Revenue expenditure of a local government includes purchase of
- A. x-ray machine
- B. incubators
- C. drugs
- D. theatre equipment
Use the information to answer questions below
| Years | Current Assets | Liabilities | Fixed Assets | Capital |
| # | # | # | # | |
| 2018 | 52550 | 78600 | 127450 | X |
| 2017 | 41650 | 53220 | Y | 116780 |
The letter Y represents
- A. #170,000
- B. #128,350
- C. #94,870
- D. #211,650
Use the information to answer questions below
| Years | Current Assets | Liabilities | Fixed Assets | Capital |
| # | # | # | # | |
| 2018 | 52550 | 78600 | 127450 | X |
| 2017 | 41650 | 53220 | Y | 116780 |
The letter X represents
- A. #78,600
- B. #180,000
- C. #101,400
- D. #258,600
An item that would be classified as preliminary expenses in a company’s account is
- A. formation expenses
- B. administrative expenses
- C. distribution expenses
- D. general expenses
Use the following information to answer questions below
Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount reimbursed at the end of the month was
- A. GH⊄ 6,928
- B. GH⊄ 6,966
- C. GH⊄ 7,456
- D. GH⊄ 8,000
Use the following information to answer questions below
Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount spent on stationery was
- A. GH⊄ 1,170
- B. GH⊄ 1,076
- C. GH⊄ 1,530
- D. GH⊄ 874
Use the following information to answer questions below
Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount posted to the personal ledger was
- A. GH⊄ 1,034
- B. GH⊄ 1,072
- C. GH⊄ 6,966
- D. GH⊄ 3,684
Resources owned and controlled by a business are classified as
- A. assets
- B. capital
- C. liabilities
- D. drawings
An increase in provision for doubtful debts would result in
- A. decrease in net profit
- B. increase in net profit
- C. decrease in gross profit
- D. increase in gross profit
A unit of a company capital is?
- A. debenture
- B. stock
- C. premium
- D. share
Use the following information to answer questions below
A trader bought goods worth #16,000 and sold three-quarter of it for #20,000
The margin would be
- A. 1/2
- B. 1/5
- C. 2/5
- D. 2/3
Use the following information to answer questions below
A trader bought goods worth #16,000 and sold three-quarter of it for #20,000
The gross profit is
- A. #4,000
- B. #8,000
- C. #12,000
- D. #6,000
The user of accounting information who is responsible for overall performance of the business is the
- A. customer
- B. employee
- C. shareholder
- D. director
One of the items on the credit column of a trial balance is
- A. returns outwards
- B. carriage outwards
- C. returns inwards
- D. carriage inwards
Use of following information to answer questions below
| D | |
| Motor vehicle | 500000 |
| Stock | 35000 |
| Debtors | 18000 |
| Cash | 12850 |
| Bank overdraft | 280000 |
| Creditors | 21500 |
The total current liability is
- A. D 301,500
- B. D 258,500
- C. D 264,350
- D. D 280,000
Use of following information to answer questions below
| D | |
| Motor vehicle | 500000 |
| Stock | 35000 |
| Debtors | 18000 |
| Cash | 12850 |
| Bank overdraft | 280000 |
| Creditors | 21500 |
The total current asset is
- A. D 65,850
- B. D 367,350
- C. D 345,850
- D. D 87,850
Use of following information to answer questions below
| D | |
|
Motor vehicle |
500000 |
|
Stock |
35000 |
|
Debtors |
18000 |
|
Cash |
12850 |
|
Bank overdraft |
280000 |
|
Creditors |
21500 |
The capital is
- A. D 867,350
- B. D 544,350
- C. D 264,350
- D. D 832,350