Financial Accounting quick practice

Question 1 of 10

Interest on partners' drawings is

Question 2 of 10

The petty cash book is used for

Question 3 of 10

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

Question 4 of 10

Under FIFO, materials issued to production are priced at the cost of the

Question 5 of 10

Reducing balance at 20% on GH¢5,000. Depreciation in year 2 is

Question 6 of 10

Recording assets at their original cost follows the

Question 7 of 10

Life membership fees are usually

Question 8 of 10

Opening debtors GH¢5,000, credit sales GH¢20,000, cash received GH¢18,000. Closing debtors are

Question 9 of 10

The owner takes goods for personal use. The entry is

Question 10 of 10

Purchases were undercast by GH¢100. The correction is