Financial Accounting quick practice

Question 1 of 10

Bank charges on the statement but not in the cash book require

Question 2 of 10

Compensating errors are

Question 3 of 10

Accounting is mainly concerned with

Question 4 of 10

A trial balance is prepared to

Question 5 of 10

Returns inwards are deducted from

Question 6 of 10

Subscriptions owed by club members at the year-end are

Question 7 of 10

Goods returned to a supplier are recorded in the

Question 8 of 10

A machine costing GH¢18,000 has a 6-year life and nil residual value. Using sum-of-the-years'-digits, year 1 depreciation is

Question 9 of 10

Gross profit is GH¢20,000 and expenses are GH¢12,000. What is the net profit?

Question 10 of 10

A costing method used where production passes through a series of stages, as in soap making, is