Use the following information to answer the question
| Le | |
|
Capital (01/01/2020) |
1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
|
Expenses |
346,900 |
| Drawings for 2020 | 72,500 |
| Additional capital for 2020 | 250,000 |
The net profit for 2020 is
- A. Le 522,900
- B. Le 417,900
- C. Le 595,400
- D. Le 72,000
Use the following information to answer the question
| Le | |
|
Capital (01/01/2020) |
1,934,600 |
| Capital (31/12/2020) |
2,530,000 |
| Expenses | 3 45,900 |
| Drawings for 2020 |
72,500 |
|
Additional capital for 2020 |
250,000 |
The gross profit for the year is
- A. Le 763,800
- B. Le 595,400
- C. Le 417,900
- D. Le 167,900
Which of the following items is a tangible asset?
- A. Copyright
- B. Machinery
- C. Goodwill
- D. Lease
Use the following information to answer the question
Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The total interest on drawings to be charged to profit and loss appropriation account is
- A. GH⊄ 1,120
- B. GH⊄ 1,920
- C. GH⊄ 700
- D. GH⊄ 800
Use the following information to answer the question
Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The interest on drawings for Ant is
- A. GH⊄ 800
- B. GH⊄ 1,920
- C. GH⊄ 1,120
- D. GH⊄ 700
Reliability as a quality of accounting information means that accounting
- A. rules and guidelines are applied
- B. information is prepared based on evidence
- C. information is comprehensive
- D. report is prepared promptly
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
|
Balance b/f |
200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
|
Electricity bill |
40,000 |
|
Rent |
73,400 |
| Drawings |
28,600 |
| Insurance | 12,800 |
The total expenses for the month is
- A. D 278,300
- B. D 323,500
- C. D 478,300
- D. D 154,800
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
|
Balance b/f |
200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
|
Rent |
73,400 |
|
Drawings |
28,600 |
| Insurance | 12,800 |
The balance brought down at the end of the month is
- A. D 278,300
- B. D 154,800
- C. D 478,300
- D. D 323,500
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
|
Balance b/f |
200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
|
Rent |
73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The total income for the month is
- A. D 278,000
- B. D 180,000
- C. D 154,800
- D. D 306,900
Memoradum branch account is prepared to determine
- A. gross profit
- B. credit sales
- C. closing stock
- D. opening stock
Use the following information to answer the question
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
|
Construction of hospital wards |
200,000 |
| Purchase of hospital beds | 20,000 |
| Purchase of stationeries | 15,000 |
| Salaries and wages | 60,000 |
| Purchase of drugs | 50,000 |
| Purchase of x-ray machine | 100,000 |
The recurrent expenditure for the year is
- A. Le 370,000
- B. Le 125,000
- C. Le 320,000
- D. Le 445,000
Use the following information to answer the question
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
|
Construction of hospital wards |
200,000 |
|
Purchase of hospital beds |
20,000 |
|
Purchase of stationeries |
15,000 |
|
Salaries and wages |
60,000 |
|
Purchase of drugs |
50,000 |
|
Purchase of x-ray machine |
100,000 |
The capital expenditure for the year is
- A. Le 125,000
- B. Le 320,000
- C. Le 370,000
- D. Le 455,000
Which of the following has the ultimate control of a company?
- A. board of directors
- B. employees
- C. shareholders
- D. management
Factory overheads are also known as
- A. direct manufacturing
- B. direct expenses
- C. indirect cost
- D. direct labour
Which of the following is not an advantage of control account?
- A. difficulty in committing fraud
- B. it can be used to detect missing figure
- C. helps to determine profit and loss
- D. helps in locating errors
The following was extracted from the books of MEGA COMPANY NIG. LTD
|
₦ |
|
|
Trade debtors |
350,000 |
|
Fixtures and fittings |
600,000 |
|
Cash at bank |
25,000 |
|
Cash in hand |
5,500 |
|
Trade creditors |
116,500 |
|
Bank overdraft |
7,500 |
|
Building |
950,000 |
|
Motor van |
35,000 |
The working capital of the company is
- A. ₦156,000
- B. ₦280,000
- C. ₦565,000
- D. ₦256,500
In company account, dividend payments are effected in which of the following accounts?
- A. realization
- B. current
- C. appropriation
- D. capital
Income and Expenditure account is the same as the ——— of a sole trader
- A. balance sheet
- B. trading account
- C. profit and loss account
- D. cash book
The Accounting term used to describe a partnership firm that stops operation and disposes its assets is
- A. Amortization
- B. Revaluation
- C. Realization
- D. Dissolution
The purchases ledger control account is also known as
- A. bill payable control account
- B. credit purchase control account
- C. creditors control account
- D. total purchase
Which of the following expenses is *not* apportined in proportion to turnover?
- A. rent
- B. commission
- C. discount allowed
- D. carriage outwards