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One of the internal users of accounting information is the
A crane hired by a building construction company would be classified as
A business should not lay claim to any profit before it is earned. This is in accordance with the
Use the following information to answer questions 4 and 5
Trade creditors (31/12/2020) 4,000 $
Paid for purchases in 2021: Cheques 110,000 $
Carriage inwards 1,000 $
Trade creditors (31/12/2021) 6,000 $
The total purchases in 2021 is
Use the following information to answer questions 4 and 5
Trade creditors (31/12/2020) 4,000 $
Paid for purchases in 2021: Cheques 110,000 $
Carriage inwards 1,000 $
Trade creditors (31/12/2021) 6,000 $
The balance c/d on trade creditors will be recorded in the balance sheet as
The accounting concept which is the basis upon which assets of a business are valued is the
Use the following information to answer questions 7 to 9.
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
Use the following information to answer questions 7 to 9.
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 is
Use the following information to answer questions 7 to 9.
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
The concept which underlies double entry bookkeeping is
Which of the following items is a tangible asset?
Discount allowed is shown in financial statements as
The reason for treating carriage inwards in the trading account is because
Wages of machine operators in manufacturing account are treated as
Use the following information to answer questions 15 and 16.
Sammy acquired plant and machinery costing 12,000 with an estimated useful life of 4 years and residual value of 2,000.The sum-of-the-years' digits method is used.
The depreciation to be charged for the third year will be
Use the following information to answer questions 15 and 16.
Sammy acquired plant and machinery costing 12,000 with an estimated useful life of 4 years and residual value of 2,000.The sum-of-the-years' digits method is used.
The value of the asset at end of the first year is
The allocation of funds from treasury to accounting heads in public sector is
The source of funds available to a local government
Carriage inwards on raw materials is recorded in the
Use the following information to answer questions 20 and 21.
The health department of Hanjul Local Government incurred the following expenditures in 2020:
| Expenditure | Amount |
|--------------------------------|--------|
| 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
Use the following information to answer questions 20 and 21.
The health department of Hanjul Local Government incurred the following expenditures in 2020:
| Expenditure | Amount |
|--------------------------------|--------|
| 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
Reliability as a quality of accounting information means that accounting
The error that affects the agreement of a trial balance totals is
Profit distributed to ordinary shareholders of a limited liability company is
The purchases day book is used to record
In the final account of a limited liability company, debenture interest paid is recorded in the
Suppliers' personal account are found in the
Memorandum branch account is prepared to determine
Use the following information to answer questions 29 and 30.
Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GHe 0.60 per share. To date, the company has made calls of GHe 0.40 per share. All calls have been paid by shareholders except for GHe 100,000 owing from one shareholder.
The paid-up share capital is
Use the following information to answer questions 29 and 30.
Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GHe 0.60 per share. To date, the company has made calls of GHe 0.40 per share. All calls have been paid by shareholders except for GHe 100,000 owing from one shareholder.
The authorized number of shares is
The accounts maintained in the nominal ledger are
Which of the following items are apportioned on the basis of purchases in preparing departmental accounts?
The two column cash book records
The transactions of All Girls' Social Club for the year 2021 are as follows:
Bar Sales D 30,000; Bar purchases D 17,000 and Rent D 1,200.
31st December| | 2020 | 2021 |
| D | D |
| Stock at bar | 1,400 | 1,600 |
| Owing for bar supplies | 6,500 | 7,300 |
The value of the purchases for the year is
The transactions of All Girls' Social Club for the year 2021 are as follows:
Bar Sales D 30,000; Bar purchases D 17,000 and Rent D 1,200.
31st December| | 2020 | 2021 |
| D | D |
| Stock at bar | 1,400 | 1,600 |
| Owing for bar supplies | 6,500 | 7,300 |
The net profit on the bar to be transferred to the income and expenditure account for the year ended 31st December 2021 is
Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable
A reason a business is not able to keep full set of accounting records is that
Beauty started business with #40,000, made a profit of #50,000 and ended the year with #70,000 capital. What would have accounted for the closing capital?
If sales is D 12,000 and the gross profit mark-up percentage is 25%. What is the cost of sales?
The accumulated fund for a not-for-profit making organization is
Use the following information to answer questions 41 to 43.
The following transactions were recorded in the cash book of Ibuwah for the month of February 2019:
| Transaction | Amount |
|---------------------|----------|
| Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,300 |
| Electricity bill | 40,000 |
| Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The total income for the month is
Use the following information to answer questions 41 to 43.
The following transactions were recorded in the cash book of Ibuwah for the month of February 2019:
| Transaction | Amount |
|---------------------|----------|
| Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,300 |
| Electricity bill | 40,000 |
| Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The balance brought down at the end of the month is
Use the following information to answer questions 41 to 43.
The following transactions were recorded in the cash book of Ibuwah for the month of February 2019:
| Transaction | Amount |
|---------------------|----------|
| Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,300 |
| Electricity bill | 40,000 |
| Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The total expenses for the month is
Which of the following items is classified as capital expenditure in public sector accounting?
Use the following information to answer questions 45 and 46
| | Le |
|-----------------------------|-----------|
| Capital (01/01/2020) | 1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
| Expenses | 345,900 |
| Drawings for 2020 | 72,500 |
| Additional capital for 2020 | 250,000 |
The gross profit for the year is
Use the following information to answer questions 45 and 46
| | Le |
|-----------------------------|-----------|
| Capital (01/01/2020) | 1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
| Expenses | 345,900 |
| Drawings for 2020 | 72,500 |
| Additional capital for 2020 | 250,000 |
The net profit for 2020 is
A partnership is formed by
Use the following information to answer questions 48 and 49. Ant and Bee withdrew GHe 14,000 and GHe 10,000 respectively at 8% per annum from the partnership. The interest on drawings for Ant is
Use the following information to answer questions 48 and 49. Ant and Bee withdrew GHe 14,000 and GHe 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
Which of the following items is found in the profit and loss account of a company?
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