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A business should not lay claim to any profit before it is earned. This is in accordance with the
The process of recording the financial transactions of government is
In departmental accounts, rent is apportioned on the basis of
The accounting principle that states that, in the preparation of an accounting statement, revenue is recognized as soon as goods are passed on to the customer is the
Which of the following is a component of prime cost?
Capital receipt is collected
Use the following information to answer questions 11 and 12.
The surplus for the year is
Use the following information to answer questions 11 and 12.
Receipt and Payments: 31st December, 2016
The total income received for the year is
A bank statement shows an overdraft of GH¢190,000. Kofi, a debtor, paid GH¢400,000 into the account. The new bank balance is
A feature of government accounting is that the
Which of the following is not part of prime cost of production?
Below-the-line item in public sector accounting means such an item is
Discounts received are
Sulah took two textile materials worth GH¢ 500 from his business for his children's use. This would be treated as
Shares issued below the nominal value are referred to as shares at
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the Registrar of Companies?
A computer set bought for #150,000 was disposed for #45,000 after some years of use. The profit on disposal was #7,500. Accumulated depreciation at the time of disposal was
The directors of Olu Ltd. recommended a dividend of 10% on 1,000,000 ordinary share capital of GH¢ 2.00 each. The amount of dividend declared is
The following balances were extracted from the books of Onuoha, a trader on 31st December 2005
| Audit fee | 12000 |
| General expenses | 30000 |
| Purchases | 70000 |
| Commission paid | 30000 |
| Stock (1 - 01 - 2005) | 10000 |
| Stock ( 31 - 12 - 2005) | 15000 |
| Sales | 120000 |
The gross profit is
The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
|
Sales |
200000 |
|
Drawings |
10000 |
|
Land and building |
70000 |
|
Furniture |
10000 |
|
Debtors |
50000 |
|
Creditors |
35000 |
|
Capital |
85000 |
|
Bank |
10000 |
|
General expenses |
10000 |
|
Stock ( 31-08-2007) |
10000 |
|
Purchases |
140000 |
|
Stock (1-09- 2006) |
20000 |
The current ratio is