ACC204

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

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

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

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

E. A piece of software that has become popular as an Accountant's tool is referred to as .......................

F. What is an imprest system?

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

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

I. 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?

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

K.  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 __________

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

M. 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?

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

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

P. Items that are normal to activity of an enterprise and abnormal as a result of their infrequency of occurrence and size are known as..........................

Q. 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?

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

S. A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000,. What is the capital account balance?

T. Which of the following would NOT be posted to the credit of payables control account

U. 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?

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

W. Salaries paid in the month was N26,152. Outstanding balance at the end of the month was N848. The salaries include an amount of N3,600 paid to the owner. What is the amount to be charged against the Profit and Loss Account for the month?

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

Y. 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

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

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

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

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

AD. 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:

AE.  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 ________

AF. Which of the following errors will cause the trial balance totals to be unequal?

AG. Credit sales are recorded in a ______

AH.  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?

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

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

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

AL.  The adjusted cash book balance is _______

AM. 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?

AN. 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?

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

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

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

AR.  A sole proprietor paid his personal Income Tax by withdrawing cash for the payment from his business. The double entry posting in ledger with respect to the above transaction is: _________

AS. 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%

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

AU. 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?

AV. The excess of current assets over current liabilities is known as ________

AW. When recognizing income under the accrual basis, which of the following statements is correct

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