A quality of accounting information is that it should be

When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a

To show the evidence of payment to a government ministry, the revenue collector issues a

The primary concern of shareholder in a business is the

In a not-for-profit organization, accumulated fund is

Use the following information to answer questions 6 and 7 .

Cash paid to trade creditors in 2017 was N2,700,000.

Purchases for 2017 was

Use the following information to answer questions 6 and 7 .

Cash paid to trade creditors in 2017 was N2,700,000.

The cost of goods sold was

In public sector accounting, salaries of employees is classified as

Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri's books are: debit

The concept which seeks to prevent profits from being overstated is

Use the following information to answer questions 11 and 12:

April 11: Sold goods for cash  N30,000
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp  N5,000
April 28: Cash sales       N49,000
April 29: Cash purchases    N11,000
April 30: Paid salaries     N18,000

Total cash receipts for the period is

Use the following information to answer questions 11 and 12:

April 11: Sold goods for cash  N30,000
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp  N5,000
April 28: Cash sales       N49,000
April 29: Cash purchases    N11,000
April 30: Paid salaries     N18,000

The cash balance at the end of the period is

The directors of Olu Ltd. recommended a dividend of 10% on 1,000,000 ordinary share capital of GH¢ 2.00 each. The amount of dividend declared is

Goodwill is recognized in partnership when

The mark-up on a product is 2/3. The margin is

Quick ratio is calculated as x - y : z, where

use the following information to answer question 17 and 18.

The closing capital is

use the following information to answer question 17 and 18.

The working capital is

In a single-entry accounting, purchases are ascertained using

Goods bought from Samah for Le 1,600 was entered Shamail's account. This is an error of

When closing stock is undervalued, the cost of goods sold would be

Where fixed capital account is maintained, partners' share of profit is transferred to the

When bank charges are deducted from a customer's account, the balance on the bank statement would be

Companies issue shares to the public in order to

Sulah took two textile materials worth GH¢ 500 from his business for his children's use. This would be treated as

use the following information to answer questions 26 to 28.

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.

Net profit was GH₵ 100,000.

Ogah's share of profit was

use the following information to answer questions 26 to 28.

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.

Net profit was GH₵ 100,000.

Ajem's current account balance was

use the following information to answer questions 26 to 28.

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.

Net profit was GH₵ 100,000.

Interest on drawings amounted to

Debtors Control Account is kept in the

Where there is provision for depreciation, fixed asset is shown in the balance sheet at I. cost less depreciation for the period only II. cost less total depreciation to date III. written down values.

The partner whose liability goes beyond his capital is a

An effect of increase in the provision for depreciation is

Uncredited cheques refer to cheques not yet credited

Interim dividend paid in a year is

A feature of government accounting is that

use the following information to answer 36 and 37.

The prime cost is

use the following information to answer 36 and 37.

Factory overhead cost is

Capital and drawings accounts are kept in the

Set-off is carried out in the control account when

Debtors balance (01/01/16) -Le 2,518; Cash received-Le 10,000; Discount allowed-Le 280; Interest charged to debtors-Le 63; Debtors balance (30/6/16)-Le 1,450. The credit sales is

An example of nominal account is

The concept that recognizes revenue at the time of sale and not only when cash is received is

The accounting concept which stipulates that income and expenses should be matched to determine profit or loss is

The document used to correct an undercharge on an invoice is

use the following information to answer question 45 and 47.

Carriage inwards for Dept. B is

use the following information to answer question 45 and 47.

Net profit for Dept. A is

use the following information to answer question 45 and 47.

Net profit for Dept. B is

The depreciation per annum is

The net book value of the machine as at 31st December, 2017 was

Subscription owing $6,000 (31/12/2014); Subscription in advance $ 4,000 (31/12/2014); Cash received as subscription during the year was $ 80,000. The subscription for the year 2014 was