ACC204

A. 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?

B. The error made where the original figure is incorrect, yet double entry is still observed using the same figure is _________

C. The following are optical Disks EXCEPT __________

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

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

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

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

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

I. 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?

J. An amount spent in acquiring or adding value to a fixed asset/non-current asset 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. A customer owing 200,000 was allowed to pay 180,000 in full settlement of his indebtedness. This results in a _____

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

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

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

P.  The adjusted cash book balance is _______

Q.  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: _________

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

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

T.  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 ________

U. The balance as per bank statement is ______

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

W. ............... a chronological record of the transactions of a business entity

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

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. 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 _______

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

AB. 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?

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

AD. 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?

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

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

AG. What is an imprest system?

AH. Credit sales are recorded in a ______

AI. 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?

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

AK.  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?

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

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

AN. 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

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

AP. 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?

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

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

AS. What is the depreciable amount of the machine?

AT. 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?

AU. 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?

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

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

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