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Interest on Drawings is 5%;
Profit is shared equally;
Net profit for the period is N 4,250.

Ade’s share of profit is

A. N 5,500.     B. N 4,250.     C. N 2,750.     D. N 1,250

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.

What was the amount charged to the profit and loss account in respect of advertising for the year ended June 30, 2012?

A. GHc 36,000
B. GHc 30,000
C. GHc 27,000
D. GHc 24,000

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it will be used for more than one year is

A. materiality.    B. accrual.    C. going concern.    D. business entity

The instrument used to release fund which the minister of finance had earlier withheld is

A. reserve expenditure warrant.
B. supplementary general warrant.
C. provisional general warrant.
D. supplementary statutory warrant

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

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

Which of the following accounts has a credit balance?

A. capital    B. Cash    C. Drawings     D. Premises

Which of the following is the equation for determining net profit or Loss from the records of a firm?

A. Closing Capital - Drawings- Capital Introduced
B. Opening Capital + Drawings - Closing Capital
C. Closing Capital + Opening Capital - Drawings
D. Closing Capital Drawings - Opening Capital

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 a real account?

A. Plant account    B. Salaries account    C. Creditors account    D. Trading account

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

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 accounting ledger for goods sold on credit are debit

A. Debtors Account, credit Sales Account.
B. Creditors Account, credit Sales Account.
C. Saks Account, credit Debtors Account.
D. Sales Account, credit Creditors Account

What is the ledger entry for the sale of plant and machinery on credit to Wilson?

A. Credit Sales Account and debit Cash Account
B. Credit Plant and Machinery Account and debit Wilson’s Account
C. Credit Sates Account and debit Wilson’s Account
D. Credit Plant and Machinery Account and debit Cash Account

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

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

Purchase invoice is first entered in the

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

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

Opening capital is

A. D 5,660.     B. D 5,060.     C. D 4,460.     D. D 2,960.

The document which sets out the internal arrangement for the proper management of a company is the

A. prospectus.
B. article of association.
C. memorandum of association.
D. certificate of incorporation

Which of the following is not a feature of accounting information?

A. Affordability    B.. Timeliness    C. Accuracy    D. Completeness

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