POST UTME LEAD CITY UNIVERSITY 2025 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 2
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the ending inventory is ₦1,200,000. If the company uses a 20% discount rate, what is the value of the ending inventory?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,400,000
D. ₦1,600,000
Question 3
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
A. ₦475,000
B. ₦475,500
C. ₦475,000
D. ₦475,500
Question 4
A company's balance sheet shows the following balances: Share Capital ₦100,000, Retained Earnings ₦50,000. What is the correct balance of the company's equity?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 5
A company's trading account for the year ended 31st December 20X7 is as follows: Debit: Sundry Debtors £ 10,000 Credit: Sundry Creditors £ 5,000 What is the net profit from trading?
A. £ 5,000
B. £ 10,000
C. £ 15,000
D. £ 20,000
Question 6
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 7
A partnership has the following capital accounts: A ₦50,000; B ₦30,000; C ₦20,000. The profit for the year is ₦10,000. Prepare the profit and loss account.
A. ₦50,000; ₦30,000; ₦20,000
B. ₦50,000; ₦20,000; ₦30,000
C. ₦30,000; ₦50,000; ₦20,000
D. ₦20,000; ₦50,000; ₦30,000
Question 8
A company has the following transactions: Purchased office supplies for ₦50,000, paid ₦20,000 cash, and purchased office equipment for ₦100,000. What is the total amount of cash paid for these transactions?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 9
A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000. What is the correct balance of the company's profit and loss account?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
A company has the following profit and loss account for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 11
A company has a ledger account for its accounts payable. The account has a debit balance of ₦500,000 and a credit balance of ₦200,000. Calculate the net balance of the account.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 12
A company has the following incomplete records for the month of January:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A company has the following trading account for the month of January:
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 14
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
A. Debit Cash and Credit Accounts Payable
B. Credit Cash and Debit Accounts Payable
C. Debit Accounts Payable and Credit Cash
D. Credit Accounts Payable and Debit Cash
Question 15
A company issued 5,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 2,000. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital £ 5,000, Credit Share Premium £ 2,500, Credit Issue Expenses £ 2,000
B. Debit Share Capital £ 5,000, Credit Share Premium £ 2,500
C. Debit Share Capital £ 5,000, Credit Issue Expenses £ 2,000
D. Debit Share Premium £ 2,500, Credit Issue Expenses £ 2,000

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