POST UTME LASU 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

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?
A. 20%
B. 30%
C. 40%
D. 50%
Question 2
A company's trial balance showed an error of ₦15,000 due to a mistake in posting a journal entry. The error was discovered during the preparation of the balance sheet. Prepare the necessary correcting entry.
A. ₦15,000 debit to Profit and Loss Account and ₦15,000 credit to Capital Account
B. ₦15,000 debit to Capital Account and ₦15,000 credit to Profit and Loss Account
C. ₦15,000 debit to Profit and Loss Account and ₦15,000 credit to Drawings Account
D. ₦15,000 debit to Drawings Account and ₦15,000 credit to Profit and Loss Account
Question 3
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
B. ₦300,000
C. ₦350,000
D. ₦400,000
Question 4
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
C. ₦1,000,000
D. ₦1,100,000
Question 5
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
B. 0.5
C. 0.6
D. 0.7
Question 6
A company has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Received cash from customers for ₦30,000. What is the total amount of assets?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000
Question 7
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.
A. ₦36,000, ₦150,000
B. ₦24,000, ₦100,000
C. ₦48,000, ₦180,000
D. ₦60,000, ₦120,000
Question 8
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 ₦900,000, how much will partner A receive?
A. ₦540,000
B. ₦450,000
C. ₦360,000
D. ₦270,000
Question 9
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
C. ₦40,000
D. ₦50,000
Question 10
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
C. ₦50,000
D. ₦60,000
Question 11
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%
B. 60%
C. 70%
D. 80%
Question 12
A company uses the variable 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
C. ₦1,000,000
D. ₦1,100,000
Question 13
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2. The shares were fully paid up. Calculate the amount received from shareholders.
A. ₦200,000
B. ₦210,000
C. ₦220,000
D. ₦230,000
Question 14
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
C. ₦750,000
D. ₦1,000,000
Question 15
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?
A. ₦1500
B. ₦1200
C. ₦1000
D. ₦800

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