ACC204

A. 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

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

C.  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?

D. Depreciation of an asset with fixed period of legal life is often referred to as ________

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

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

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

H. On 1 May, East owed a supplier N1,200. During the month of May, East:(1)Purchased goods for N1,700 and the supplier offered a 5% discount for payment within the month.(2)Returned goods valued at N100 which had been purchased in April. (3)Sent a cheque to the supplier for payment of the goods delivered in May.What is the balance on the supplier�??s account at the end of May?

I. What term describes a possible obligation that arises from past event, where the existence of the obligation will be confirmed only in the future, with the occurrence or non-occurrence of an event that is not wholly within the control of the enterprise?

J. 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?

K. Accrued Salaries of N18,000 due to employees for December 31 2015 was omitted and not included in the financial statements prepared for the year ended 31 December 2015 Which of the following will be correct?

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

M.  At the end of the first year of trading, a trader's receivables amounted to 5,000. This excludes 180 debts found to be irrecoverable. At the same date, it was estimated that 70 of the 5,000 would still turn out to be irrecoverable debts. Determine the net realizable value of receivables at the end of the first year of trading.

N. On 1 January 2013 a motor vehicle, with the expected useful life span of 5 years and residual value of N100,000, was acquired for N1,600,000. Using sum-of-the-years digit method, what is the second year depreciation provision of the motor vehicle?

O. 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 ________

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

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

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

S. When a debt thought to be irrecoverable and written off is subsequently recovered, which additional entry is required to complete the two entries given below? I. Debit Personal Account/Credit Irrecoverable Debts Recovered Account II. Debit Cash/Bank Account/Credit Personal Account

T. Which ONE of the following best describes the stewardship function?

U. Which accounting concept does not agree with making allowance for discount receivable?

V. The data storage hierarchy is as follows:

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

X.  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 ________

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

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

AA. Items that are normal to activity of an enterprise and abnormal as a result of their infrequency of occurrence and size are known as..........................

AB. Using straight line method, what would be the annual depreciation charge for the second year of usage?

AC. The source of data for the recording of sales day book of a business enterprise is ________

AD. The core objective of accounting is ________

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

AF.  The adjusted cash book balance is _______

AG.  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: _________

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

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

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

AK. A customer owing 200,000 was allowed to pay 180,000 in full settlement of his indebtedness. This results in a _____

AL. What is the depreciable amount of the machine?

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

AN. The excess of current assets over current liabilities is known as ________

AO. A cheque issued and which remains with the payee for more than six months becomes a _______ cheque

AP. Babu Enterprises exported GH¢1,500,000 goods to a customer in Togo. What is the VAT amount to be added to the invoice value of the goods, if the VAT rate is 5%

AQ. 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?

AR. 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

AS. Which of the following are used in a coding system for accounting transactions?

AT. Extended Trial Balance is an alternative way of arriving at the figures to be included in the __________

AU. 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?

AV. 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:

AW. The objective of financial statements is it enables users to assess the performance of management and to aid in decision making

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