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OtisamLMS
Financial Accounting

Financial Accounting · Quick practice · answer shown after each question

Double entry and books of prime entry

Question 1 of 10

Question 1 of 10

Credit purchase of a motor van is first recorded in the

Question 2 of 10

Question 2 of 10

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

Question 3 of 10

Question 3 of 10

Trade discount is

Question 4 of 10

Question 4 of 10

A trade discount is

Question 5 of 10

Question 5 of 10

Discount allowed to customers is

Question 6 of 10

Question 6 of 10

When goods are sold on credit to Kofi, the entry is

Question 7 of 10

Question 7 of 10

The book used to record the return of goods by customers is the

Question 8 of 10

Question 8 of 10

The petty cash book is used for

Question 9 of 10

Question 9 of 10

Cash paid for rent is recorded by

Question 10 of 10

Question 10 of 10

Under the imprest system, the petty cashier is

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.