Accounting Past Questions

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

In departmental accounting, which is not a transfer pricing_________

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

Use the information below to answer the question.

  Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

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If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

  What is the balance on its cash account as at 31/1/95

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

Which of the following is not a type of branch?

Why are adjustments in the profit and loss account necessary?

Calls in advance are treated in the balance sheet as_______

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

Gross profit in the branch adjustment account is transferred to the branch____________

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

In the head office ledger, the value of goods sent to the branch are____________

Use the information below to answer the question

If at 31/1/95 the following information was ascertained

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

What is the new balance sheet total as at 31/1/95?

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

Use the information below to answer question

 
Trading account for the year ended 31st December 2009

Calculate the cost of goods sold