Question 1 of 8 48 total questions
A petty cashier received a float of GHC 84. The imprest is
A GHC 204
B GHC 120
C GHC 84
D GHC 36
A dishonored cheque is
A debited in cash book
B credited in the cash book
C double entry in the cash book
D credited in the bank book
The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing
A I, ii, iii and iv
B ii, iii, i and iv
C iii, i, ii and iv
D iv, iii, ii and iv
A credit balance is
A a liability or an expense
B an expenditure or an income
C an asset or an expense
D an income
The capital of a sole trader changes as a result of
A paying wages by cash
B equipment purchased by cheque
C drawing by cheque
D purchase on credit
Which of the following is not a characteristic of trial balance?
A it has columns for debit and credit balances
B total of debit balance equals total of credit balance
C it is a statement
D it is an account
The lodgement of business cash into the business bank account is an example of
A contra entry
B bank reconciliation
C self-balancing ledger
D reversal entry
The distinguishing feature between a two-column cash book is
A discount column
B cash column
C bank column
D ledger folio
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