1. External users of accounting information include _______.
2. Every asset should have _______.
3. Which of the following are impersonal accounts?
I. Investment II. Creditors III. Premises IV. Debtors V. Salaries
4. Nwoye buys stock and pays by cheque. The entries in the books of Nwoye’s Debit are _______.
5. Which of the following errors are errors of commission?
I. A cheque paid to Adam debited to Adams’s account. II. Credit sales to Eva credited to sales account but debited to Eva’s account. III. Furniture repairs debited to furniture account. IV. Credit purchases from Manu credited to Manu’s account.
6. A bank statement shows an overdraft of GHc 190,000. Kofi a debtor paid GHc 400,000 into the account. The new balance is _______.
7. A pretty cash account has an interest of GHc 6,000. If GHc 2,000 were left, how much will be reimbursed at the end of the period?
8. Cash paid to Jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of _______.
9. One of the purchases invoices of Mr. Dauda showed D96,240 less 12% trade discount and cash discount 20%. Since Mr. Dauda paid the amount due within the credit period, the amount paid is _______.
10. Bank reconciliation statement is prepared to reconcile the differences between _______.
11. Which of the following items of expense involves actual cash payment?
12. In the preparation of the trading account of Omuya Ltd, the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the _______.
13. In accounting context, purchases refer to _______.
14. Which of the following items is a current liability?
15. The balance sheet is prepared to reveal _______.
16. The excess of cost of goods sold over net sales is _______.
17. Use the following information to answer this question.
Rent for 2014 chargeable to the profit and loss account is _______.
18. Use the following to answer this question
The balance sheet as at 31st December 2014 will show _______.
19. Which of the following would result from an increase in the provision for doubtful debts?
20. Use the following information to answer this question.
The depreciable value of computers is _______.
21. Use the following information to answer this question.
The total costs of the computers is _______.
22. Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent
23. Partly manufactured goods are treated in the balance sheet of a manufacturing company as _______.
24. Use the following information to answer this question.
The credit purchases are _______.
25. Use the following information to answer this question.
The total purchases are _______.
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