Accounting Past Questions

Use the following information to answeer questions below

Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
 

The profit or loss on disposal of the machine was

Use the following information to answeer questions below

Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
 

The net book value of the machine in the balance sheet as at 31st December 2020 was

Use the following information to answeer questions below

Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
 

The accumulated depreciation as at the date of disposal was

One of the items on the debit side of sales ledger control account is

Use the following information to answer questions below

Trading Account of Umeh Enterprises for the year ended 31st December 2019

The GH⊄ 4,000 on the credit side is

Use the following information to answer questions below

Trading Account of Umeh Enterprises for the year ended 31st December 2019

The gross profit is

Use the following information to answer questions below

Trading Account of Umeh Enterprises for the year ended 31st December 2019

The cost of goods sold is

The entries for cash drawn from the bank by a proprietor for the private use is: debit

An item that would be considered a first charge against profit in a company's account is

Use the following information to answer questions below

The cost of raw materials consumed is

Use the following information to answer questions below

The cost of raw materials available for production is

The principal book of account where accounts are classified and summarized is

Books of accounts are opened by the use of

The authority to incur expenditure to address natural disaster is contained in

In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under

The maximum amount a company can raise through the issue of shares is

Use the following information to answer questions below

Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
 

Teteh's share of interest on capital is

Use the following information to answer questions below

Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
 

Kukuma's current account balance is

Use the following information to answer questions below

Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
 

Teteh's share of profit is