POST UTME LAUTECH 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a cash book balance of ₦80,000. The bank statement shows a balance of ₦90,000. The firm's cash book shows a debit balance of ₦10,000. The bank statement shows a credit balance of ₦20,000. What is the correct balance of the firm's cash book?
Question 2
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The shares were issued for £ 1.50 each. Calculate the amount received from the issue of shares.
Question 3
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total assets?
Question 4
A partnership is formed by three individuals: A, B, and C. A contributes ₦100,000 cash, B contributes ₦80,000 cash, and C contributes ₦60,000 cash. The partnership agreement states that the profits and losses will be shared in the ratio 3:2:1. If the net income for the year is ₦120,000, how much will A receive?
Question 5
A company's cash book for the year ended 31st December 2023 is as follows:
Debit:
Cash:₦ 10,000
Bank:₦ 20,000
Credit:
Cash:₦ 15,000
Bank:₦ 30,000
Calculate the bank balance at the end of the year.
Question 6
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 7
A company's trial balance shows an error of ₦1,500 in the debit side of the account 'Rent Paid'. The correct amount of rent paid for the year is ₦15,000. What is the correct balance in the 'Rent Paid' account?
Question 8
A company uses the straight-line method of depreciation. The cost of a machine is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
Question 9
A company's balance sheet as at 31st December 2023 is as follows:
Assets:
Cash:₦ 10,000
Debtors:₦ 20,000
Stock:₦ 30,000
Creditors:₦ 15,000
Capital:₦ 50,000
Profit:₦ 20,000
Calculate the net worth of the company.
Question 10
A company uses the cash book to record its transactions. The cash book shows the following entries:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 2024-01-01 | Cash | ₦10,000 | |
| 2024-01-05 | Sales | | ₦20,000 |
| 2024-01-10 | Purchases | ₦15,000 | |
| 2024-01-15 | Cash | | ₦5,000 |
What is the correct balance of the Cash account?
Question 11
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦200,000 and its current liabilities are ₦100,000, what is the company's quick ratio?
Question 12
A company's trial balance shows an error of ₦2,000 in the credit side of the account 'Salaries Paid'. The correct amount of salaries paid for the year is ₦40,000. What is the correct balance in the 'Salaries Paid' account?
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the net income for the period?
Question 14
A company uses the weighted average method to value its inventory. The following data is available: Cost of Goods Available for Sale ₦150,000, Beginning Inventory ₦50,000, and Ending Inventory ₦70,000. What is the cost of goods sold?
Question 15
A company's balance sheet as at December 31, 2024, is as follows:
| Asset | ₦ | Liability | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Accounts Payable | 5,000 |
| Accounts Receivable | 20,000 | Sales Revenue | 100,000 |
| Inventory | 30,000 | Cost of Goods Sold | 50,000 |
| Total Assets | 60,000 | Total Liabilities | 125,000 |
What is the correct balance of the Cash account?
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