POST UTME LAUTECH 2022 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, while partner B has a 40% interest. If the partnership has a net profit of ₦120,000, how much will partner A receive as their share of the profit?
Question 2
A company uses the percentage of completion method to value its construction contracts. At the end of the current year, the company has completed 75% of a contract that was valued at ₦1,500,000. The total costs incurred so far are ₦1,200,000. Calculate the profit recognized for the year.
Question 3
A partnership has three partners, A, B, and C. Partner A has a 40% interest in the partnership, while partner B has a 30% interest and partner C has a 30% interest. If the partnership has a net profit of ₦180,000, how much will partner A receive as their share of the profit?
Question 4
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
Question 5
A company's cash book shows a balance of ₦12,500. The bank statement shows a balance of ₦13,000. The cash book has a debit balance of ₦1,500. What is the correct amount of the bank reconciliation statement?
Question 6
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦10000 and its useful life is 5 years, what is the annual depreciation?
Question 7
A company has two departments, A and B. Department A has a production cost of ₦50,000 and a selling price of ₦75,000. Department B has a production cost of ₦30,000 and a selling price of ₦60,000. Calculate the contribution margin ratio for each department.
Question 8
A company uses the cash book to record its transactions. The cash book shows the following transactions:
Question 9
A company's trial balance shows an error of ₦300 in the debit side of the account 'Office Equipment'. The correct balance is ₦1000. What is the correct balance of 'Office Equipment' after correcting the error?
Question 10
A company has the following assets: Cash ₦50,000, Accounts Receivable ₦20,000, Inventory ₦30,000, and Property, Plant, and Equipment ₦100,000. What is the total amount of current assets?
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 12
A company's profit and loss account shows a gross profit of ₥10000 and a net profit of ₥20000. What is the company's operating profit?
Question 13
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦10,000 for a customer who has since become insolvent. Calculate the corrected cash book balance.
Question 14
A company has the following transactions for the year:
₦1,000,000 cash received from the sale of goods
₦800,000 cash paid to suppliers
₦200,000 cash paid to employees
₦300,000 cash received from the sale of assets
₦400,000 cash paid to the government for taxes
Calculate the net cash inflow for the year.
Question 15
A company has two types of shares: ordinary and preference. The ordinary shares have a par value of ₦10 each, while the preference shares have a par value of ₦5 each. If the company issues 1,000 ordinary shares and 500 preference shares, what is the total par value of the issued shares?
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