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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

Goods taken by the owner for personal use are recorded by debiting

Question 2 of 10

Question 2 of 10

Which of the following is recorded in the journal proper?

Question 3 of 10

Question 3 of 10

Credit purchases of goods for resale are entered first in the

Question 4 of 10

Question 4 of 10

Discount allowed to customers is

Question 5 of 10

Question 5 of 10

When a business buys goods on credit from Mensah, the entry is

Question 6 of 10

Question 6 of 10

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

Question 7 of 10

Question 7 of 10

The owner takes goods for personal use. The entry is

Question 8 of 10

Question 8 of 10

Returns inwards are recorded in the

Question 9 of 10

Question 9 of 10

The petty cash book is used for

Question 10 of 10

Question 10 of 10

A cash book with columns for discount, cash and bank is a

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