ACC204

A. 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?

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

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

D. Which one of the following should be accounted for as capital expenditure?

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

F. An error of commission occurs where the entries required for a transaction are partially omitted.

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

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

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

J. 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....................

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

L. 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

M. Depreciation of an asset with fixed period of legal life is often referred to as ________

N. In what way should users be able to compare an entity's financial statement?

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

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

Q.  A company includes in inventory goods received before the year end, but for which invoices are not received until after the year end. This is in accordance with ______

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

S. 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?

T.  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 __________

U. 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?

V. 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?

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

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

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

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 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 ________

AB. 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

AC. 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

AD.  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

AE. 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?

AF. 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?

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

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

AI.  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?

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

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

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

AM.  The Agreement of a trial balance will not disclose ONE of the following fundamental errors in the accounting books.

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

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

AP. The balance as per bank statement is ______

AQ. What is an imprest system?

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

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

AT. The data storage hierarchy is as follows:

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

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

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

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