Final accounts

Question 1 of 10

Goods costing GH¢800 are sold at a margin of 20%. The selling price is

Question 2 of 10

Sales GH¢40,000; cost of sales GH¢30,000. The gross profit margin is

Question 3 of 10

Opening inventory GH¢2,000, purchases GH¢10,000, closing inventory GH¢3,000. Cost of sales is

Question 4 of 10

Accrued wages at year end are shown as a

Question 5 of 10

Insurance paid GH¢1,800 for 18 months from 1 July. For the year ended 31 December, the prepayment is

Question 6 of 10

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

Question 7 of 10

Cost of sales = opening inventory + purchases −

Question 8 of 10

Which of the following is a non-current asset?

Question 9 of 10

Carriage inwards is added to

Question 10 of 10

Net sales GH¢60,000; gross profit 25% of sales. Cost of sales is