POST UTME LAUTECH 2023 Accounting | Objective

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Question 1
A company has the following transactions: (1) Purchased goods for ₦150,000 (2) Sold goods for ₦180,000 (3) Paid cash to suppliers What is the correct journal entry for these transactions?
A. Debit Purchases, Credit Cash ₦150,000; Debit Cash, Credit Sales ₦180,000
B. Debit Purchases, Credit Cash ₦180,000; Debit Cash, Credit Sales ₦150,000
C. Debit Purchases, Credit Cash ₦180,000; Debit Sales, Credit Cash ₦150,000
D. Debit Cash, Credit Purchases ₦150,000; Debit Sales, Credit Cash ₦180,000
Question 2
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000 Net realizable value of closing inventory: ₦1,200,000 Cost of goods sold: ₦1,000,000 What is the value of the company's inventory at December 31, 2022?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 3
A company's cash book shows the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, Cash received from bank ₦20,000, and Cash paid to bank ₦10,000. Prepare the company's cash book.
A. Cash ₦80,000, Bank ₦30,000
B. Cash ₦60,000, Bank ₦40,000
C. Cash ₦40,000, Bank ₦60,000
D. Cash ₦30,000, Bank ₦70,000
Question 4
A company has the following transactions for the year ended December 31, 2022: Purchased office equipment for ₦50,000 Purchased office furniture for ₦30,000 Sold office equipment for ₦20,000 What is the net increase in the company's assets for the year ended December 31, 2022?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company's control account shows a balance of ₦20,000. The ledger account shows a balance of ₦25,000. What is the correct balance of the company's control account?
A. ₦20,000
B. ₦22,000
C. ₦25,000
D. ₦28,000
Question 6
A company manufactures two products, X and Y, which require the following resources: X requires 2 hours of labor and 3 units of raw material, while Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, what is the maximum number of units of product X that can be produced?
A. 60
B. 80
C. 100
D. 120
Question 7
A company has the following transactions: (1) Purchased goods for ₦200,000 (2) Sold goods for ₦240,000 (3) Paid cash to suppliers What is the correct journal entry for these transactions?
A. Debit Purchases, Credit Cash ₦200,000; Debit Cash, Credit Sales ₦240,000
B. Debit Purchases, Credit Cash ₦240,000; Debit Cash, Credit Sales ₦200,000
C. Debit Purchases, Credit Cash ₦240,000; Debit Sales, Credit Cash ₦200,000
D. Debit Cash, Credit Purchases ₦200,000; Debit Sales, Credit Cash ₦240,000
Question 8
A government agency is responsible for collecting taxes on behalf of the state. The agency has a budget of ₦500,000, which is allocated as follows: 30% for personnel costs, 20% for operational expenses, and 50% for capital expenditures. If the agency has already spent ₦120,000 on personnel costs, how much is left for capital expenditures?
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000
Question 9
A company uses the single-entry system of accounting. The company's journal shows the following transactions: Debit 1,000 to Cash and Credit 1,000 to Accounts Payable. What is the effect of this transaction on the company's cash balance?
A. ₦0
B. ₦1,000
C. ₦2,000
D. ₦3,000
Question 10
A company uses the double-entry system of accounting. The company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's assets?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 11
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Assets: Cash, Accounts Receivable, Inventory Liabilities: Accounts Payable, Notes Payable Equity: Common Stock, Retained Earnings What is the correct order of recording these transactions?
A. Assets, Liabilities, Equity
B. Liabilities, Assets, Equity
C. Equity, Assets, Liabilities
D. Assets, Equity, Liabilities
Question 12
A company has the following transactions for the year ended December 31, 2022: Purchased office equipment for ₦50,000 Purchased office furniture for ₦30,000 Sold office equipment for ₦20,000 What is the net increase in the company's assets for the year ended December 31, 2022?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 14
A company's bank reconciliation statement shows the following discrepancies: 500 in unrecorded deposits and 200 in unrecorded checks. What is the net effect of these discrepancies on the company's cash balance?
A. ₦300
B. ₦400
C. ₦500
D. ₦600
Question 15
A company has the following transactions: Purchased goods for ₦100,000 on credit Sold goods for ₦120,000 on credit Purchased goods for ₦80,000 on credit Sold goods for ₦100,000 on credit What is the total value of goods sold and purchased?
A. ₦220,000
B. ₦240,000
C. ₦260,000
D. ₦280,000

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