POST UTME LAUTECH 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows a debit balance of ₦15,000 in the accounts payable account. However, the ledger account shows a credit balance of ₦10,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding invoice that has not been recorded.
B. The company has paid an invoice that has not been recorded.
C. The company has recorded an incorrect entry in the accounts payable account.
D. The company has an error in the ledger account.
Question 2
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 in rent and rates for the year. What is the correct journal entry to record the error?
A. Debit Rent and Rates ₦5,000, Credit Cash ₦5,000
B. Debit Rent and Rates ₦15,000, Credit Cash ₦15,000
C. Debit Rent and Rates ₦20,000, Credit Cash ₦20,000
D. Debit Rent and Rates ₦5,000, Credit Profit and Loss ₦5,000
Question 3
The following is an extract from the financial statements of JKL Ltd. for the year ended 31st December 2024.
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 4
The following is an extract from the financial statements of ABC Ltd. for the year ended 31st December 2024.
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 5
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 6
A company's cash book shows a credit balance of ₦25,000 in the cash account. However, the bank statement shows a debit balance of ₦15,000. What is the reason for the discrepancy?
A. The company has not deposited the cash into the bank.
B. The bank has not credited the company's account for the cash deposited.
C. The company has not recorded the cash deposited into the bank.
D. The bank has charged the company's account for bank charges.
Question 7
A company's cash book shows a debit balance of ₦15,000. However, the company's bank statement shows a credit balance of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque that has not been presented for payment.
B. The company has made a mistake in recording a debit transaction as a credit.
C. The company has an unrecorded credit transaction.
D. The company's bank has made an error in recording the company's transactions.
Question 8
A partnership has two partners: A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership's profit for the year is ₦120,000. What is partner A's share of the profit?
A. ₦72,000
B. ₦48,000
C. ₦60,000
D. ₦80,000
Question 9
A partnership has two partners, A and B. The partnership agreement states that profits will be shared in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?
A. ₦60,000
B. ₦72,000
C. ₦80,000
D. ₦90,000
Question 10
A company purchases a machine for ₦500,000 and immediately sells it for ₦600,000. The company also incurs a selling commission of ₦20,000. Calculate the profit made on the sale of the machine.
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 11
A company's cash book shows a credit balance of ₦15,000 in the cash account. However, the bank statement shows a debit balance of ₦20,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque that has not been presented for payment.
B. The company has deposited cash into the bank but the bank has not yet credited the account.
C. The company has withdrawn cash from the bank but the bank has not yet debited the account.
D. The company has made an error in recording the cash transactions.
Question 12
A company's cash book shows a credit balance of ₦20,000 in the cash account. However, the bank statement shows a debit balance of ₦15,000. What is the correct explanation for this discrepancy?
A. The company has an outstanding cheque that has not been presented for payment.
B. The company has deposited cash into the bank but the bank has not yet credited the account.
C. The company has withdrawn cash from the bank but the bank has not yet debited the account.
D. The company has made an error in recording the cash transactions.
Question 13
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 14
The following is an extract from the financial statements of GHI Ltd. for the year ended 31st December 2024.
A. ₦60,000
B. ₦80,000
C. ₦100,000
D. ₦120,000
Question 15
A manufacturing company has the following transactions: Date | Debit | Credit -----|-------|------- 1/1 | ₦100,000 | ₦50,000 8/1 | ₦80,000 | ₦40,000 15/1 | ₦120,000 | ₦60,000 What is the total amount of materials purchased?
A. ₦200,000
B. ₦220,000
C. ₦240,000
D. ₦260,000

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: