the total cost of production?

A. ₦300,000

B. ₦400,000

Correct C. ₦500,000

D. ₦600,000

Correct Answer: C

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Question 25

A company uses the marginal costing system. The company has a direct labor cost of ₦300,000 and an overhead cost of ₦200,000. What is the total cost of production?

A. ₦500,000

B. ₦600,000

Correct C. ₦700,000

D. ₦800,000

Correct Answer: C

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