ACC204

A. On 1 June year 1, H paid an insurance invoice of N2,400 for the year to 31 May year 2. What is the charge to the income statement and the entry in the financial statement for the year ended 31 December year 1?

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

C.  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?

D.  The Depreciation methods that ensure that the depreciation charged against income reduces as the year of usage of the non- current assets increases is known as ________

E. 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 ________

F. The amount of wages paid to an employee after making appropriate deductions is referred to as ________

G. The data storage hierarchy is as follows:

H. 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

I. A customer owing 200,000 was allowed to pay 180,000 in full settlement of his indebtedness. This results in a _____

J. 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

K.  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

L.  An item of property, plant and equipment costing N600,000 was bought on 1 January, 2011. Depreciation was provided at 20% annually on straight-line basis and computed up to the point of sale. It was sold on 30 June, 2014 for N157,500. In the year of sale, profit is _______

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

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

O. A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying is expected to result in an outflow from the entity of resources embodying economic benefits, is known as _______

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

Q. The excess of Gross Profit over operating expenses is ________

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

S. The cash book of a trader shows an overdrawn account. Which of the following will reduce the balance when the necessary recordings are completed?

T. The objective of financial statements is it enables users to assess the performance of management and to aid in decision making

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

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

W. The core objective of accounting is ________

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

Y. The balance as per bank statement is ______

Z. What term describes a possible obligation that arises from past event, where the existence of the obligation will be confirmed only in the future, with the occurrence or non-occurrence of an event that is not wholly within the control of the enterprise?

AA. 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?

AB. A trader had trade receivables of 50,000 at the end of his accounting period. Trade receivables at the beginning of the period was 60,000. His policy is to make allowance for doubtful debts at the rate of 5%. State the change in value of the allowance for doubtful debts at the end of the current accounting period.

AC. 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%

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

AE. One of the following is a disadvantage of Application Packages.

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

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

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

AI. An amount spent in acquiring or adding value to a fixed asset/non-current asset is ________

AJ. 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?

AK. 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?

AL. A method of keeping accounts whereby revenue and expenses are recorded in the books of account when received and paid without regard to period to which they apply is called....................

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

AN. For every debit entry there is a corresponding credit entry. This principle represents _______

AO.  The following are application packages EXCEPT.

AP. 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?

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

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

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

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

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

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

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

AX.  At the end of the first year of trading, a trader's receivables amounted to 5,000. This excludes 180 debts found to be irrecoverable. At the same date, it was estimated that 70 of the 5,000 would still turn out to be irrecoverable debts. Determine the net realizable value of receivables at the end of the first year of trading.