The quality of output information depends on the
- A. Quality of input data
- B. Time of processing
- C. Speed of processing
- D. Quantity of output service
Which of the following is a spreadsheet application?
- A. Excel
- B. Word
- C. Internet
- D. Windows
Which of the following is found on the credit side of a partnership’s appropriation of profit account?
- A. Interest on capital
- B. Interest on drawings
- C. Share of profit
- D. Drawings
Which of the following relates to cash basis of accounting?
- A. Accruals and prepayments are considered
- B. Debtors and creditors are recorded
- C. Fixed assets are written off in the year of purchase
- D. Profits are maximized
The instrument used to release fund which the minister of finance has earlier withheld is
- A. Reserve expenditure warrant
- B. Supplementary general warrant
- C. Provisional general warrant
- D. Supplementary statutory warrant
Which of the following is a source of revenue for a local government?
- A. Personal income tax
- B. Company registration fees
- C. Royalties
- D. Market tolls
Goods stolen at the branch is debited to
- A. Defalcations account
- B. Branch stock account
- C. Branch adjustment account
- D. Branch debtors account
Which of the following expenses is allocated according to the floor area?
- A. Wages and Salaries
- B. Rent and Rates
- C. Canteen Expenses
- D. Discount allowed
A person who has applied to purchase shares in a company is referred to as ?
- A. A promoter
- B. A subscriber
- C. An allottee
- D. An underwriter
The document which sets out the internal arrangement for the proper management of a company is the
- A. Prospectus
- B. Article of association
- C. Memorandum of association
- D. Certificate of incorporation
Use the following information to answer the question below
Mr White acquired Mr Black’s business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
The double entry to record the good will in the books is debit
- A. Cash account and credit goodwill account
- B. Goodwill account and credit purchase of business account
- C. Goodwill account and credit cash account
- D. Purchase of business account and credit cash account
Use the following information to answer the question below
Mr White acquired Mr Black’s business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
How much was paid for goodwill?
- A. GH¢ 350,000
- B. GH¢ 260,000
- C. GH¢ 90,000
- D. GH¢ 60,000
Use the following information to answer the question below
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Bola’s share of profit is
- A. N4,500
- B. N4,250
- C. N3,000
- D. N2,750
Use the following information to answer the question below
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Ade’s share of profit is
- A. N5,500
- B. N4,250
- C. N2,750
- D. N1,250
In which of the following accounts is interest on partners capital found?
- A. Profit and Loss
- B. Trading
- C. Income surplus
- D. Profit and Loss appropriation
In which of the following is not stated in the partnership agreement?
- A. Profit sharing ratio
- B. Interest on capital
- C. Interest on fixed asset
- D. Purpose of partnership
Goodwill is recognized in partnership accounts when
- A. The business makes a huge profit
- B. The business has good customer relationship
- C. A partner is dormant
- D. A new partner is admitted
The accounting concept that states that a firm’s financial affairs must be separated from that of the owner’s private transactions is
- A. Business entity
- B. Going concern
- C. Consistency
- D. Duality
The accounting concept that assumes that a business will continue operating for an indefinite period is
- A. Business entity
- B. Going concern
- C. Consistency
- D. Duality
The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is
- A. Materiality
- B. Accural
- C. Going concern
- D. Business Entity
In the balance sheet of a social club, subscription owing is treated as a
- A. Current liability
- B. Current asset
- C. Tangible asset
- D. Long term liability