A debit entry in a fixed asset account represents

When bank charges are discovered in a bank statement, the adjustment is effected in the

The double entry for interest on drawings by a partner is: debit

A credit purchase of GH₵ 200 from Osae was posted to the account of Osei. This is an error of

use the following information to answer question 5 and 6.

Provision for doubtful debts------1,000Cr
Bad debts-——————————------500Dr
Debtors——————————-----50,000Dr
Additional bad debts to be written off-----500

New provision for doubtful debts to stand at 5% of debtors

The net figure for debtors in the balance sheet is

An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is

In a situation of incomplete records, profit is determined as

The document which serves as the authority to incur expenditure in public sector is

A debit balance of GH₵ 420 on the purchases ledger control account means that the

A total of D 9,160 was entered in the sales account as D 9,610. To correct this error: debit

use the following information to answer question 12 to 14.

Ata, Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions.

The profit available for sharing by the partners is

use the following information to answer question 12 to 14.

Ata, Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions.

The balance in Chikum’s Current Account is

use the following information to answer question 12 to 14.

Ata, Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions.

Bubu’s share of profit is

Recognition of profit when goods are sold and the buyer takes ownership of them is in line with

The purpose of preparing trading account is to ascertain

A trader adds 25% on cost as profit. The profit on sales of 300,000 would be

The accounting concept which distinguishes an enterprise from its owners is

Eze introduces his private car into his business. The aspect of accounting equation of the business that would be affected are

Debtors and credit sales for a period are D 120,000 and D 600,000 respectively. The debtor’s payment period would be

use the following information to answer question 21 and 23.

Subscription for 2017 and 2019 received during the year
were ₦180,000 and ₦150,000 respectively.

Subscriptions credited to Income and Expenditure Account for 2018 was

use the following information to answer question 21 and 23.

Subscription for 2017 and 2019 received during the year
were ₦180,000 and ₦150,000 respectively.

Total expenses debited to Income and Expenditure Account for 2018 was

use the following information to answer question 21 and 23.

Subscription for 2017 and 2019 received during the year
were ₦180,000 and ₦150,000 respectively.

The surplus for the year 2018 was

A non-cash expense chargeable against profit and loss account is

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as

The value of closing stock of finished goods in the trading account is

The value of closing stock of finished goods that would be shown in the balance sheet is

Items shown in manufacturing account include

Use the following information to answer questions 29 to 31.
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount; 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.

The cash paid by Kwamenah was

Use the following information to answer questions 29 to 31.
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount; 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.

Kwamenah would record the 10% discount in the

Use the following information to answer questions 29 to 31.
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount; 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.

Doe and Sons Limited would enter the 3% discount in the

A partner who contributes capital but does not participate in the day-to-day running of the business is

An example of real account is

The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is

A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side . Pending investigation , the difference would be

use the following information to answer question 36 to 38.

The Salaries that would be charged to Profit and Loss Account for the year 2017 is

use the following information to answer question 36 to 38.

The Electricity that would be charged to Profit and Loss Account for the year 2017 is

use the following information to answer question 36 to 38.

The Stationery that would be shown in the Balance Sheet as at 31st December 2017 is

Accounting equation of a business shows the

The internal users of accounting information are the

A computer set bought for N150,000 was disposed for N45,000 after some years of use. The profit on disposal was N7,500. Accumulated depreciation at the time of disposal was

Accumulated fund of a club is equivalent to its

use the following information to answer question 43 to 45.

Cost of raw materials
available　　　　　　　　　32,000
Manufacturing wages　　　　10,000
Factory expenses　　　　　 5,000
Royalty　　　　　　　　　 3,000
Factory rent　　　　　　　 2,000
Depreciation of plant
and machinery　　　　　　　5,000
Closing stock of raw
materials　　　　　　　　　3,000

The cost of sales for Sportswear Department was

use the following information to answer question 43 to 45.

Cost of raw materials
available　　　　　　　　　32,000
Manufacturing wages　　　　10,000
Factory expenses　　　　　 5,000
Royalty　　　　　　　　　 3,000
Factory rent　　　　　　　 2,000
Depreciation of plant
and machinery　　　　　　　5,000
Closing stock of raw
materials　　　　　　　　　3,000

The cost of sales for Cosmetics Department was

use the following information to answer question 43 to 45.

Cost of raw materials
available　　　　　　　　　32,000
Manufacturing wages　　　　10,000
Factory expenses　　　　　 5,000
Royalty　　　　　　　　　 3,000
Factory rent　　　　　　　 2,000
Depreciation of plant
and machinery　　　　　　　5,000
Closing stock of raw
materials　　　　　　　　　3,000

The gross profit for Sportswear Department was

Income received in advance is treated in the balance sheet as

Discount allowed: N 2,000

Bad debts: N 1,000

Cheque received from customers: N24,000

Returns inwards: N500

Sales ledger balance at the beginning: N2,000

The amount of sales is

The document which contains the internal regulations of a limited liability company is the

The excess of net assets acquired over purchase consideration is

A method of charging depreciation at a fixed percentage of the net book value is