Financial Accounting quick practice

Question 1 of 10

Opening inventory is GH¢5,000, purchases GH¢20,000 and closing inventory GH¢3,000. What is the cost of sales?

Question 2 of 10

Unpresented cheques are

Question 3 of 10

Which is a non-current asset?

Question 4 of 10

Cost of sales GH¢30,000; average inventory GH¢5,000. The rate of inventory turnover is

Question 5 of 10

Which of the following is a non-current asset?

Question 6 of 10

The owner takes goods for personal use. The entry is

Question 7 of 10

A business has assets of GH¢50,000 and liabilities of GH¢15,000. What is its capital?

Question 8 of 10

The concept that matches expenses to the revenue of the same period is the

Question 9 of 10

Discount received is shown in the income statement as

Question 10 of 10

Opening capital GH¢8,000, closing capital GH¢12,000, drawings GH¢2,000, no new capital. Profit is