Financial Accounting · Quick practice · answer shown after each question
Question 1 of 10
Goods taken by the owner for personal use are recorded by debiting
Question 2 of 10
Which of the following is recorded in the journal proper?
Question 3 of 10
Credit purchases of goods for resale are entered first in the
Question 4 of 10
Discount allowed to customers is
Question 5 of 10
When a business buys goods on credit from Mensah, the entry is
Question 6 of 10
The owner withdraws GH¢500 cash for personal use. The entry is
Question 7 of 10
The owner takes goods for personal use. The entry is
Question 8 of 10
Returns inwards are recorded in the
Question 9 of 10
The petty cash book is used for
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.