ACC204

A. 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:

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

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

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

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

F. 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?

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

H.  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?

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

J. 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?

K.  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: _________

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

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

N. 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 ________

O. 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 _____

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

Q. A vehicle was purchased on 1 January 2011 at a cost of N2,000,000 and was depreciated at 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation was charged in the years of purchase and disposal. Determine the profit or loss on the disposal

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

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

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

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

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

W.  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 ______

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

Y. 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

Z. Credit sales are recorded in a ______

AA. 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

AB. 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?

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

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

AE.  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 __________

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

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

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

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

AJ.  The following are application packages EXCEPT.

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

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

AM. 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?

AN. What is the depreciable amount of the machine?

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

AP. What is an imprest system?

AQ.  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 ________

AR. The core objective of accounting is ________

AS. 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?

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

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

AV. 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?

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

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