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In the balance sheet of a social club, subscription owing is treated as a

A. current liability.   B. current asset.    C. tangible asset    D. long-term liability

The cost of pulling goods into a saleable condition is charged to

A. balance sheet.    B. trial balance.    C. profit and loss account.    D. trading account

Advertising was paid by cheque covering 12 monthly instalments ending March 31, 2012.
Electricity was paid by cash covering 15 monthly instalments from March 1, 2011.

Advertising owing in respect of the year ended June 30, 2012 is

A. GHc 12,000.
B. GHc 9,000.
C. GHc 10 6,000.
D. GHc 3,000.

The accounting concept that assumes that a business will continue operating for an indefinite period is

A. business entity.    B. going concern.    C. consistency.    D. duality

Discount Received Account is a

A. real account    B. personal account.    C. nominal account.    D. profit and loss account

Which of the following relates to cash basis of accounting?

A. Accruals and prepayments are considered
B. Debtors and creditors are recorded
C. Fixed assets are written off in the year of purchase
D. Profits are maximized

Which of the following describes a trial balance?

A. It is a special account
B. It is a list of balances in the books
C. It reveals the financial position of a business
D. It shows all the entries in the books of a business

Goods stolen at the branch is debited to

A. Defalcations Account.
B. Branch Stock Account.
C. Branch Adjustment Account.
D. Branch Debtors Account

Purchase invoice is first entered in the

A. purchases account.    B. cashbook.    C. sales journal.     D. purchases journal

The process of using sales ledger balance to cancel off purchases ledger balance is

A. balancing.    B. set off.    C. reconciliation.    D. cancelling

Goodwill is recognized in partnership accounts when

A. the business makes a huge profit.
B. the business has good customer relationship.
C. a partner is dormant.
D. a new partner is admitted

Goods returned to a supplier is

A. debited to Returns outwards account.
B. credited to Returns outwards account
C. debited to Returns inwards account
D. credited to Returns inwards account

The total of the returns outwards journal is posted to the

A.  credit side of the returns outwards book.
B. debit side of the returns outwards account.
C. debit side of the purchases returns book.
D. credit side of the returns outwards account

Which of the following is not stated in the partnership agreement?

A. Profit sharing ratio    B. Interest on capital    C. Interest on fixed asset    D. Purpose of partnership

Which of the following items is found in the sales ledger control account?

A. Discount received
B. Total credit purchases
C. Discount allowed
D. Returns outwards

Unpresented cheques are cheques

A. that have been recorded in the cash book, but not by the bank.
B. that have been received by the bank, but not recorded in the cash book.
C. returned by the bank.
D. written, but not handed over to customers

Which of the following is found on the credit side of a partnership’s appropriation of profit account?

A. Interest on capital    B. Interest on drawings    C. Share of profit    D. Drawings

Which of the following is not revealed by a firm’s accounting records?

A. Profit of a period
B. Quality of labour force
C. Credit worthiness
D. Value of assists

The quality of output information depends on the

A. quality of input data.
B. time of processing.
C. speed of processing.
D. quantity of output device

Which of the following is not a book of original entry?

A. Sales journal    B. Purchases account    C. Cash account    D. Return inwards journal

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