Final accounts

Question 1 of 10

Wages paid GH¢9,000; wages owing at the start GH¢500; at the end GH¢800. Wages charged to the income statement are

Question 2 of 10

Net profit is added to

Question 3 of 10

Rent owing at the end of the year is shown in the statement of financial position as

Question 4 of 10

Which of the following is a current liability?

Question 5 of 10

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

Question 6 of 10

Prepaid insurance at the year end is shown as a

Question 7 of 10

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

Question 8 of 10

Returns inwards are deducted from

Question 9 of 10

Working capital equals

Question 10 of 10

Sales GH¢50,000; returns inwards GH¢2,000; cost of sales GH¢30,000. Gross profit is