ACC204

A. 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

B.  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?

C. A statement to agree the difference between the Cash Book and the Bank Statement balance is called ________

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

E. 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%

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

G.  The effect of the error on the financial statements, if not detected, would include the following except

H.  Non-current assets can best be defined as Items of machinery which are not moveable and are purchase with an intention of resale

I. The core objective of accounting is ________

J. An amount spent in acquiring or adding value to a fixed asset/non-current asset is ________

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

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

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

N. Which of the following is NOT an accounting concept?

O. On 1 June year 1, H paid an insurance invoice of N2,400 for the year to 31 May year 2. What is the charge to the income statement and the entry in the financial statement for the year ended 31 December year 1?

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

Q. The entries in a sales ledger control account are:Sales 250,000; Bank 225,000; Sales returns 2,500; Bad debts (irrecoverable debts?) 3,000; Bad debts (irrecoverable debts?) 3,000;Returned unpaid cheque 3,500; Contra with purchase ledger account 4,000;What is the balance on the sales ledger control account

R. The excess of Gross Profit over operating expenses is ________

S. 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?

T. In what way should users be able to compare an entity's financial statement?

U. One of the following is a disadvantage of Application Packages.

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

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

X. The source document that is used to write up the Sales Day Book is a _________

Y. What is an imprest system?

Z. 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?

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

AB. Credit sales are recorded in a ______

AC. A company bought a machine on 1 October year 1 for N52,000. The machine had an expected life of eight years and an estimated residual value of N4,000. On 31 March year 6, the machine was sold for N35,000. The company's year end is 31 December. The company uses the straight-line method for depreciation and it charges a full year's depreciation in the year of purchase and none in the year of sale. What is the profit or loss on disposal of the machine?

AD. 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

AE. ............... a chronological record of the transactions of a business entity

AF. A method of keeping accounts whereby revenue and expenses are recorded in the books of account when received and paid without regard to period to which they apply is called....................

AG. A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000,. What is the capital account balance?

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

AI. 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?

AJ. 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 _______

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

AL. The data storage hierarchy is as follows:

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

AN. 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?

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

AP. 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?

AQ. Goldspring Enterprises had a prepaid insurance of L$6,000 at the beginning of 2010. During the year, an insurance premium of L$32,000 was paid, while the prepaid insurance stood at L$4,000. What is the insurance expense for 2010?

AR. Salaries paid in the month was N26,152. Outstanding balance at the end of the month was N848. The salaries include an amount of N3,600 paid to the owner. What is the amount to be charged against the Profit and Loss Account for the month?

AS. S purchased equipment for 80,000 on 1 July year 1. The company's accounting year end is 31 December. It is S�??s policy to charge a full year's depreciation in the year of purchase. S depreciates its equipment on the reducing balance basis at 25% per annum. What is the net book value of the equipment at 31 December year 4?

AT. 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 ________

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

AV. The following are optical Disks EXCEPT __________

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

AX.  Which of the following should NOT be included in cost of inventory?

AY. 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

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

BA.  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 ________

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

BC. 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 _____

BD.  An item of property, plant and equipment costing N600,000 was bought on 1 January, 2011. Depreciation was provided at 20% annually on straight-line basis and computed up to the point of sale. It was sold on 30 June, 2014 for N157,500. In the year of sale, profit is _______

BE.  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

BF. Which of the following is NOT correct in differentiating between sole trader and limited liability companies?

BG. The accounts of credit suppliers are contained in the ........................ ledger

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

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

BJ. Which of the following would NOT be posted to the credit of payables control account

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

BL. 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?

BM. Which ONE of the following attributes is the most important for any code to possess in order to be of use in an accounting system?

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

BO. Which of the following accounting records is used to determine the arithmetical accuracy of ledger posting?

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

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

BR. 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