ACC204

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

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

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

D. Which of the following provides the origin of accounting information?

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

F. What is an imprest system?

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.  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?

I. Which of these books of account could be classified as a subsidiary book as well as a ledger

J. 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 _____

K. 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....................

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

M. The balance as per bank statement is ______

N. Which of the following accounting records is used to determine the arithmetical accuracy of ledger posting?

O. 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:

P. 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?

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

R. Credit sales are recorded in a ______

S. 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?

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

U.  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?

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

W. 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.

X. 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

Y.  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 _______

Z. Annual rent payable is 500,000. Rent prepaid at 1 January, 2016 was 80,000 and rent accrued at 31December 2016 was 60,000. How much was paid in respect of rent in 2016

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

AB. 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?

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

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

AE. What is the depreciable amount of the machine?

AF. 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?

AG. 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?

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

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

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

AK. 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?

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

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

AN. The data storage hierarchy is as follows:

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

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

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

AR.  Z's bank statement shows a balance of N825 overdrawn. The bank statement includes bank charges of N50, which have not been entered in the cash book. There are unpresented cheques totaling N475 and deposits not yet credited of N600. The bank statement incorrectly shows a direct debit payment of N160, which belongs to another customer.What figure for the bank balance should be shown in the statement of financial position?

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

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

AU. Which of the following is NOT correct in differentiating between sole trader and limited liability companies?

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

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

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