POST UTME LAUTECH 2021 Accounting | Objective

Are you preparing for POST UTME LAUTECH exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Accounting (Objective) questions designed to simulate the real exam environment.

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Question 1
In a partnership account, the capital of two partners, A and B, is shared in the ratio 3:2. If the total capital is ₦120,000, what is the amount of capital contributed by partner A?
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

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Question 2
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,500,000, what is the amount of premium received?
A. ₦50,000
Correct B. ₦75,000
C. ₦100,000
D. ₦125,000

Correct Answer: B

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Question 3
A government agency has a budget of ₦10,000,000 for a project. If the agency spends ₦5,000,000 on personnel and ₦2,000,000 on equipment, what is the amount of funds remaining for other expenses?
A. ₦2,000,000
B. ₦3,000,000
Correct C. ₦4,000,000
D. ₦5,000,000

Correct Answer: C

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Question 4
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total amount of assets?
A. ₦200,000
Correct B. ₦250,000
C. ₦300,000
D. ₦350,000

Correct Answer: B

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Question 5
A company issues 5,000 shares of ₦10 each at a premium of ₦2 per share. If the company receives a total of ₦120,000, what is the amount of premium received?
A. ₦10,000
B. ₦20,000
Correct C. ₦30,000
D. ₦40,000

Correct Answer: C

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Question 6
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦120,000, calculate the amount of profit that will be shared by A.
Correct A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000

Correct Answer: A

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Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦150,000, calculate the amount of premium received.
Correct A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: A

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Question 8
A company has a capital of ₦500,000, divided into 50,000 shares of ₦10 each. If the company issues 10,000 shares at a premium of ₦5 per share, calculate the amount of premium received.
Correct A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: A

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Question 9
A company has a capital of ₦1,000,000, divided into 100,000 shares of ₦10 each. If the company issues 20,000 shares at a premium of ₦5 per share, calculate the amount of premium received.
Correct A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000

Correct Answer: A

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Question 10
A company has a capital of ₦2,000,000, divided into 200,000 shares of ₦10 each. If the company issues 30,000 shares at a premium of ₦5 per share, calculate the amount of premium received.
Correct A. ₦150,000
B. ₦180,000
C. ₦210,000
D. ₦240,000

Correct Answer: A

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Question 11
A company's trading account shows a profit of ₦120,000. The balance on the profit and loss account is ₦80,000. The balance on the capital account is ₦150,000. What is the balance on the drawing account?
Correct A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦120,000

Correct Answer: A

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Question 12
A firm's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference is due to a bank overdraft of ₦10,000. What is the correct balance on the firm's cash book?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 13
A company's balance sheet shows a total of ₦500,000. The trading account shows a profit of ₦120,000. The profit and loss account shows a balance of ₦80,000. What is the balance on the capital account?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 14
A firm's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference is due to a bank overdraft of ₦10,000. What is the correct balance on the firm's cash book?
A. ₦40,000
Correct B. ₦50,000
C. ₦60,000
D. ₦70,000

Correct Answer: B

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Question 15
A company's balance sheet shows a total of ₦500,000. The trading account shows a profit of ₦120,000. The profit and loss account shows a balance of ₦80,000. What is the balance on the drawing account?
Correct A. ₦30,000
B. ₦60,000
C. ₦90,000
D. ₦120,000

Correct Answer: A

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Question 16
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Correct A. ₦72,000
B. ₦48,000
C. ₦60,000
D. ₦80,000

Correct Answer: A

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Question 17
A manufacturing company uses a job costing system. The following data is available for Job No. 123: Direct Materials: ₦15,000, Direct Labour: ₦8,000, Overheads: ₦6,000. Calculate the total cost of the job.
Correct A. ₦29,000
B. ₦30,000
C. ₦31,000
D. ₦32,000

Correct Answer: A

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Question 18
A company's trial balance shows the following balances: Accounts Payable: ₦50,000, Sales Revenue: ₦150,000, Cost of Goods Sold: ₦80,000. Prepare a corrected trial balance.
Correct A. ₦50,000, ₦150,000, ₦80,000
B. ₦50,000, ₦150,000, ₦120,000
C. ₦50,000, ₦120,000, ₦80,000
D. ₦50,000, ₦120,000, ₦150,000

Correct Answer: A

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Question 19
A public sector organization has the following transactions: Purchase of goods: ₦100,000, Sale of goods: ₦150,000, Salaries: ₦80,000. Prepare a statement of financial position.
Correct A. ₦100,000, ₦150,000, ₦80,000
B. ₦150,000, ₦100,000, ₦80,000
C. ₦80,000, ₦150,000, ₦100,000
D. ₦80,000, ₦100,000, ₦150,000

Correct Answer: A

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Question 20
A company has the following control accounts: Cash: ₦50,000, Accounts Payable: ₦80,000. Prepare a statement of financial position.
Correct A. ₦50,000, ₦80,000
B. ₦80,000, ₦50,000
C. ₦50,000, ₦120,000
D. ₦120,000, ₦50,000

Correct Answer: A

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Question 21
A public sector organization has a fixed asset with a cost of ₦500,000 and an estimated useful life of 5 years. The asset is depreciated using the straight-line method. What is the annual depreciation charge?
Correct A. ₦100,000
B. ₦80,000
C. ₦120,000
D. ₦60,000

Correct Answer: A

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Question 22
A company has the following trial balance: Debitors ₦200,000, Creditors ₦150,000, Capital ₦300,000, Profit and Loss Account ₦50,000. What is the total amount of assets?
A. ₦450,000
Correct B. ₦500,000
C. ₦550,000
D. ₦600,000

Correct Answer: B

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Question 23
A manufacturing company has the following departmental accounts: Production Department ₦500,000, Administration Department ₦200,000, Selling Department ₦300,000. What is the total amount of expenses?
Correct A. ₦1,000,000
B. ₦1,200,000
C. ₦1,300,000
D. ₦1,400,000

Correct Answer: A

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Question 24
A company has the following incomplete records: Cash ₦100,000, Bank ₦200,000, Creditors ₦150,000. What is the total amount of assets?
A. ₦450,000
Correct B. ₦500,000
C. ₦550,000
D. ₦600,000

Correct Answer: B

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Question 25
A company has the following single entry records: Cash ₦100,000, Bank ₦200,000, Creditors ₦150,000. What is the total amount of assets?
A. ₦450,000
Correct B. ₦500,000
C. ₦550,000
D. ₦600,000

Correct Answer: B

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