POST UTME LAUTECH 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the straight-line method of depreciation for its assets. If the asset cost ₦120,000 and has a residual value of ₦20,000, what is the annual depreciation charge if the asset is used for 5 years?
Question 2
The following is an extract from the financial statement of a public sector organization. Explain the nature and principles of accounting.
Question 3
The following is an extract from the financial statement of a company. Identify the error in the statement and correct it.
Question 4
A company's profit and loss account for the year ended 31st December 2019 is as follows:
₦
Turnover: ₦500,000
Cost of Goods Sold: ₦300,000
Gross Profit: ₦200,000
Operating Expenses: ₦100,000
Profit Before Tax: ₦100,000
Tax: ₦20,000
Profit After Tax: ₦80,000
What is the company's gross profit percentage?
Question 5
A public sector organization has the following transactions for the year ended December 31, 2022:
Cash received from customers: ₦1,500,000
Cash paid to suppliers: ₦800,000
Cash paid to employees: ₦600,000
Cash received from government grant: ₦200,000
Cash paid for rent: ₦150,000
Cash paid for utilities: ₦50,000
What is the total cash outflow for the year?
Question 6
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 7
The following is a trial balance of a company as at 31st December 2018. Prepare a balance sheet as at that date.
Question 8
A company purchased a machine for ₦150,000. It is expected to have a useful life of 5 years and a residual value of ₦30,000. Calculate the annual depreciation using the straight-line method.
Question 9
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.
Question 10
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 11
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 12
A company purchased a machine for ₦120,000. It is expected to have a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 13
A government agency has the following transactions for the month of January:
- January 1: Cash received from sale of goods ₦50,000
- January 5: Cash paid for office supplies ₦20,000
- January 10: Cash received from sale of services ₦30,000
- January 15: Cash paid for rent ₦15,000
What is the total cash received by the agency in January?
Question 14
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 15
A sole proprietorship has the following transactions for the year ended December 31, 2022:
Cash received from customers: ₦1,200,000
Cash paid to suppliers: ₦800,000
Cash paid to employees: ₦600,000
Cash received from government grant: ₦200,000
Cash paid for rent: ₦150,000
Cash paid for utilities: ₦50,000
What is the total cash inflow for the year?
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