Account Mock Exam Test Quiz SS 3 Part 1
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#1. A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?
#2. External users of accounting information include _______.
#3. Which of the following errors are errors of commission? I. A cheque paid to Adam debited to Adam's account. II. Credit sales to Eva credited to sales account but debited to Eve's account. III. Furniture repairs debited to furniture account. IV. Credit purchases from Manu credited to Manu's account.
#4. When allotments have been fully paid, subscribers are referred to as _______.
#5. The excess of cost of goods sold over net sales is _______.
#6. Assets which are readily convertible into cash are termed as _______.
#7. The financial statement which is an expression of the accounting equation is the _______.
#8. Use the following information to answer this question. Cash purchase - D 29,641. Creditors 1/1/14 - D 2,473. Creditors 31/12/14 - D 3,117, Cash paid to creditors - D 127,345. Discount received - D 4,211. The total purchases is _______.
#9. Use the following information to answer this question. Acquisition cost of computers - Le 80,000. Installation cost - Le 20,000. Estimated residual value - Le 4,000. Estimated useful life - 5 years. The total costs of the computers is _______.
#10. A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is _______.
#11. The transfer of money from one sub-head to another in the public sector is _______.
#12. Which of the following are impersonal accounts? I. Investment II. Creditors III. Premises IV. Debtors V. Salaries
#13. In the absence of a partnership agreement, additional capital contributions by partners attract interest of _______.
#14. Which of the following expenses constitutes prime cost? I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent
#15. Which of the following errors will affect the agreement of the trial balance?
#16. Use the following information and answer the question below. Oruma Ltd issued 300,000 ordinary shares at ₦100 each. Applications were received for 200,000 shares and all those who applied, paid in full. The authorized share capital is _______.
#17. The entries for credit sales at branch where the head office keeps all records are debit _______.
#18. Which of the following items of expense involves actual cash payment? _______.
#19. The cost of goods returned by branch to head office is debited _______.
#20. Where fixed capitals are maintained in a partnership, share profits are _______.
#21. The total of the discounts received column in the three column cash book is _______.
#22. In the preparation of the trading account of omuya Ltd., the company included credit sales of ₦18,000 made during the year. The concept guiding this treatment is the _______.
#23. In preparing partnership accounts, interest on drawings is debited to current accounts and credited to _______.
#24. Cash paid to jake, ₦2,500 was entered on the credit side of his account and debited to cash account. This is an error of _______.
#25. Bank reconciliation statement is prepared to reconcile the differences between _______.
#26. Use the following information to answer this questions. Rent prepaid - 1/01/2014 - ₦600. Rent paid - 31/12/2014 - ₦3,000. Rent prepaid - 31/12/2014 - ₦400. The balance sheet as at 31st December 2014 will show _______.
#27. Every asset should have _______.
#28. Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33 1/3% on cost. What was the cost price?
#29. Debts that a firm is unable to recover are debited to bad debts account and credited to _______.
#30. When a fixed asset is disposed off, the accounting entries to write off the asset are Debit _______.
#31. Which of the following items is a current liability? _______.
#32. In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as _______.
#33. Which of the following is a source of local government revenue?
#34. The branch current account records _______.
#35. Use the following information to answer this questions. Rent prepaid - 1/01/2014 - ₦600. Rent paid - 31/12/2014 - ₦3,000. Rent prepaid - 31/12/2014 - ₦400. Rent for 2014 chargeable to the profit and loss account is _______.
#36. The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is _______.
#37. Partly manufactured goods are treated in the balance sheet of a manufacturing company as _______.
#38. Which of the following is a credit item in an income and expenditure account?
#39. Purchases of fixtures and fittings by a club is recorded in the _______.
#40. Which of the following would result from an increase in the provision for doubtful debts?
#41. One of the purchases invoices of Mr.Dauda showed D96,240 less 12 1/2 % trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is _______.
#42. Which of the following expenses is apportioned between departments based on sales?
#43. In accounting context, purchases refer to _______.
#44. The balance sheet is prepared to reveal _______.
#45. Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit.