Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Net profit for the year is
- A. D12,260
- B. D3,740
- C. D2,440
- D. D2,040
Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Closing capital is
- A. D8,100
- B. D7,400
- C. D6,700
- D. D5,200
Use the following information to answer the question below
\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.
Opening capital is
- A. D5,660
- B. D5,060
- C. D4,460
- D. D2,960
Which of the following is a not revealed by a firm’s accounting records?
- A. Profit of a period
- B. Quality of labour force
- C. Credit worthiness
- D. Value of assets
The total of the returns outwards journal is posted to the
- A. Credit side of the returns outwards book
- B. Debit side of the returns outwards account
- C. Debit side of the purchases returns book
- D. Credit side of the returns outwards account
Which of the following items is found in the sales ledger control account?
- A. Discount received
- B. Total credit purchases
- C. Discount allowed
- D. Returns outwards
The process of using sales ledger balance to cancel off purchases ledger balance is
- A. Balancing
- B. Set off
- C. Reconcilation
- D. Cancelling
In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as
- A. Current liability
- B. Expenses
- C. Income
- D. Current asset
Which of the following is not a method of depreciating fixed assets?
- A. Revaluation
- B. Straight Line
- C. Diminishing balance
- D. Obsolescence
The cost of putting goods into a saleable condition is charged to
- A. Balance sheet
- B. Trial balance
- C. Profit and loss account
- D. Trading account
Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.
\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & – \\
\hline
Electricity & 60,000 & –
\end{array}\)
Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.
Electricity in arrears as at June 30, 2012 amounted to
- A. GH¢ 12,000
- B. GH¢ 10,000
- C. GH¢ 8,000
- D. GH¢ 4,000
Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.
\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & – \\
\hline
Electricity & 60,000 & –
\end{array}\)
Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.
What was the amount charged to the profit and loss account in respect of advertising for the ended June 30 2012 is_____?
- A. GH¢ 36,000
- B. GH¢ 30,000
- C. GH¢ 27,000
- D. GH¢ 24,000
Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.
\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & – \\
\hline
Electricity & 60,000 & –
\end{array}\)
Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.
Advertising owing in respect of the year ended June 30, 2012 is _______?
- A. GH¢ 12,000
- B. GH¢ 9,000
- C. GH¢ 6,000
- D. GH¢ 3,000
Unpresented cheques are cheques_________
- A. That have been recorded in the cash book but not by the bank
- B. That have been received by the bank, but not recorded in the cash book
- C. Returned by the bank
- D. Written but not handed over to customers
When the invoice of a customer is overcast, the supplier will send to him a
- A. Cheque
- B. Payment voucher
- C. Debit note
- D. Credit note
Which of the following expresses the accounting equation?
- A. Capital + assets = liabilities
- B. Assets - liabilities = Capital
- C. Liabilities + Current Assets = Fixed assets
- D. Liabilities - Capital = Current assets
The accounting entry to correct sales day book overcast is?
- A. Debit sales account and credit debtors account
- B. Debit suspense account and credit sales account
- C. Debit debtors account and credit suspense account
- D. Debit sales account and credit suspense account
Which of the following accounts has a credit balance?
- A. Capital
- B. Cash
- C. Drawings
- D. Premises
Discount received account is a
- A. Real account
- B. Personal account
- C. Nominal account
- D. Profit and loss account
What is a ledger entry for the sale of plant and machinery on credit to Wilson?
- A. Credit sales account and debit cash account
- B. Credit plant and machinery account and debit Wilson's account
- C. Credit sales account and debit Wilson's Account
- D. Credit plant and machinery account and debit cash account
Which of the following is not a book of original entry?
- A. Sales journal
- B. Purchases account
- C. Cash account
- D. Return inwards journal