Financial Accounting

1Interest on partners' drawings is

2Inventory valued at cost GH¢8,000 can only be sold for GH¢6,500 after GH¢500 selling costs. It should be valued at

3Cost of sales = opening inventory + purchases −

4Rent of GH₵ 1,200 is due for the year, but only GH₵ 900 has been paid. The GH₵ 300 is

5Carriage inwards is treated in the final accounts as part of

6When a trial balance does not agree, the difference is temporarily placed in a

7A club's summary of all cash received and paid during a year is the

8Not disclosing a client's information without proper authority is the principle of

9Cash paid for rent is recorded by

10The going concern concept assumes that the business will