ACC204

A.  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: _________

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

C. 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?

D.  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 __________

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

F. 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 ________

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

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

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

J. The data storage hierarchy is as follows:

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

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

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

N. 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?

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

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

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

R. 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.

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

T. 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 _______

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

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

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

X. 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....................

Y.  Which of the following should NOT be included in cost of inventory?

Z. 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?

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

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

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

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

AE. Which ONE of the following attributes is the most important for any code to possess in order to be of use in an accounting system?

AF. 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?

AG. 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?

AH. Credit sales are recorded in a ______

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

AK. 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?

AL. Goldspring Enterprises had a prepaid insurance of L$6,000 at the beginning of 2010. During the year, an insurance premium of L$32,000 was paid, while the prepaid insurance stood at L$4,000. What is the insurance expense for 2010?

AM. 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

AN.  The following are application packages EXCEPT.

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

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

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

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

AS. 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 _____

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

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

AV.  The adjusted cash book balance is _______

AW. The balance as per bank statement is ______

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