Financial Accounting quick practice

Question 1 of 10

Opening receivables GH¢10,000; credit sales GH¢50,000; cash received GH¢45,000; bad debts GH¢1,000. Closing receivables are

Question 2 of 10

Fixed costs are GH¢30,000, the selling price is GH¢50 per unit and the variable cost is GH¢30 per unit. What is the break-even point?

Question 3 of 10

Net profit GH¢12,000 on sales of GH¢60,000 gives a net profit margin of

Question 4 of 10

Objectivity means an accountant should

Question 5 of 10

Falsifying financial statements to show higher profits is

Question 6 of 10

Under FIFO, materials issued to production are priced at the cost of the

Question 7 of 10

The prudence concept requires accountants to

Question 8 of 10

Not disclosing a client's information without proper authority is the principle of

Question 9 of 10

Trade discount is

Question 10 of 10

Bank charges shown only on the bank statement should be