POST UTME LAUTECH 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the net income for the year is ₦150,000, how much will Partner A receive?
A. ₦90,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 2
A company has the following transactions: Purchased goods for ₦100,000, Sold goods for ₦150,000, and Paid salaries of ₦20,000. What is the net effect on the company's cash balance?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 3
A company has the following ledger balances at the end of the year:
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 4
A company's Balance Sheet shows the following balances: Equity ₦100,000, Liabilities ₦200,000. What is the correct balance in the Profit and Loss Account?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦0
Question 5
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000. What is the correct balance of the company's cash book?
A. ₦50,000
B. ₦30,000
C. ₦20,000
D. ₦10,000
Question 6
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000. What is the correct balance in the Cash Book?
A. ₦50,000
B. ₦30,000
C. ₦20,000
D. ₦40,000
Question 7
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦22,000
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. What is the total amount of assets?
A. ₦850,000
B. ₦950,000
C. ₦1,050,000
D. ₦1,200,000
Question 9
A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦130,000. The difference of ₦10,000 is due to a dishonored cheque. What is the correct journal entry to record this transaction?
A. Debit Cash A/c ₦10,000, Credit Bank A/c ₦10,000
B. Debit Bank A/c ₦10,000, Credit Cash A/c ₦10,000
C. Debit Dishonored Cheque A/c ₦10,000, Credit Cash A/c ₦10,000
D. Debit Bank A/c ₦10,000, Credit Dishonored Cheque A/c ₦10,000
Question 10
A company uses the double-entry system of accounting. The following transactions were recorded in the journal during the year:
A. ₦1,000 cash received from customers
B. ₦500 cash paid to suppliers
C. ₦200 cash received from customers
D. ₦300 cash paid to employees
Question 11
A company's assets are valued at \\,50000 and liabilities are \\,20000. What is the net worth of the company?
A. \\,30000
B. \\,40000
C. \\,50000
D. \\,60000
Question 12
A company's cash book shows the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000. What is the correct journal entry to record this transaction?
A. Debit Cash A/c ₦50,000, Credit Sales A/c ₦50,000
B. Debit Cash A/c ₦50,000, Credit Purchases A/c ₦30,000
C. Debit Sales A/c ₦50,000, Credit Cash A/c ₦50,000
D. Debit Purchases A/c ₦30,000, Credit Cash A/c ₦30,000
Question 13
A company has the following transactions in its cash book: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 15 Jan | Bank | | 8,000 | | 20 Jan | Cash | | 5,000 | What is the balance in the cash account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the profit for the year is ₦120,000, how much will A receive?
A. ₦90,000
B. ₦80,000
C. ₦120,000
D. ₦100,000
Question 15
A company's depreciation policy is to depreciate assets by 10% per annum. If an asset is valued at \\,10000, what is its value after 2 years?
A. \\,9000
B. \\,9500
C. \\,10000
D. \\,10500

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