Financial Accounting Mock 2023

Question 1 of 50

A debt that cannot be recovered is written off to the

Question 2 of 50

Profit attributable to shareholders and paid out to them is a

Question 3 of 50

In a club's accounts, an excess of income over expenditure is a

Question 4 of 50

Which statement of the accounting equation is correct?

Question 5 of 50

An error where a transaction is completely left out of the books is an error of

Question 6 of 50

When a trial balance does not agree, the difference is temporarily placed in a

Question 7 of 50

Cost of sales = opening inventory + purchases −

Question 8 of 50

A business has assets of GH¢50,000 and liabilities of GH¢20,000. Its capital is

Question 9 of 50

In double entry, every transaction affects

Question 10 of 50

An increase in an asset is recorded as a

Question 11 of 50

An increase in a liability is recorded as a

Question 12 of 50

Prepaid rent at the year-end is shown as

Question 13 of 50

The sales ledger control account contains totals of

Question 14 of 50

Accumulated depreciation is shown in the statement of financial position as

Question 15 of 50

Money paid into the bank but not yet shown on the bank statement is

Question 16 of 50

A customer's cheque returned unpaid by the bank is

Question 17 of 50

Interest credited by the bank should be

Question 18 of 50

Subscriptions owed by club members at the year-end are

Question 19 of 50

The concept that requires revenue to be matched with the expenses incurred to earn it is the

Question 20 of 50

Prudence requires that

Question 21 of 50

When a business buys goods on credit from Mensah, the entry is

Question 22 of 50

Returns of goods by customers are recorded in the

Question 23 of 50

The owner withdraws GH¢500 cash for personal use. The entry is

Question 24 of 50

Recording the purchase of a motor van in the purchases account is an error of

Question 25 of 50

Opening inventory GH¢2,000, purchases GH¢10,000, closing inventory GH¢3,000. Cost of sales is

Question 26 of 50

Rent owing at the end of the year is shown in the statement of financial position as

Question 27 of 50

A machine costs GH¢10,000, has a residual value of GH¢2,000 and a life of 4 years. Straight-line depreciation per year is

Question 28 of 50

A debt that cannot be recovered is written off by debiting

Question 29 of 50

The sales ledger control account is also called the

Question 30 of 50

Cheques issued but not yet presented to the bank are

Question 31 of 50

Bank charges shown only on the bank statement should be

Question 32 of 50

In the absence of a partnership agreement, profits are shared

Question 33 of 50

A non-profit organisation prepares an income and expenditure account instead of

Question 34 of 50

Holders of ordinary shares receive

Question 35 of 50

Paying a creditor GH¢300 by cheque is recorded as

Question 36 of 50

Inventory turnover of 8 times a year means inventory is held on average for about

Question 37 of 50

Net profit GH¢18,000 and capital employed GH¢120,000 give ROCE of

Question 38 of 50

Recording a machine at cost rather than its current market value follows the

Question 39 of 50

Treating the owner and the business as separate is the

Question 40 of 50

Income is recognised when earned, not when cash is received, under the

Question 41 of 50

Providing for doubtful debts is an application of the

Question 42 of 50

Returns inwards are recorded in the

Question 43 of 50

A trade discount is

Question 44 of 50

An error of principle occurs when

Question 45 of 50

An auditor who owns shares in the client company faces a threat to

Question 46 of 50

On admission of a partner, revaluation gain on assets is credited to

Question 47 of 50

Fixed costs GH¢30,000; C/S ratio 40%. Sales needed for a profit of GH¢10,000 are

Question 48 of 50

Goods taken by the owner for personal use are recorded by debiting

Question 49 of 50

A discount allowed is debited to the discount allowed account and credited to

Question 50 of 50

Credit purchase of a motor van is first recorded in the