Financial Accounting

1The petty cash system in which the cashier is given a fixed float that is restored at the end of each period is the

2Trade discount is

3A business has assets of GH¢50,000 and liabilities of GH¢15,000. What is its capital?

4The owner takes goods for personal use. The entry is

5Subscriptions in arrears for a club are shown as a

6The sales ledger control account is also called the

7A discount allowed is debited to the discount allowed account and credited to

8In double entry, every transaction affects

9Bank charges shown on the bank statement but not in the cash book should be

10An error where a transaction is completely left out of the books is an error of

11The excess of income over expenditure of a club is called

12Cost of sales GH¢60,000 and average inventory GH¢10,000 give an inventory turnover of

13A club's opening accumulated fund is GH¢8,000; surplus GH¢2,500; life subscriptions capitalised GH¢500. The closing accumulated fund is

14A and B share profits 3 : 2 after A's salary of GH¢4,000. Net profit is GH¢24,000. A's total share is

15The concept that matches expenses to the revenue of the same period is the

16Recording a building at its purchase price rather than its current value follows the

17Interest on drawings is

18Recording the purchase of a motor van in the purchases account is an error of

19Cash paid for rent is recorded by

20Unpresented cheques are