The source of funds available to a local government/district assembly includes
- A. common fund allocation
- B. none of the above
- C. excise duties
- D. road tolls
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
|
Salaries |
27,600 |
|
Closing stock |
14,100 |
The net profit is
- A. D 21, 760
- B. D 18, 260
- C. D 21, 020
- D. D 21, 620
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The gross profit
- A. D 39,360
- B. D 38, 620
- C. D 36,360
- D. D 39,220
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The cost of goods available for sale is
- A. D 175,860
- B. D 175,380
- C. D 175, 120
- D. D 175,460
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