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Accounting Past Questions
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Past Questions
50 questionsWhich of the following is a spreadsheet application?
Which of the following is found on the credit side of a partnership's appropriation of profit account?
Which of the following relates to cash basis of accounting?
The instrument used to release fund which the minister of finance has earlier withheld is
Which of the following is a source of revenue for a local government?
Goods stolen at the branch is debited to
A person who has applied to purchase shares in a company is referred to as ?
The document which sets out the internal arrangement for the proper management of a company is the
Use the following information to answer the question below
Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
The double entry to record the good will in the books is debit
Use the following information to answer the question below
Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
How much was paid for goodwill?
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Bola's share of profit is
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Ade's share of profit is
In which of the following accounts is interest on partners capital found?
In which of the following is not stated in the partnership agreement?
Goodwill is recognized in partnership accounts when
The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is
The accounting concept that assumes that a business will continue operating for an indefinite period is
The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is