Accounting Past Questions

The internal users of accounting information are the

The accounting equation of a business shows the
 

A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be 

The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is
 

An example of a real account is 

A partner who contributes capital but does not participate in the day-to-day running of the business is 

Doe and Sons Limited would enter the 3% discount in the 

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date.

Kwamenah would record the 10% discount in the
 

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date

The cash paid by Kwamenah was 

Items shown in the manufacturing account include
i. Purchases of raw materials
ii. Purchases of finished goods
iii. Carriage inwards
iv. Carriage outwards 
 

Use the following information to answer the questions below

A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.

The value of the closing stock of finished goods that would be shown in the balance sheet is

Use the following information to answer the questions below

A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.

The value of the closing stock of finished goods in the trading account is?

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as
 

A non-cash expense chargeable against profit and loss account is 

Debtors and credit sales for a period are D 120,00 and D 600,00 respectively. The debtor's payment period would be

Eze introduces his private car into his business. The aspect of the accounting equation of the business that would be affected are

The accounting concept which distinguishes an enterprise from its owners is 

A trader adds 25% on cost as profit. The profit on sales of $300,000 would be 

The purpose of preparing a trading account is to ascertain