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Category: ACC204

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ACC204

1 / 50

Which of the following would result from an increase in the allowance for doubtful debts?

2 / 50

The cash book of a trader shows an overdrawn account. Which of the following will reduce the balance when the necessary recordings are completed?

3 / 50

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?

4 / 50

The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses is called ________

 

5 / 50

N operates an imprest system for petty cash. On 1 February, the float was N300. It wasdecided that this should be increasedto N375 at the end of FebruaryDuring February, the cashier paid N20 for window cleaning, N100 for stationery and N145 forcoffee and biscuits. The cashier received N20 from staff for the private use of the photocopier and N60 for a miscellaneous cash sale.What amount was drawn from the bank account for petty cash at the end of February?

6 / 50

H began trading on 1 July. The company is now preparing its accounts for the accounting year ended 30 June year 1. Rent is charged for the year from 1 April to 31 March, and was N1,800 for the year ended 31 March year 1 and N2,000 for the year ended 31 March year 2. Rent is payable quarterly in advance, plus any arrears, on 1 March, 1 June, 1 September and 1 December.The charge to H �??S income statement for rent for the year ended 30 June year 2 is _____

7 / 50

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?

8 / 50

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

9 / 50

On 1 May, A pays a rent bill of N1,800 for the twelve months to 30 April. What is the charge/credit to the income statement for the year ended 30 November?

10 / 50

Which of the following errors will cause the trial balance totals to be unequal?

11 / 50

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

12 / 50

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

13 / 50

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:

14 / 50

 The following are application packages EXCEPT.

15 / 50

The balance as per bank statement is ______

16 / 50

Which ONE of the following best describes the stewardship function?

17 / 50

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

18 / 50

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

19 / 50

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

20 / 50

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

21 / 50

A trader had trade receivables of 50,000 at the end of his accounting period. Trade receivables at the beginning of the period was 60,000. His policy is to make allowance for doubtful debts at the rate of 5%. State the change in value of the allowance for doubtful debts at the end of the current accounting period.

22 / 50

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

23 / 50

The fall in value of non-current intangible assets as a result of passage of time is referred to as _________

24 / 50

One of the following is a disadvantage of Application Packages.

25 / 50

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

26 / 50

Annual rent payable is 500,000. Rent prepaid at 1 January, 2016 was 80,000 and rent accrued at 31December 2016 was 60,000. How much was paid in respect of rent in 2016

27 / 50

The data storage hierarchy is as follows:

28 / 50

When there is inflation, the historical cost convention has the effect of _________

29 / 50

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

30 / 50

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

31 / 50

 From the following information, calculate the cash paid by trade receivables during the year. Receivables at the beginning of the year 350,000; Receivables at close of the year 500,000; Credit sales for the year 510,000

32 / 50

 Z's bank statement shows a balance of N825 overdrawn. The bank statement includes bank charges of N50, which have not been entered in the cash book. There are unpresented cheques totaling N475 and deposits not yet credited of N600. The bank statement incorrectly shows a direct debit payment of N160, which belongs to another customer.What figure for the bank balance should be shown in the statement of financial position?

33 / 50

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?

34 / 50

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

35 / 50

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

36 / 50

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?

37 / 50

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?

38 / 50

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%

 

39 / 50

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

40 / 50

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?

41 / 50

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

42 / 50

A car was purchased for N12,000 on 1 April in year 1 and has been depreciated at 20% each year straight line, assuming no residual value. The company policy is to charge a full year�??s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August in year 4 for an agreed figure of N5,000. What was the profit or loss on the disposal of the vehicle in year 4?

43 / 50

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

44 / 50

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

45 / 50

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 ________

46 / 50

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

47 / 50

The amount of wages paid to an employee after making appropriate deductions is referred to as ________

48 / 50

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 _______

49 / 50

The core objective of accounting is ________

50 / 50

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

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