Welcome to Eko Quizzes – Home School Fun for Kids at Preschool, Primary and Post Primary School.
Eko Quizzes consists of questions carefully designed to help you assess your children/pupil’s comprehension of the information presented to them in the classroom on the topics covered in the National Curriculum and State Scheme of Work. Join our Q&A @080WhatsApp and 080TeleGram.
#2. Where fixed capitals are maintained in a partnership, share profits are _______.
#3. The excess of cost of goods sold over net sales is _______.
#4. 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 _______.
#5. 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 _______.
#6. Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33 1/3% on cost. What was the cost price?
#7. 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 _______.
#8. When a fixed asset is disposed off, the accounting entries to write off the asset are Debit _______.
#9. Which of the following would result from an increase in the provision for doubtful debts?
#10. 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 _______.
#11. In accounting context, purchases refer to _______.
#12. External users of accounting information include _______.
#13. The cost of goods returned by branch to head office is debited _______.
#14. Purchases of fixtures and fittings by a club is recorded in the _______.
#15. Which of the following are impersonal accounts? I. Investment II. Creditors III. Premises IV. Debtors V. Salaries
#16. A loan to a company under the company's seal is _______.
#17. The entries for credit sales at branch where the head office keeps all records are debit _______.
#18. Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit.
#19. The financial statement which is an expression of the accounting equation is the _______.
#20. Which of the following errors will affect the agreement of the trial balance?
#21. Bank reconciliation statement is prepared to reconcile the differences between _______.
#22. The branch current account records _______.
#23. 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?
#24. 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 _______.
#25. Which of the following expenses constitutes prime cost? I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent
#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. Rent for 2014 chargeable to the profit and loss account is _______.
#27. 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 _______.
#28. The balance sheet is prepared to reveal _______.
#29. Which of the following items is a current liability? _______.
#30. 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 _______.
#31. Which of the following expenses is apportioned between departments based on sales?
#32. When allotments have been fully paid, subscribers are referred to as _______.
#33. Which of the following is a credit item in an income and expenditure account?
#34. Which of the following items of expense involves actual cash payment? _______.
#35. In the absence of a partnership agreement, additional capital contributions by partners attract interest of _______.
#36. 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 _______.
#37. In preparing partnership accounts, interest on drawings is debited to current accounts and credited to _______.
#38. Debts that a firm is unable to recover are debited to bad debts account and credited to _______.
#39. A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is _______.
#40. Partly manufactured goods are treated in the balance sheet of a manufacturing company as _______.
#41. The total of the discounts received column in the three column cash book is _______.
#42. Which of the following is a source of local government revenue?
#43. The transfer of money from one sub-head to another in the public sector is _______.
#44. Assets which are readily convertible into cash are termed as _______.
#45. 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 _______.
Eko Quizzes consists of questions carefully designed to help you assess your children/pupil's comprehension of the information presented in the class on the topics covered in the National Curriculum and State Scheme of Work.