ACC204

A. Credit sales are recorded in a ______

B.  The adjusted cash book balance is _______

C. Which account is to be credited with the cash received in respect of trade receivables?

D. The core objective of accounting is ________

E. Which of the following would result from an increase in the allowance for doubtful debts?

F. The source of data for the recording of sales day book of a business enterprise is ________

G. Babu Enterprises exported GH¢1,500,000 goods to a customer in Togo. What is the VAT amount to be added to the invoice value of the goods, if the VAT rate is 5%

H. Using straight line method, what would be the annual depreciation charge for the second year of usage?

I.  Use the following details to answer.Trade receivables control account balance 500,000.00 Allowance for doubtful debts 50,000.00 Allowance for discount allowed on receivables 5%.The receivables figure to be shown under current assets in the Statement of Financial position is __________

J. The source document that is used to write up the Sales Day Book is a _________

K. N operates an imprest system for petty cash. On 1 February, the float was N300. It wasdecided that this should be increasedto N375 at the end of FebruaryDuring February, the cashier paid N20 for window cleaning, N100 for stationery and N145 forcoffee and biscuits. The cashier received N20 from staff for the private use of the photocopier and N60 for a miscellaneous cash sale.What amount was drawn from the bank account for petty cash at the end of February?

L. Which of the following errors does NOT affect the balancing of a trial balance?

M. On 1 May, East owed a supplier N1,200. During the month of May, East:(1)Purchased goods for N1,700 and the supplier offered a 5% discount for payment within the month.(2)Returned goods valued at N100 which had been purchased in April. (3)Sent a cheque to the supplier for payment of the goods delivered in May.What is the balance on the supplier�??s account at the end of May?

N.  Which of the following should NOT be included in cost of inventory?

O. The relevant concept that justifies the charging to expense the cost of small waste basket even though the basket has useful life of several years is known as a ________

P. An increase in inventories of N500 and a decrease in the bank balance of N600 and an increase in payables of N1,400 results in:

Q.  The profit of a business may be calculated by using which one of the following formulae?

R. Electricity bill of N10,000 incurred during the year was not charged as an expense for that year. The error committed is ....................

S. The fact that allowances are made against doubtful debts upholds the concept of __________

T. What is the depreciable amount of the machine?

U. Goldspring Enterprises had a prepaid insurance of L$6,000 at the beginning of 2010. During the year, an insurance premium of L$32,000 was paid, while the prepaid insurance stood at L$4,000. What is the insurance expense for 2010?

V. ............... a chronological record of the transactions of a business entity

W. Which of the following is NOT an accounting concept?

X. The difference between the monetary value of output and input of goods and services attributed to a business is called..........................

Y. The costs incurred in the normal course of business to generate revenue is called........................

Z. When there is inflation, the historical cost convention has the effect of _________

AA. The process of transferring the debit and credit items recorded in each journal to the relevant accounts in the ledger is called ________

AB. A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000, what is the Loan amount. If Loan is 30% of the creditor's figure

AC. The accounts of credit suppliers are contained in the ........................ ledger

AD. The data storage hierarchy is as follows:

AE. The accounting equation at the start of the month was:Assets N14,000 less liabilities N6,500.During the following month, the business purchased a non-current asset for N6,000, paying by cheque, a profit of N9,000 was made, and payables of N7,500 were paid by cheque. What would the balance on capital be at the end of month?

AF. The balance as per bank statement is ______

AG. The document that is filled/completed to support cash lodgement in a bank is called ________

AH. H began trading on 1 July. The company is now preparing its accounts for the accounting year ended 30 June year 1. Rent is charged for the year from 1 April to 31 March, and was N1,800 for the year ended 31 March year 1 and N2,000 for the year ended 31 March year 2. Rent is payable quarterly in advance, plus any arrears, on 1 March, 1 June, 1 September and 1 December.The charge to H �??S income statement for rent for the year ended 30 June year 2 is _____

AI. Which of the following are used in a coding system for accounting transactions?

AJ. SSG bought a machine for N40,000 in January year 1. The machine had an expected useful life of six years and an expected residual value of N10,000. The machine was depreciated on the straight-line basis where a full year�??s charge in made in the year of purchase and none in the year of sale. In December year 4, the machine was sold for N15,000. The company has a policy in its internal accounts of combining the depreciation charge with the profit or loss on disposal of assets. Its year end is 31 December.What is the total amount of profit/loss charged to the income statement over the life of the machine?

AK. The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements are called ____________

AL. The idea that an accounting entity will not be wound up in the foreseeable future is ________

AM. A cheque issued and which remains with the payee for more than six months becomes a _______ cheque

AN. The source of data for recording the Returns Inward Book of a business entity is ________

AO.  The effect of the error on the financial statements, if not detected, would include the following except

AP. Which ONE of the following expenses should be included in prime cost in a manufacturing account?

AQ. The fall in value of non-current intangible assets as a result of passage of time is referred to as _________

AR. State the journal entry to record a motor vehicle of N4,500,000 purchased on credit from SCOA motors.

AS.  From the following information, calculate the cash paid by trade receivables during the year. Receivables at the beginning of the year 350,000; Receivables at close of the year 500,000; Credit sales for the year 510,000

AT. Using straight line method, what would be the annual depreciation charge for the second year of usage?

AU. A company bought a machine on 1 October year 1 for N52,000. The machine had an expected life of eight years and an estimated residual value of N4,000. On 31 March year 6, the machine was sold for N35,000. The company's year end is 31 December. The company uses the straight-line method for depreciation and it charges a full year's depreciation in the year of purchase and none in the year of sale. What is the profit or loss on disposal of the machine?

AV. The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses is called ________

AW. Records of transactions used as the basis for recording accounting entries, such as invoices, cheque stubs and similar business papers are called ________

AX.  The opening inventory of a firm at the beginning of the financial year is N30,0000 and at the end of the financial year it isN20,000 while the sales and purchases are N350,000 and N250,000 respectively.What is the Gross Profit or Loss?