ACC204

A. The error made where the original figure is incorrect, yet double entry is still observed using the same figure is _________

B. The VAT which is charged by suppliers on goods purchased is termed....................

C. During year 2016, Victor paid rent amounting to 500,000. He owed 50,000 at the beginning of the year and by 31 December 2016, he had paid rent in advance of 100,000. His rent charge for 2016 was?

D. Which of these statements CANNOT be defined as income?

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

F. The process of locating and eliminating errors from a program is known as ________

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

H. 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 _____

I. On 1 May, A pays a rent bill of N1,800 for the twelve months to 30 April. What is the charge/credit to the income statement for the year ended 30 November?

J. What is the gross profit on sales worth GH¢240,000, if gross profit is 331/3%    on cost of goods sold?

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

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

M.  Non-current assets can best be defined as Items of machinery which are not moveable and are purchase with an intention of resale

N. A vehicle was purchased on 1 January 2011 at a cost of N2,000,000 and was depreciated at 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation was charged in the years of purchase and disposal. Determine the profit or loss on the disposal

O. 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%

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

Q.  In preparing financial statements, the bad debts account is closed by a transfer TO

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

S. The accounting measure used to match tax effect of transactions with their accounting impact is termed.......................

T. When a debt thought to be irrecoverable and written off is subsequently recovered, which additional entry is required to complete the two entries given below? I. Debit Personal Account/Credit Irrecoverable Debts Recovered Account II. Debit Cash/Bank Account/Credit Personal Account

U. A car was purchased for N12,000 on 1 April in year 1 and has been depreciated at 20% each year straight line, assuming no residual value. The company policy is to charge a full year�??s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August in year 4 for an agreed figure of N5,000. What was the profit or loss on the disposal of the vehicle in year 4?

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

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

X. 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?

Y. 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

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

AA. Credit sales are recorded in a ______

AB. The entries in a sales ledger control account are:Sales 250,000; Bank 225,000; Sales returns 2,500; Bad debts (irrecoverable debts?) 3,000; Bad debts (irrecoverable debts?) 3,000;Returned unpaid cheque 3,500; Contra with purchase ledger account 4,000;What is the balance on the sales ledger control account

AC. P is a sole proprietor whose accounting records are incomplete. All the sales are cash sales and during the year N50,000 was banked, including N5,000 from the sale of a business car.He paid N12,000 wages in cash from the till and withdrew N2,000 per month as drawings.The cash in the till at the beginning and end of the year was N300 and N400 respectively.What were the sales for the year?

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

AE. S purchased equipment for 80,000 on 1 July year 1. The company's accounting year end is 31 December. It is S�??s policy to charge a full year's depreciation in the year of purchase. S depreciates its equipment on the reducing balance basis at 25% per annum. What is the net book value of the equipment at 31 December year 4?

AF. Which of the following reconciliation items will affect the cash book balance?(I)Bank error overstating the bank balance(II)Cash book error, overstating the bank balance (III)Income received through the bank (IV) Imprest cheques

AG.  A company's net profit for the year ended 30 June, 2014 was N6,500,000. It was found that N1,800,000 paid for maintenance of motor vehicles had been debited to motor vehicle account and depreciated at 25% on cost (full year charge) in line with the company's policy. What would be the net profit after adjusting for the error?

AH. Which ONE of the following best describes the stewardship function?

AI. Extended Trial Balance is an alternative way of arriving at the figures to be included in the __________

AJ. Which accounting concept does not agree with making allowance for discount receivable?

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

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

AM. What is an imprest system?

AN. The difference between an income statement and an income and expenditure account is that __________

AO. The excess of current assets over current liabilities is ........................

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

AQ. The financial statement that presents the assets, liabilities and equity interest of an entity at a point in time is called ________

AR. 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?

AS. On 1 January 2013 a motor vehicle, with the expected useful life span of 5 years and residual value of N100,000, was acquired for N1,600,000. Using sum-of-the-years digit method, what is the second year depreciation provision of the motor vehicle?

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

AU. B operates the imprest system for petty cash. At 1 July there was a float of N150, but it was decided to increase this to N200 from 1 August onwards. During July, the petty cashier received N25 from staff for using the photocopier and a cheque for N90 was cashed for an employee. In July, cheques were drawn for N500 for petty cash.What was the total expense paid from petty cash in July?

AV. A statement to agree the difference between the Cash Book and the Bank Statement balance is called ________

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

AX. Which one of the following sentences does NOT explain the distinction between financial accounts and management accounts?