Accounting Past Questions

Use the following information to answer this question

                                          Le

Opening stock                 6,000  
Sales                               180,000  
Closing stock                   4,200  

Mark-up is 33\(\frac{1}{3}\)%

The gross profit is 

Use the following information to answer this question

                                          Le

Opening stock                 6,000  
Sales                               180,000  
Closing stock                   4,200  

Mark-up is 33\(\frac{1}{3}\)%

The cost of goods sold is 
 

Use the following information to answer this question

                                          Le

Opening stock                 6,000  
Sales                               180,000  
Closing stock                   4,200  

Mark-up is 33\(\frac{1}{3}\)%

The value of purchases is

In manufacturing account, wages of machine operators are classified as 

Use the following information to answer the questions

The yearly depreciation charge using the straight line method is  
\(\frac{X-Y}{Z}\)  

The letter Z in the formula represents 

The concept which assumes that transactions should be expressed using a common denominator is 

An item recorded in the profit and loss account is 

A bank is interested in accounting information of a client for the purpose of  

A crane hired by a building construction company would be classified as

The two column cash book records

Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable

Use the following information to answer the question

Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.
The authorized number of shares is

Use the following information to answer the question

Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.

The paid up share capital is

Discount allowed is shown in financial statements as

Use the following information to answer the question

Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The value of the asset at the end of the first year is

Use the following information to answer the question

Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.

The depreciation to be charged for the third year will be

Which of the following items are apportioned on the basis of purchases in preparing departmental accounts?

If sales is D 12,000 and the gross profit mark -up percentage is 25%. What is the cost of sales?

Carriage inwards on raw materials is recorded in the